Personal Property Securities (Corporations and Other Amendments) Act 2010 (96 of 2010)

Schedule 2   Personal Property Securities Act 2009

Part 1   Specific amendments

15   Section 10 (paragraph (b) of the definition of description)

Repeal the paragraph, substitute:

(b) in the case of a class of personal property - a description that identifies the class, including a description that identifies the class by identifying a larger class of personal property that wholly includes the class.

Example 1: A description that identifies collateral as "sheep" (a type of livestock) is sufficient to identify collateral that is sheep wool (a product of livestock, which is a class of collateral wholly included in the larger class of "sheep").

Example 2: A description that identifies collateral as "fruit" is sufficient to identify collateral that is apples.