Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 2   ALRC Financial Services Interim Report: single glossary of defined terms

Part 1   Amendments

Division 2   Terms in general use

Corporations Act 2001

44   Section 9 (definition of secured party)

Repeal the definition, substitute:

secured party , in relation to a security interest, means:

(a) if the security interest is a PPSA security interest - a secured party within the meaning of the Personal Property Securities Act 2009; or

(b) if the security interest is not a PPSA security interest, but consists of a charge, lien or pledge in relation to the property - a chargee (including a person in whose favour a charge is to be given or executed, whether on demand or otherwise, under an agreement), lienee or pledgee in relation to the charge, lien or pledge.

Note: Security interests are either PPSA security interests, or charges, liens or pledges: see security interest .