Personal Property Securities Act - Australia

Скачать книгу

storing;

      (iv) shipping;

      (v) manufacturing;

      (vi) processing;

      (vii) packaging.

      Note: Subsection 22(1) provides for the perfection of a security interest in goods possessed by a bailee.

      (2) This subsection covers the period starting at the action time and ending at the end of 5 business days after the day the action time occurs.

      Security interest becomes unperfected after 5 business days

      (3) However, the security interest in the goods or document becomes unperfected at the end of the period covered by subsection (2), unless the security interest is perfected otherwise than under subsection (1) before the end of the period.

      36 Returned collateral — negotiable instruments and investment instruments

      Security interest is temporarily perfected

      (1) A security interest in a negotiable instrument or an investment instrument that is perfected by possession or control is temporarily perfected for the period covered by subsection (2) if possession or control of the goods or document is given to the grantor or the debtor at a particular time (the action time) for the purpose of any of the following actions in relation to the goods:

      (a) sale;

      (b) exchange;

      (c) presentation;

      (d) collection;

      (e) renewal;

      (f) registration (other than under this Act) for the purposes of a transfer.

      (2) This subsection covers the period starting at the action time and ending at the end of 5 business days after the day the action time occurs.

      Security interest becomes unperfected after 5 business days

      (3) However, the security interest in the instrument becomes unperfected at the end of the period covered by subsection (2), unless the security interest in the instrument is perfected otherwise than under subsection (1) before the end of the period.

      37 Returned collateral — following sale or lease

      Reattachment of security interest

      (1) If a grantor or debtor sells or leases goods that are subject to a security interest, and the buyer or lessee takes the goods free of the security interest because of the operation of this Act, the security interest reattaches to the goods at a particular time (the repossession time) if, at that time, the goods come into the possession of the grantor or debtor, or of a transferee of chattel paper created by the sale or lease, in any of the following circumstances:

      (a) in the case of a sale — the contract of sale is rescinded;

      (b) in the case of a lease — the lease expires or is rescinded;

      (c) the transferee seizes the goods in the exercise of a right in enforcing a security agreement;

      (d) the grantor or debtor repossesses the goods in the exercise of a right in enforcing the contract of sale or the lease;

      (e) any other circumstances prescribed by the regulations.

      Note: Section 76 deals with the priority of a security interest that reattaches under this section.

      Perfection of security interest

      (2) The perfection of the security interest, and the time of registration or perfection of the security interest, are to be determined as if the goods had not been sold or leased, if:

      (a) the security interest reattaches to the goods under subsection (1); and

      (b) the security interest was perfected by registration immediately before the time of the acquisition; and

      (c) the registration is effective at the repossession time.

      38 Returned collateral — accounts and chattel paper

      Deemed goods security interest

      (1) If a sale or lease of goods creates an account or chattel paper, and the account or chattel paper is transferred to another person, the transferee is taken to have a security interest (the deemed goods security interest) in the goods if, at a particular time (the repossession time) the goods come into the possession of the transferor, or of the transferee, in any of the following circumstances:

      (a) in the case of a sale — the contract of sale is rescinded;

      (b) in the case of a lease — the lease expires or is rescinded;

      (c) the transferee seizes the goods in the exercise of a right in enforcing a security agreement;

      (d) the transferor repossesses the goods in the exercise of a right in enforcing the contract of sale or the lease;

      (e) any other circumstances prescribed by the regulations.

      Note: Section 76 deals with the priority of a security interest that reattaches under this section.

      (2) The deemed goods security interest attaches to the goods at the repossession time.

      Deemed goods security interest temporarily perfected for 5 business days

      (3) If the transferee has a security interest in the account or chattel paper that is perfected by possession or registration at the repossession time, the deemed goods security interest is temporarily perfected for the period starting at the possession time and ending at the end of 5 business days after the day the repossession time occurs.

      Deemed goods security interest becomes unperfected after 5 business days

      (4) However, the deemed goods security interest becomes unperfected at the end of the period mentioned in subsection (3), unless the deemed goods security interest is perfected otherwise than under subsection (3) before the end of the period.

      Note: Section 76 deals with the priority of a deemed goods security interest.

      Division 4

      Relocation of collateral or grantor to Australia etc.

      39 Relocation — main rule

      Continuous perfection prior to move to Australia

      (1) A security interest in collateral that has been located in a jurisdiction (the foreign jurisdiction) outside Australia, and is relocated to Australia, is taken to have been continuously perfected for the period covered by subsection (2) if, immediately before the collateral became located in Australia, and at the time it became so located:

      (a) the security interest was effective; and

      (b) the security agreement providing for the security interest was enforceable against third parties.

      Note: For when personal property is located in a jurisdiction, see section 235.

      (2) This subsection covers the period:

      (a) starting at whichever of the following times is applicable:

      (i) if the law of the foreign jurisdiction provides for the perfection (and the effect of perfection or non-perfection) of the security interest — when the security interest last became perfected under that law;

      (ii) if subparagraph (i) does not apply to the law of the foreign jurisdiction, but that law provides for the public registration or recording of the security interest, or of a notice relating to the security interest — when the security interest, or such a notice, was so registered or recorded (or was last so registered or recorded);

      (iii) if neither subparagraph (i) nor (ii) applies to the law of the foreign jurisdiction — when the security interest last became enforceable against third parties under that law; and

      (b) ending when the property becomes located in Australia.

      (2A)

Скачать книгу