Personal Property Securities Act - Australia

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12).

      A security interest is an interest in personal property provided for by a transaction that secures payment or the performance of an obligation. The form of the transaction and the identity of the person who has title to the property do not affect whether an interest is a security interest. Certain transactions that do not secure payment or the performance of an obligation may also give rise to a security interest: transfers of accounts, consignments and certain long-term leases and bailments (called PPS leases).

      Division 2

      The Dictionary

      10 The Dictionary

      In this Act:

      ABN (short for Australian Business Number) has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999.

      accession to other goods means goods that are installed in, or affixed to, the other goods, unless both the accession and the other goods are required or permitted by the regulations to be described by serial number.

      account means a monetary obligation (whether or not earned by performance, and, if payable in Australia, whether or not the person who owes the money is located in Australia) that arises from:

      (a) disposing of property (whether by sale, transfer, assignment, lease, licence or in any other way); or

      (b) granting a right, or providing services, in the ordinary course of a business of granting rights or providing services of that kind (whether or not the account debtor is the person to whom the right is granted or the services are provided);

      but does not include any of the following:

      (c) an ADI account;

      (d) chattel paper;

      (e) an intermediated security;

      (f) an investment instrument;

      (g) a negotiable instrument.

      Example: An account that is a credit card receivable is covered by paragraph (b).

      account debtor means a person who is obligated under an account or chattel paper.

      ADI (short for authorised deposit-taking institution) has the same meaning as in the Banking Act 1959.

      ADI account means an account, within the ordinary meaning of that term, kept by a person (whether alone or jointly with one or more other persons) with an ADI that is payable on demand or at some time in the future (as agreed between the ADI and the person or persons).

      Example: A savings account, or a term deposit, kept with an ADI.

      advance:

      (a) means the payment of currency, the provision of credit or the giving of value; and

      (b) includes any liability of a debtor to pay interest, credit costs and other charges or costs payable by the debtor in connection with the advance or the enforcement of a security interest securing the advance.

      after-acquired property means personal property acquired by the grantor after a security agreement is made.

      agency includes an authority or instrumentality.

      amendment demand has the meaning given by section 178.

      amendment notice has the meaning given by section 180.

      amendment time, of a registration, has the meaning given by section 160.

      approved form has the meaning given by section 302.

      attaches has the meaning given by section 19.

      Australia has a meaning affected by section 7.

      Australian entity means any of the following entities:

      (a) an individual who is located in Australia;

      Note: For the location of individuals, see section 235.

      (b) a company or registrable Australian body (within the meaning of the Corporations Act 2001);

      (c) a corporation sole established under a law of the Commonwealth, a State or a Territory;

      (d) a public authority or an agency or instrumentality of the Crown in right of the Commonwealth, a State or a Territory.

      bankruptcy has the same meaning as in paragraph 51(xvii) of the Constitution.

      Note: Other parts of speech and grammatical forms of “bankruptcy” (for example, “bankrupt”) have a corresponding meaning (see section 18A of the Acts Interpretation Act 1901).

      business day means a day other than:

      (a) a Saturday or a Sunday; or

      (b) a day which is a public holiday for the whole of:

      (i) any State; or

      (ii) the Australian Capital Territory; or

      (iii) the Northern Territory; or

      (c) a day that falls between Christmas Day and New Year’s Day; or

      (d) a day on which the Registrar has refused access to the register, or otherwise suspended the operation of the register, in whole or in part (see subsection 147(5)); or

      (e) a day that is prescribed by the regulations for the purposes of this definition.

      carrying on an enterprise has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999.

      chattel paper means one or more writings that evidence a monetary obligation and either or both of the following:

      (a) a security interest in, or lease of, specific goods, or specific goods and accessions to the specific goods (even if the description of the goods (and accessions) is taken to include a description of intellectual property, or an intellectual property licence, under section 105);

      (b) a security interest in specific intellectual property or a specific intellectual property licence;

      but does not include any of the following:

      (c) a document of title;

      (d) an intermediated security;

      (e) an investment instrument;

      (f) a negotiable instrument.

      circulating asset has the meaning given by section 340.

      civil penalty provision has the meaning given by section 221.

      clearing and settlement facility has the meaning given by Chapter 7 of the Corporations Act 2001.

      collateral:

      (a) means personal property to which a security interest is attached; and

      (b) in relation to a registration with respect to a security interest — includes personal property described by the registration (whether or not a security interest is attached to the property).

      Note: Section 161 authorises the registration of a financing statement that describes personal property before or after a security agreement is made covering the property, or a security interest has attached to the property.

      commercial consignment means a consignment if:

      (a) the consignor retains an interest in goods that the consignor delivers to the consignee; and

      (b) the consignor delivers the goods to the consignee for the purpose of sale, lease or other disposal; and

      (c) the consignor and the consignee both deal in goods of that kind in the ordinary course of business;

      but does not include an agreement under which goods are delivered to:

      (d) an auctioneer for the purpose of sale; or

      (e) a consignee for sale, lease

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