Personal Property Securities Act - Australia

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interest has the meaning given by section 12.

      serial number, in relation to collateral, means a serial number by which the regulations require, or permit, the collateral to be described in a registration.

      State Family Court, in relation to a State, means a court of that State to which section 41 of the Family Law Act 1975 applies because of a Proclamation made under subsection 41(2) of that Act.

      superior court has the meaning given by section 211.

      take has the meaning given by section 138A.

      term deposit means a deposit made with an ADI that matures on a particular date (whether or not the ADI can be required to repay the deposit before that date).

      third party data has the meaning given by section 176C (access to third party data).

      third party data conditions has the meaning given by section 176C (access to third party data).

      this Act includes the regulations.

      time of execution has the meaning given by section 74.

      transfer matter has the meaning given by section 210.

      transferring court has the meaning given by section 210.

      transitional register has the meaning given by section 330.

      transitional security agreement has the meaning given by section 307.

      transitional security interest has the meaning given by section 308.

      value:

      (a) means consideration that is sufficient to support a contract; and

      (b) includes an antecedent debt or liability; and

      (c) in relation to the definition of purchase money security interest — has a meaning affected by section 14.

      verification statement has the meaning given by section 155.

      water source has the meaning given by section 138A.

      wool means the natural fibre from any livestock that produce fleece that can be shorn (such as sheep, goats, alpacas and llamas).

      writing includes:

      (a) the recording of words or data in any way (including electronically), if, at the time the recording was made, it was reasonable to expect that the words or data would be readily accessible so as to be useable for subsequent reference; and

      (b) the display, or other representation, of words or data by any form of communication (including electronic), if:

      (i) the display or representation is recorded in any way (including electronically); and

      (ii) at the time the recording was made, it was reasonable to expect that the words or data would be readily accessible so as to be useable for subsequent reference.

      11 Application of the Acts Interpretation Act 1901

      (1) The Acts Interpretation Act 1901, as in force at the start of the day on which this Act receives the Royal Assent, applies to this Act.

      (2) Amendments of the Acts Interpretation Act 1901 made after that time do not apply to this Act.

      Division 3

      Concepts relating to security interests and personal property

      12 Meaning of security interest

      (1) A security interest means an interest in personal property provided for by a transaction that, in substance, secures payment or performance of an obligation (without regard to the form of the transaction or the identity of the person who has title to the property).

      Note: For the application of this Act to interests, see section 8.

      (2) For example, a security interest includes an interest in personal property provided by any of the following transactions, if the transaction, in substance, secures payment or performance of an obligation:

      (a) a fixed charge;

      (b) a floating charge;

      (c) a chattel mortgage;

      (d) a conditional sale agreement (including an agreement to sell subject to retention of title);

      (e) a hire purchase agreement;

      (f) a pledge;

      (g) a trust receipt;

      (h) a consignment (whether or not a commercial consignment);

      (i) a lease of goods (whether or not a PPS lease);

      (j) an assignment;

      (k) a transfer of title;

      (l) a flawed asset arrangement.

      (3) A security interest also includes the following interests, whether or not the transaction concerned, in substance, secures payment or performance of an obligation:

      (a) the interest of a transferee under a transfer of an account or chattel paper;

      (b) the interest of a consignor who delivers goods to a consignee under a commercial consignment;

      (c) the interest of a lessor or bailor of goods under a PPS lease.

      (3A) A person who owes payment or performance of an obligation to another person may take a security interest in the other person’s right to require the payment or the performance of the obligation.

      (4) Without limiting subsection (3A):

      (a) an account debtor, in relation to an account or chattel paper, may take a security interest in the account or chattel paper; and

      (b) an ADI may take a security interest in an ADI account that is kept with the ADI.

      (5) A security interest does not include:

      (a) a licence; or

      (b) an interest of a kind prescribed by the regulations for the purposes of this section.

      (6) A security interest is not created only by an agreement or undertaking to do either of the following:

      (a) to postpone or subordinate a person’s right to payment or performance of all or any part of a debtor’s obligation to another person’s right to payment or performance of all or any part of another of the debtor’s obligations;

      (b) to postpone or subordinate all or any part of a secured party’s rights under a security agreement to all or any part of another secured party’s rights under another security agreement with the same grantor.

      13 Meaning of PPS lease

      (1) A PPS lease means a lease or bailment of goods:

      (a) for a term of more than one year; or

      (b) for an indefinite term (even if the lease or bailment is determinable by any party within a year of entering into the lease or bailment); or

      (c) for a term of up to one year that is automatically renewable, or that is renewable at the option of one of the parties, for one or more terms if the total of all the terms might exceed one year; or

      (d) for a term of up to one year, in a case in which the lessee or bailee, with the consent of the lessor or bailor, retains uninterrupted (or substantially uninterrupted) possession of the leased or bailed property for a period of more than one year after the day the lessee or bailee first acquired possession of the property (but not until the lessee’s or bailee’s possession extends for more than one year); or

      (e) for goods that may or must be described by serial number in accordance with the regulations, if the lease or bailment is:

      (i) for a term of 90 days or more; or

      (ii)

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