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PERSONAL PROPERTY SECURITIES ACT 2009

Table of Provisions

CHAPTER 1--Introduction

 

PART 1.1----PRELIMINARY

  • 1 Short title  
  • 2 Commencement  
  • 2A Schedule 1  
  • 3 Guide to this Act  

PART 1.2----GENERAL APPLICATION OF THIS ACT

  • 4 Guide to this Part  
  • 5 Crown to be bound  
  • 6 Connection with Australia  
  • 7 Application in the external Territories  
  • 8 Interests to which this Act does not apply  

PART 1.3----DEFINITIONS

DIVISION 1--Introduction
  • 9 Guide to this Part  
  • DIVISION 2--The Dictionary
  • 10 The Dictionary  
  • 11 Application of the  
  • DIVISION 3--Concepts relating to security interests and personal property
  • 12 Meaning of  
  • 13 Meaning of  
  • 14 Meaning of  
  • 15 Meaning ofand related terms  
  •  

CHAPTER 2--General rules relating to security interests

 

PART 2.1----GUIDE TO THIS CHAPTER

  • 16 Guide to this Chapter  

PART 2.2----SECURITY INTERESTS: GENERAL PRINCIPLES

  • 17 Guide to this Part  
  • 18 General rules about security agreements and security interests  
  • 19 Enforceability of security interests against grantors--attachment  
  • 20 Enforceability of security interests against third parties  
  • 21 Perfection--main rule  
  • 22 Perfection--goods possessed by a bailee  

PART 2.3----POSSESSION AND CONTROL OF PERSONAL PROPERTY

PART 2.4----ATTACHMENT AND PERFECTION: SPECIFIC RULES

DIVISION 1--Introduction

PART 2.5----TAKING PERSONAL PROPERTY FREE OF SECURITY INTERESTS

  • 41 Guide to this Part  
  • 42 Application of this Part  
  • 43 Taking personal property free of unperfected security interest  
  • 44 Taking personal property free of security interest if serial number incorrect or missing  
  • 45 Taking motor vehicles free of security interest  
  • 46 Taking personal property free of security interest in ordinary course of business  
  • 47 Taking personal, domestic or household property free of security interest  
  • 48 Taking currency free of security interest  
  • 49 Taking investment instrument or intermediated security free of security interest in the ordinary course of trading  
  • 50 Taking investment instrument free of security interest  
  • 51 Taking intermediated security free of security interest  
  • 52 Taking personal property free of temporarily perfected security interest  
  • 53 Rights of secured party and transferee on taking personal property free of security interest  

PART 2.6----PRIORITY BETWEEN SECURITY INTERESTS

DIVISION 1--Introduction
  • 54 Guide to this Part  
  • DIVISION 2--Priority of security interests generally
  • 55 Default priority rules  
  • 56 How a security interest is continuously perfected  
  • 57 Priority of security interests perfected by control  
  • 58 Priority of advances  
  • 59 Priority rules and intervening security interests  
  • 60 Transfer of security interests does not affect priority  
  • 61 Voluntary subordination of security interests  
  • DIVISION 3--Priority of purchase money security interests
  • 62 When purchase money security interests take priority over other security interests  
  • 63 Priority between competing purchase money security interests in collateral  
  • 64 Non-purchase money security interests in accounts  
  • 65 Possession of goods shipped by a common carrier  
  • DIVISION 4--Priority of security interests in transferred collateral
  • 66 Application of this Division  
  • 67 Priority when transferor-granted interest has been continuously perfected  
  • 68 Priority when there is a break in the perfection of the transferor-granted interest  
  • DIVISION 5--Priority of creditors, and purchasers of negotiable instruments, chattel paper and negotiable documents of title
  • 69 Priority of creditor who receives payment of debt  
  • 70 Priority of person who acquires a negotiable instrument or an interest in a negotiable instrument  
  • 71 Priority of person who acquires chattel paper or an interest in chattel paper  
  • 72 Priority of holder of negotiable document of title  
  • DIVISION 6--Priority of other interests
  • 73 Priority between security interests and declared statutory interests  
  • 74 Execution creditor has priority over unperfected security interest  
  • 75 Priority of security interests held by ADIs  
  • 76 Priority of security interests in returned goods  
  • 77 Priority of certain security interests if there is no foreign register  

PART 2.7----TRANSFER OF INTERESTS IN COLLATERAL

CHAPTER 3--Specific rules for certain security interests

 

PART 3.1----GUIDE TO THIS CHAPTER

  • 82 Guide to this Chapter  

PART 3.2----AGRICULTURAL INTERESTS

  • 83 Guide to this Part  
  • 84 Relationship between security interest in crops and interest in land  
  • 84A Attachment of security interests to crops while they are growing and to the products of livestock  
  • 85 Priority of crops  
  • 86 Priority of livestock  

PART 3.3----ACCESSIONS

PART 3.4----PROCESSED OR COMMINGLED GOODS

  • 98 Guide to this Part  
  • 99 Continuation of security interests in goods that become processed or commingled  
  • 100 Perfection of security interest in goods that become processed or commingled applies to product or mass  
  • 101 Limit on value of priority of goods that become part of processed or commingled goods  
  • 102 Priority where more than one security interest continues in processed or commingled goods  
  • 103 Priority of purchase money security interest in processed or commingled goods  

PART 3.5----INTELLECTUAL PROPERTY

  • 104 Guide to this Part  
  • 105 Implied references to intellectual property rights  
  • 106 Intellectual property licences and transfers of intellectual property  
  •  

CHAPTER 4--Enforcement of security interests

 

PART 4.1----GUIDE TO THIS CHAPTER

  • 107 Guide to this Chapter  

PART 4.2----GENERAL RULES

  • 108 Guide to this Part  
  • 109 Application of this Chapter  
  • 110 Rights and remedies  
  • 111 Rights and duties to be exercised honestly and in a commercially reasonable manner  
  • 112 Rights and remedies under this Chapter  
  • 113 Recovering judgment or issuing execution does not extinguish a security interest in collateral  
  • 114 Rights and remedies under this Chapter are cumulative  
  • 115 Contracting out of enforcement provisions  
  • 116 Application while there is a receiver or another controller of property  
  • 117 Obligations secured by interests in personal property and land  
  • 118 Enforcing security interests in accordance with land law decisions  
  • 119 Relationship with consumer credit legislation  
  • 120 Enforcement of security interests in liquid assets--general  
  • 121 Enforcement of security interests in liquid assets--notice to higher priority parties and grantor  

PART 4.3----SEIZURE AND DISPOSAL OR RETENTION OF COLLATERAL

DIVISION 1--Introduction
  • 122 Guide to this Part  
  • DIVISION 2--Seizing collateral
  • 123 Secured party may seize collateral  
  • 124 Secured party who has perfected a security interest in collateral by possession or control  
  • 125 Obligation to dispose of or retain collateral  
  • 126 Apparent possession of collateral  
  • 127 Seizure by higher priority parties--notice  
  • DIVISION 3--Disposing of collateral (including by purchasing collateral)
  • 128 Secured party may dispose of collateral  
  • 129 Disposal by purchase  
  • 130 Notice of disposal of collateral  
  • 131 Duty of secured party disposing of collateral to obtain market value  
  • 132 Secured party to give statement of account  
  • 133 Disposing of collateral free of interests  
  • DIVISION 4--Retaining collateral
  • 134 Proposal of secured party to retain collateral  
  • 135 Notice of retention of collateral  
  • 136 Retaining collateral free of interests  
  • DIVISION 5--Objection to purchase or retention
  • 137 Persons entitled to notice may object to proposal  
  • 138 Person making objection may be requested by secured party to prove interest  
  • DIVISION 6--Seizure and disposal or retention of crops and livestock
  • 138A Meaning ofand  
  • 138B Seizure and disposal or retention of crops  
  • 138C Seizure and disposal or retention of livestock  

PART 4.4----RULES APPLYING AFTER ENFORCEMENT

  • 139 Guide to this Part  
  • 140 Distribution of proceeds received by secured party  
  • 141 Secured party may take steps to reflect transfer of title  
  • 142 Entitled persons may redeem collateral  
  • 143 Entitled persons may reinstate security agreement  
  • 144 When certain enforcement notices are not required  
  •  

CHAPTER 5--Personal Property Securities Register

 

PART 5.1----GUIDE TO THIS CHAPTER

  • 145 Guide to this Chapter  

PART 5.2----ESTABLISHMENT OF THE REGISTER

  • 146 Guide to this Part  
  • 147 Personal Property Securities Register  
  • 148 What the register contains  

PART 5.3----REGISTRATION

  • 149 Guide to this Part  
  • 150 Registration--on application  
  • 151 Registration--belief about security interest  
  • 152 Registration--location of personal property and interested persons outside Australia  
  • 153 Financing statements with respect to security interests  
  • 154 Financing statements with respect to prescribed property  
  • 155 Meanings ofand  
  • 156 Verification statements--Registrar to give to secured parties  
  • 157 Verification statements--secured parties to give notice to grantors  
  • 158 Verification statements--publication as alternative  

PART 5.4----WHEN A REGISTRATION IS EFFECTIVE

PART 5.5----ACCESSING THE REGISTER TO SEARCH FOR DATA

  • 169 Guide to this Part  
  • 170 Search--general  
  • 171 Search--criteria  
  • 172 Search--by reference to details of grantor who is an individual  
  • 173 Search--interference with privacy  
  • 174 Search--written search results and evidence etc.  
  • 175 Copies of financing statements and verification statements  
  • 176 Reports by Registrar  

PART 5.5A----CONDITIONS ON DATA ACCESS

  • 176A Guide to this Part  
  • 176B Access to registered data--conditions  
  • 176C Access to third party data  

PART 5.6----AMENDMENT DEMANDS

DIVISION 1--Introduction
  • 177 Guide to this Part  
  • 178 How amendment demands are given  
  • DIVISION 2--Amendment demands: administrative and judicial process
  • 179 Scope of Subdivision  
  • 180 Administrative process--amendment notices  
  • 181 Administrative process--registration amendments  
  • 182 Judicial process for considering amendment demand  

PART 5.7----REMOVAL OF DATA AND CORRECTION OF REGISTRATION ERRORS

  • 183 Guide to this Part  
  • 184 Removal of data--general grounds  
  • 185 Removal of data--registration ineffective for 7 years or more  
  • 186 Incorrectly removed data--restoration  
  • 187 Records of removed data  
  • 188 Correction of registration errors  

PART 5.8----FEES, ADMINISTRATIVE REVIEW AND ANNUAL REPORTS

  • 189 Guide to this Part  
  • 190 Registration and search fees  
  • 191 Review of decisions  
  • 192 Annual reports  

PART 5.9----REGISTRAR OF PERSONAL PROPERTY SECURITIES

CHAPTER 6--Judicial proceedings

 

PART 6.1----GUIDE TO THIS CHAPTER

  • 204 Guide to this Chapter  

PART 6.2----JUDICIAL PROCEEDINGS GENERALLY

DIVISION 1--Introduction
  • 205 Guide to this Part  
  • 206 Scope of this Part  
  • DIVISION 2--Conferral of jurisdiction
  • 207 Jurisdiction of courts  
  • 208 Cross-jurisdictional appeals  
  • 209 Courts to act in aid of each other  
  • DIVISION 3--Transfers between courts
  • 210 Application of this Division  
  • 211 Exercise of transfer power  
  • 212 Criteria for transfers between courts  
  • 213 Initiating transfers between courts  
  • 214 Documents and procedure  
  • 215 Conduct of transferred proceedings  
  • 216 Entitlement to practise as barrister or solicitor  
  • 217 Limitation on appeals  
  • DIVISION 4--Registrar's role in judicial proceedings
  • 218 Intervention in judicial proceedings  
  • 219 Initiation of judicial proceedings  

PART 6.3----CIVIL PENALTIES AND ENFORCEABLE UNDERTAKINGS

CHAPTER 7--Operation of laws

 

PART 7.1----GUIDE TO THIS CHAPTER

  • 232 Guide to this Chapter  

PART 7.2----AUSTRALIAN LAWS AND THOSE OF OTHER JURISDICTIONS

  • 233 Guide to this Part  
  • 234 Scope of this Part  
  • 235 Meaning of  
  • 236 Commonwealth laws may provide for governing law  
  • 237 Express agreement  
  • 238 Governing laws--goods  
  • 239 Governing laws--intangible property  
  • 240 Governing laws--financial property and rights evidenced by letters of credit  
  • 241 Governing laws--proceeds  

PART 7.3----CONSTITUTIONAL OPERATION

DIVISION 1--Introduction
  • 242 Guide to this Part  
  • DIVISION 2--Constitutional basis
  • 243 Constitutional basis for this Act  
  • 244 Meaning of  
  • 245 Meaning of  
  • 246 Non-referring State operation--overview  
  • 247 Non-referring State operation--persons  
  • 248 Non-referring State operation--activities  
  • 249 Non-referring State operation--interests  
  • 250 Non-referring State operation--inclusion of data in register  
  • 251 Personal property taken free of security interest when Act begins to operate  
  • 252 Priority between constitutional and non-constitutional security interests  
  • DIVISION 3--Constitutional guarantees
  • 252A No constitutional preference to one State over another  
  • 252B No unjust acquisition of property  

PART 7.4----RELATIONSHIP BETWEEN AUSTRALIAN LAWS

DIVISION 1--Introduction
  • 253 Guide to this Part  
  • DIVISION 2--Concurrent operation
  • 254 Concurrent operation--general rule  
  • 255 Concurrent operation--regulations may resolve inconsistency  
  • DIVISION 3--When other laws prevail
  • 256 When other laws prevail--certain other Commonwealth Acts  
  • 257 When other laws prevail--security agreements  
  • 258 When other laws prevail--personal property, security interests and matters excluded from State amendment referrals  
  • 259 When other laws prevail--exclusion by referring State law or Territory law  
  • DIVISION 4--When this Act prevails
  • 261 When this Act prevails--registration requirements  
  • 262 When this Act prevails--assignment requirements  
  • 263 When this Act prevails--formal requirements relating to agreements  
  • 264 When this Act prevails--attachment and perfection of security interests  
  •  

CHAPTER 8--Miscellaneous

 

PART 8.1----GUIDE TO THIS CHAPTER

  • 265 Guide to this Chapter  

PART 8.2----VESTING OF CERTAIN UNPERFECTED SECURITY INTERESTS

  • 266 Guide to this Part  
  • 267 Vesting of unperfected security interests in the grantor upon the grantor's winding up or bankruptcy etc.  
  • 267A Vesting in grantor of security interest that attaches after winding up etc.  
  • 268 Security interests unaffected by section 267  
  • 269 Certain lessors, bailors and consignors entitled to damages  

PART 8.3----EXERCISE AND DISCHARGE OF RIGHTS, DUTIES AND OBLIGATIONS

  • 270 Guide to this Part  
  • 271 Entitlement to damages for breach of duties or obligations  
  • 272 Liability for damages  
  • 273 Application of Act not affected by secured party having title to collateral  

PART 8.4----PROVISION OF INFORMATION BY SECURED PARTIES

  • 274 Guide to this Part  
  • 275 Secured party to provide certain information relating to security interest  
  • 276 Obligation to disclose successor in security interest when request made  
  • 277 Time for responding to a request  
  • 278 Application to court for exemption or extension of time to respond to requests  
  • 279 Persons may recover costs arising from request  
  • 280 Application to court for response to request etc.  
  • 281 Application to court in relation to costs charged  
  • 282 Consequences of not complying with court order  
  • 283 Estoppels against persons who respond to a request  

PART 8.5----NOTICES AND TIMING

  • 284 Guide to this Part  
  • 285 Application of this Part--notices etc.  
  • 286 Notices--writing  
  • 287 Notices--registered secured parties  
  • 288 Notices--more than one registered secured party  
  • 289 Notices etc. must be given to persons registered as secured parties using identifier  
  • 290 Notices--deceased persons  
  • 291 Notices--Court orders  
  • 292 Notices--formal defects  
  • 293 Timing--applications for extension of time  
  • 294 Timing--references to time in this Act  

PART 8.6----ONUS OF PROOF AND KNOWLEDGE

PART 8.7----FORMS AND REGULATIONS

CHAPTER 9--Transitional provisions

 

PART 9.1----GUIDE TO THIS CHAPTER

  • 304 Guide to this Chapter  

PART 9.2----KEY CONCEPTS

  • 305 Guide to this Part  
  • 306 Meaning ofand  
  • 307 Meaning of  
  • 308 Meaning of  

PART 9.3----INITIAL APPLICATION OF THIS ACT

  • 309 Guide to this Part  
  • 310 When this Act starts to apply, and in relation to which matters  
  • 311 Enforceability of transitional security interests against third parties  
  • 312 Declared statutory security interests  
  • 313 Enforcement of security interests in intellectual property licences  
  • 314 Enforcement of security interests provided for by security agreements  
  • 315 Starting time for registrations  
  • 316 Governing laws  
  • 317 Constitutional and non-constitutional interests  
  • 318 References to charges and fixed and floating charges  

PART 9.4----TRANSITIONAL APPLICATION OF THIS ACT

DIVISION 1--Introduction

PART 9.5----CHARGES AND FIXED AND FLOATING CHARGES

PART 9.6----REVIEW OF OPERATION OF ACT

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