Commonwealth Consolidated Acts Commonwealth Consolidated ActsAct No. 130 of 2009 as amended
This compilation was prepared on 30 January 2012
taking into account amendments up to Act No. 138 of 2011
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may
be
affected by application provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting and
Publishing,
Attorney-General's Department, Canberra
Contents
Chapter 1--Introduction 1
Part 1.1--Preliminary 1
1............ Short title [see Note 1] ........................................................................ 1
2............ Commencement [see Note 1] .............................................................. 1
3............ Guide to this Act ................................................................................. 1
Part 1.2--General application of this Act 6
4............ Guide to this Part ................................................................................ 6
5............ Crown to be bound ............................................................................. 6
6............ Connection with Australia ................................................................... 6
7............ Application in the external Territories ................................................. 7
8............ Interests to which this Act does not apply ........................................... 8
Part 1.3--Definitions 14
Division 1--Introduction 14
9............ Guide to this Part .............................................................................. 14
Division 2--The Dictionary 15
10.......... The Dictionary .................................................................................. 15
11.......... Application of the Acts Interpretation Act 1901 ................................ 32
Division 3--Concepts relating to security interests and personal property 33
12.......... Meaning of security interest .............................................................. 33
13.......... Meaning of PPS lease ....................................................................... 34
14.......... Meaning of purchase money security interest ................................... 36
15.......... Meaning of intermediated security and related terms ........................ 38
Chapter 2--General rules relating to security interests 40
Part 2.1--Guide to this Chapter 40
16.......... Guide to this Chapter ........................................................................ 40
Part 2.2--Security interests: general principles 41
17.......... Guide to this Part .............................................................................. 41
18 .......... General rules about security agreements and security interests ......... 42
19.......... Enforceability of security interests against grantors--attachment ...... 42
20 .......... Enforceability of security interests against third parties ..................... 43
21 .......... Perfection--main rule....................................................................... 45
22 .......... Perfection--goods possessed by a bailee .......................................... 46
Part 2.3--Possession and control of personal property 48
23.......... Guide to this Part .............................................................................. 48
24.......... Possession ........................................................................................ 49
25.......... Control of an ADI account ................................................................ 50
26.......... Control of intermediated securities .................................................... 51
27.......... Control of investment instruments .................................................... 52
28.......... Control of a letter of credit ................................................................ 54
29.......... Control of negotiable instruments that are not evidenced by a certificate 54
Part 2.4--Attachment and perfection: specific rules 55
Division 1--Introduction 55
30.......... Guide to this Part .............................................................................. 55
Division 2--Proceeds and transfer 57
31.......... Meaning of proceeds ........................................................................ 57
32 .......... Proceeds--attachment....................................................................... 58
33 .......... Proceeds--perfection and temporary perfection ................................ 60
34.......... Transferred collateral--temporary perfection after transfer ............... 60
Division 3--Collateral returned to grantor or debtor 62
35 .......... Returned collateral--from bailee ....................................................... 62
36 .......... Returned collateral--negotiable instruments and investment instruments 63
37 .......... Returned collateral--following sale or lease ..................................... 63
38 .......... Returned collateral--accounts and chattel paper ................................ 64
Division 4--Relocation of collateral or grantor to Australia etc. 66
39.......... Relocation--main rule ....................................................................... 66
40.......... Relocation--intangible property and financial property .................... 67
Part 2.5--Taking personal property free of security interests 70
41.......... Guide to this Part .............................................................................. 70
42.......... Application of this Part ..................................................................... 71
43.......... Taking personal property free of unperfected security interest .......... 71
44.......... Taking personal property free of security interest if serial number incorrect or missing 72
45.......... Taking motor vehicles free of security interest .................................. 72
46.......... Taking personal property free of security interest in ordinary course of business 74
47.......... Taking personal, domestic or household property free of security interest 75
48 .......... Taking currency free of security interest ........................................... 75
49.......... Taking investment instrument or intermediated security free of security interest in the ordinary course of trading 76
50.......... Taking investment instrument free of security interest ...................... 76
51.......... Taking intermediated security free of security interest ....................... 76
52.......... Taking personal property free of temporarily perfected security interest 77
53.......... Rights of secured party and transferee on taking personal property free of security interest 78
Part 2.6--Priority between security interests 79
Division 1--Introduction 79
54.......... Guide to this Part .............................................................................. 79
Division 2--Priority of security interests generally 81
55 .......... Default priority rules......................................................................... 81
56.......... How a security interest is continuously perfected ............................. 82
57.......... Priority of security interests perfected by control .............................. 82
58 .......... Priority of advances.......................................................................... 83
59.......... Priority rules and intervening security interests ................................. 83
60 .......... Transfer of security interests does not affect priority ........................ 83
61 .......... Voluntary subordination of security interests .................................... 84
Division 3--Priority of purchase money security interests 85
62.......... When purchase money security interests take priority over other security interests 85
63 .......... Priority between competing purchase money security interests in collateral 86
64.......... Non-purchase money security interests in accounts .......................... 87
65.......... Possession of goods shipped by a common carrier ........................... 88
Division 4--Priority of security interests in transferred collateral 89
66.......... Application of this Division .............................................................. 89
67.......... Priority when transferor-granted interest has been continuously perfected 89
68.......... Priority when there is a break in the perfection of the transferor-granted interest 90
Division 5--Priority of creditors, and purchasers of negotiable instruments, chattel paper and negotiable documents of title 92
69 .......... Priority of creditor who receives payment of debt ............................. 92
70 .......... Priority of person who acquires a negotiable instrument or an interest in a negotiable instrument 92
71 .......... Priority of person who acquires chattel paper or an interest in chattel paper 93
72 .......... Priority of holder of negotiable document of title .............................. 94
Division 6--Priority of other interests 95
73.......... Priority between security interests and declared statutory interests ... 95
74 .......... Execution creditor has priority over unperfected security interest ..... 97
75.......... Priority of security interests held by ADIs ........................................ 97
76 .......... Priority of security interests in returned goods .................................. 98
77.......... Priority of certain security interests if there is no foreign register ..... 99
Part 2.7--Transfer of interests in collateral 101
78.......... Guide to this Part ............................................................................ 101
79 .......... Transfer of collateral despite prohibition in security agreement ....... 101
80 .......... Rights on transfer of account or chattel paper--rights of transferee and account debtor 102
81 .......... Rights on transfer of account or chattel paper--contractual restrictions and prohibitions on transfer 104
Chapter 3--Specific rules for certain security interests 105
Part 3.1--Guide to this Chapter 105
82.......... Guide to this Chapter ...................................................................... 105
Part 3.2--Agricultural interests 106
83.......... Guide to this Part ............................................................................ 106
84.......... Relationship between security interest in crops and interest in land 106
84A....... Attachment of security interests to crops while they are growing and to the products of livestock 107
85.......... Priority of crops .............................................................................. 107
86.......... Priority of livestock ......................................................................... 108
Part 3.3--Accessions 109
87.......... Guide to this Part ............................................................................ 109
88.......... Continuation of security interests in accessions .............................. 109
89.......... Default rule--interest in accession has priority ............................... 110
90.......... Priority interest in whole--before security interest in accession is perfected 110
91.......... Priority interest in whole--security interest in accession attaches after goods become accession 110
92.......... Secured party must not damage goods when removing accession .. 111
93.......... Reimbursement for damage caused in removing accessions ........... 111
94.......... Refusal of permission to remove accession ..................................... 111
95 .......... Secured party must give notice of removal of accession ................. 111
96.......... When person with an interest in the whole may retain accession .... 113
97 .......... Court order about removal of accession .......................................... 113
Part 3.4--Processed or commingled goods 114
98.......... Guide to this Part ............................................................................ 114
99.......... Continuation of security interests in goods that become processed or commingled 114
100........ Perfection of security interest in goods that become processed or commingled applies to product or mass 114
101........ Limit on value of priority of goods that become part of processed or commingled goods 115
102........ Priority where more than one security interest continues in processed or commingled goods 115
103........ Priority of purchase money security interest in processed or commingled goods 115
Part 3.5--Intellectual property 116
104........ Guide to this Part ............................................................................ 116
105........ Implied references to intellectual property rights ............................. 116
106........ Intellectual property licences and transfers of intellectual property .. 117
Chapter 4--Enforcement of security interests 118
Part 4.1--Guide to this Chapter 118
107........ Guide to this Chapter ...................................................................... 118
Part 4.2--General rules 119
108........ Guide to this Part ............................................................................ 119
109 ........ Application of this Chapter ............................................................. 120
110........ Rights and remedies ........................................................................ 121
111........ Rights and duties to be exercised honestly and in a commercially reasonable manner 121
112........ Rights and remedies under this Chapter .......................................... 121
113........ Recovering judgment or issuing execution does not extinguish a security interest in collateral 122
114........ Rights and remedies under this Chapter are cumulative .................. 122
115........ Contracting out of enforcement provisions ..................................... 122
116........ Application while there is a receiver or another controller of property 124
117........ Obligations secured by interests in personal property and land ....... 125
118........ Enforcing security interests in accordance with land law decisions . 126
119........ Relationship with consumer credit legislation ................................. 129
120........ Enforcement of security interests in liquid assets--general ............. 129
121........ Enforcement of security interests in liquid assets--notice to higher priority parties and grantor 130
Part 4.3--Seizure and disposal or retention of collateral 132
Division 1--Introduction 132
122........ Guide to this Part ............................................................................ 132
Division 2--Seizing collateral 133
123 ........ Secured party may seize collateral ................................................... 133
124........ Secured party who has perfected a security interest in collateral by possession or control 133
125........ Obligation to dispose of or retain collateral ..................................... 134
126 ........ Apparent possession of collateral .................................................... 134
127........ Seizure by higher priority parties--notice ....................................... 135
Division 3--Disposing of collateral (including by purchasing collateral) 138
128........ Secured party may dispose of collateral .......................................... 138
129........ Disposal by purchase ...................................................................... 139
130 ........ Notice of disposal of collateral ........................................................ 139
131 ........ Duty of secured party disposing of collateral to obtain market value 141
132 ........ Secured party to give statement of account ...................................... 141
133 ........ Disposing of collateral free of interests ........................................... 143
Division 4--Retaining collateral 144
134 ........ Proposal of secured party to retain collateral ................................... 144
135........ Notice of retention of collateral ....................................................... 144
136 ........ Retaining collateral free of interests ................................................. 145
Division 5--Objection to purchase or retention 147
137........ Persons entitled to notice may object to proposal ............................ 147
138 ........ Person making objection may be requested by secured party to prove interest 147
Division 6--Seizure and disposal or retention of crops and livestock 148
138A..... Meaning of take and water source .................................................. 148
138B..... Seizure and disposal or retention of crops ....................................... 148
138C..... Seizure and disposal or retention of livestock ................................. 149
Part 4.4--Rules applying after enforcement 150
139........ Guide to this Part ............................................................................ 150
140 ........ Distribution of proceeds received by secured party ......................... 150
141........ Secured party may take steps to reflect transfer of title .................... 152
142 ........ Entitled persons may redeem collateral ............................................ 152
143 ........ Entitled persons may reinstate security agreement ........................... 153
144........ When certain enforcement notices are not required ......................... 153
Chapter 5--Personal Property Securities Register 154
Part 5.1--Guide to this Chapter 154
145........ Guide to this Chapter ...................................................................... 154
Part 5.2--Establishment of the register 156
146........ Guide to this Part ............................................................................ 156
147 ........ Personal Property Securities Register ............................................. 156
148 ........ What the register contains ............................................................... 157
Part 5.3--Registration 158
149........ Guide to this Part ............................................................................ 158
150........ Registration--on application ........................................................... 158
151........ Registration--belief about security interest ..................................... 159
152........ Registration--location of personal property and interested persons outside Australia 162
153........ Financing statements with respect to security interests .................... 162
154........ Financing statements with respect to prescribed property ............... 165
155 ........ Meanings of verification statement and registration event .............. 166
156 ........ Verification statements--Registrar to give to secured parties .......... 166
157........ Verification statements--secured parties to give notice to grantors . 167
158........ Verification statements--publication as alternative ......................... 168
Part 5.4--When a registration is effective 169
159........ Guide to this Part ............................................................................ 169
160 ........ Registration time--general .............................................................. 169
161........ Registration time--security agreements and interests ...................... 170
162 ........ Registration time--transfers ............................................................ 170
163 ........ Effective registration....................................................................... 170
164 ........ Defects in registration--general rule ............................................... 171
165........ Defects in registration--particular defects ....................................... 171
166........ Defects in registration--temporary effectiveness ............................ 172
167 ........ Security interest in certain property becomes unperfected ............... 173
168........ Maintenance fees ............................................................................. 174
Part 5.5--Accessing the register to search for data 175
169........ Guide to this Part ............................................................................ 175
170 ........ Search--general.............................................................................. 175
171........ Search--criteria ............................................................................... 176
172 ........ Search--by reference to details of grantor who is an individual ..... 177
173 ........ Search--interference with privacy .................................................. 181
174 ........ Search--written search results and evidence etc. ............................ 182
175........ Copies of financing statements and verification statements ............. 183
176........ Reports by Registrar ....................................................................... 183
Part 5.5A--Conditions on data access 185
176A..... Guide to this Part ............................................................................ 185
176B..... Access to registered data--conditions ............................................. 185
176C..... Access to third party data ................................................................ 187
Part 5.6--Amendment demands 189
Division 1--Introduction 189
177........ Guide to this Part ............................................................................ 189
178 ........ How amendment demands are given ............................................... 189
Division 2--Amendment demands: administrative and judicial process 191
Subdivision A--Administrative process 191
179 ........ Scope of Subdivision...................................................................... 191
180........ Administrative process--amendment notices .................................. 192
181 ........ Administrative process--registration amendments ......................... 193
Subdivision B--Judicial process 194
182 ........ Judicial process for considering amendment demand ...................... 194
Part 5.7--Removal of data and correction of registration errors 196
183........ Guide to this Part ............................................................................ 196
184 ........ Removal of data--general grounds ................................................. 196
185 ........ Removal of data--registration ineffective for 7 years or more ........ 197
186 ........ Incorrectly removed data--restoration ............................................ 197
187 ........ Records of removed data................................................................. 198
188 ........ Correction of registration errors ...................................................... 198
Part 5.8--Fees, administrative review and annual reports 199
189........ Guide to this Part ............................................................................ 199
190........ Registration and search fees ............................................................ 199
191........ Review of decisions ........................................................................ 200
192........ Annual reports ................................................................................ 201
Part 5.9--Registrar of Personal Property Securities 202
193........ Guide to this Part ............................................................................ 202
194........ Registrar--establishment of office .................................................. 202
195........ Registrar--functions and powers .................................................... 202
195A..... Registrar--investigations ................................................................ 202
196........ Registrar--acting appointments ...................................................... 203
197........ Registrar--delegation ...................................................................... 204
198........ Registrar--resignation .................................................................... 204
199........ Registrar--termination .................................................................... 205
200........ Deputy Registrar--establishment of office ..................................... 205
201........ Deputy Registrar--functions and powers ....................................... 205
202........ Deputy Registrar--resignation ........................................................ 206
203........ Deputy Registrar--termination ....................................................... 206
Chapter 6--Judicial proceedings 207
Part 6.1--Guide to this Chapter 207
204........ Guide to this Chapter ...................................................................... 207
Part 6.2--Judicial proceedings generally 208
Division 1--Introduction 208
205........ Guide to this Part ............................................................................ 208
206........ Scope of this Part ............................................................................ 208
Division 2--Conferral of jurisdiction 210
207........ Jurisdiction of courts ....................................................................... 210
208........ Cross-jurisdictional appeals ............................................................ 211
209........ Courts to act in aid of each other ..................................................... 212
Division 3--Transfers between courts 213
210........ Application of this Division ............................................................ 213
211........ Exercise of transfer power .............................................................. 214
212........ Criteria for transfers between courts ............................................... 215
213........ Initiating transfers between courts ................................................... 216
214........ Documents and procedure ............................................................... 216
215........ Conduct of transferred proceedings ................................................ 216
216........ Entitlement to practise as barrister or solicitor ................................. 217
217........ Limitation on appeals ...................................................................... 217
Division 4--Registrar's role in judicial proceedings 218
218........ Intervention in judicial proceedings ................................................. 218
219........ Initiation of judicial proceedings ..................................................... 218
Part 6.3--Civil penalty proceedings 219
Division 1--Introduction 219
220........ Guide to this Part ............................................................................ 219
221........ What is a civil penalty provision? .................................................... 219
Division 2--Obtaining an order for a civil penalty 220
222........ Federal Court may order person to pay pecuniary penalty for contravening civil penalty provision 220
223........ Contravening a civil penalty provision is not an offence ................. 221
224........ Persons involved in contravening civil penalty provision ............... 221
225........ Recovery of a pecuniary penalty ..................................................... 221
Division 3--Civil penalty proceedings and criminal proceedings 222
226........ Civil proceedings after criminal proceedings ................................... 222
227........ Criminal proceedings during civil proceedings ............................... 222
228........ Criminal proceedings after civil proceedings ................................... 222
229........ Evidence given in proceedings for penalty not admissible in criminal proceedings 222
Division 4--Enforceable undertakings relating to contraventions of civil penalty provisions 224
230........ Acceptance of undertakings relating to contraventions of civil penalty provisions 224
231........ Enforcement of undertakings .......................................................... 224
Chapter 7--Operation of laws 225
Part 7.1--Guide to this Chapter 225
232........ Guide to this Chapter ...................................................................... 225
Part 7.2--Australian laws and those of other jurisdictions 226
233........ Guide to this Part ............................................................................ 226
234........ Scope of this Part ............................................................................ 226
235........ Meaning of located ......................................................................... 227
236........ Commonwealth laws may provide for governing law ..................... 228
237........ Express agreement .......................................................................... 228
238........ Governing laws--goods ................................................................. 229
239........ Governing laws--intangible property ............................................. 230
240........ Governing laws--financial property and rights evidenced by letters of credit 232
241........ Governing laws--proceeds ............................................................. 233
Part 7.3--Constitutional operation 235
Division 1--Introduction 235
242........ Guide to this Part ............................................................................ 235
Division 2--Constitutional basis 236
243........ Constitutional basis for this Act ...................................................... 236
244........ Meaning of referring State .............................................................. 237
245........ Meaning of referred PPS matters ................................................... 240
246........ Non-referring State operation--overview ....................................... 241
247........ Non-referring State operation--persons ......................................... 242
248........ Non-referring State operation--activities ........................................ 243
249........ Non-referring State operation--interests ......................................... 243
250........ Non-referring State operation--inclusion of data in register ........... 244
251........ Personal property taken free of security interest when Act begins to operate 244
252........ Priority between constitutional and non-constitutional security interests 245
Division 3--Constitutional guarantees 246
252A..... No constitutional preference to one State over another .................... 246
252B..... No unjust acquisition of property .................................................... 246
Part 7.4--Relationship between Australian laws 247
Division 1--Introduction 247
253........ Guide to this Part ............................................................................ 247
Division 2--Concurrent operation 248
254........ Concurrent operation--general rule ................................................ 248
255........ Concurrent operation--regulations may resolve inconsistency ....... 249
Division 3--When other laws prevail 252
256........ When other laws prevail--certain other Commonwealth Acts ........ 252
257........ When other laws prevail--security agreements ............................... 252
258........ When other laws prevail--personal property, security interests and matters excluded from State amendment referrals ........................................................................................................ 253
259........ When other laws prevail--exclusion by referring State law or Territory law 254
Division 4--When this Act prevails 255
261........ When this Act prevails--registration requirements ......................... 255
262........ When this Act prevails--assignment requirements ......................... 255
263........ When this Act prevails--formal requirements relating to agreements 256
264........ When this Act prevails--attachment and perfection of security interests 257
Chapter 8--Miscellaneous 259
Part 8.1--Guide to this Chapter 259
265........ Guide to this Chapter ...................................................................... 259
Part 8.2--Vesting of certain unperfected security interests 260
266........ Guide to this Part ............................................................................ 260
267........ Vesting of unperfected security interests in the grantor upon the grantor's winding up or bankruptcy etc. 260
267A..... Vesting in grantor of security interest that attaches after winding up etc. 262
268........ Security interests unaffected by section 267 .................................... 263
269........ Certain lessors, bailors and consignors entitled to damages ............ 265
Part 8.3--Exercise and discharge of rights, duties and obligations 266
270........ Guide to this Part ............................................................................ 266
271........ Entitlement to damages for breach of duties or obligations ............. 266
272........ Liability for damages ....................................................................... 266
273........ Application of Act not affected by secured party having title to collateral 267
Part 8.4--Provision of information by secured parties 268
274........ Guide to this Part ............................................................................ 268
275........ Secured party to provide certain information relating to security interest 268
276........ Obligation to disclose successor in security interest when request made 271
277........ Time for responding to a request ..................................................... 271
278........ Application to court for exemption or extension of time to respond to requests 271
279........ Persons may recover costs arising from request ............................. 272
280........ Application to court for response to request etc. ............................. 273
281........ Application to court in relation to costs charged .............................. 273
282........ Consequences of not complying with court order ........................... 275
283........ Estoppels against persons who respond to a request ....................... 275
Part 8.5--Notices and timing 276
284........ Guide to this Part ............................................................................ 276
285........ Application of this Part--notices etc. .............................................. 276
286........ Notices--writing ............................................................................. 276
287........ Notices--registered secured parties ................................................ 276
288........ Notices--more than one registered secured party ........................... 277
289........ Notices etc. must be given to persons registered as secured parties using identifier 277
290........ Notices--deceased persons ............................................................. 277
291........ Notices--Court orders .................................................................... 278
292........ Notices--formal defects .................................................................. 278
293........ Timing--applications for extension of time .................................... 278
294........ Timing--references to time in this Act ............................................ 279
Part 8.6--Onus of proof and knowledge 280
295........ Guide to this Part ............................................................................ 280
296........ Onus of proof ................................................................................. 280
297........ Meaning of constructive knowledge ................................................ 281
298........ Actual or constructive knowledge by bodies corporate and other entities 282
299........ Actual or constructive knowledge in relation to certain property transfers 283
300........ Registration of data does not constitute constructive notice ............. 283
Part 8.7--Forms and regulations 284
301........ Guide to this Part ............................................................................ 284
302........ Approved forms .............................................................................. 284
303........ Regulations ..................................................................................... 285
Chapter 9--Transitional provisions 286
Part 9.1--Guide to this Chapter 286
304........ Guide to this Chapter ...................................................................... 286
Part 9.2--Key concepts 287
305........ Guide to this Part ............................................................................ 287
306........ Meaning of migration time and registration commencement time .. 287
307........ Meaning of transitional security agreement ................................... 288
308........ Meaning of transitional security interest ........................................ 288
Part 9.3--Initial application of this Act 290
309........ Guide to this Part ............................................................................ 290
310........ When this Act starts to apply, and in relation to which matters ....... 291
311........ Enforceability of transitional security interests against third parties 291
312........ Declared statutory security interests ................................................ 291
313........ Enforcement of security interests in intellectual property licences ... 292
314........ Enforcement of security interests provided for by security agreements 292
315........ Starting time for registrations .......................................................... 292
316........ Governing laws ............................................................................... 292
317........ Constitutional and non-constitutional interests ................................ 292
318........ References to charges and fixed and floating charges ..................... 293
Part 9.4--Transitional application of this Act 294
Division 1--Introduction 294
319........ Guide to this Part ............................................................................ 294
Division 2--Attachment, perfection and priority of transitional security interests 296
320........ Guide to priority rules for transitional security interests .................. 296
321........ Attachment rule ............................................................................... 297
322........ Perfection rule ................................................................................. 297
322A..... Priority rule--priority between transitional security interest and security interest perfected by control 298
323........ Priority rule--priority otherwise undetermined ............................... 299
324........ Priority rule--certain security interests upon insolvency or bankruptcy .. 299
Division 6--Migration of personal property interests 300
330........ Scope of Division ........................................................................... 300
331........ Requirement for Commonwealth officers etc. to provide data ......... 300
332........ Meaning of migrated security interest ............................................ 300
333........ Registration with respect to migrated data ....................................... 301
334........ Incorrectly registered migrated data ................................................. 302
335........ No requirement for notice of verification statement ......................... 303
Division 7--Preparatory registration relating to transitional security interests 304
336........ Preparatory registration--transitional security interests .................. 304
Division 8--Transitional security interests: registration defects 306
337........ Registration effective despite certain defects ................................... 306
337A..... Registration defective if collateral is not covered by transitional security agreement 307
Part 9.5--Charges and fixed and floating charges 308
338........ Guide to this Part ............................................................................ 308
339........ References to charges and fixed and floating charges ..................... 308
340........ Meaning of circulating asset ........................................................... 309
341........ Meaning of control and inventory ................................................... 310
341A..... Control of an ADI account .............................................................. 312
Part 9.6--Review of operation of Act 313
342........ Guide to this Part ............................................................................ 313
343........ Review of operation of Act ............................................................. 313
Notes 315
An Act relating to personal property securities, and for related purposes
Notes to
the
Personal Property Securities Act 2009 Note 1 The Personal Property Securities Act 2009 as shown in
this compilation comprises Act No. 130, 2009 amended as indicated in the
Tables below. Table of Acts
|
Act |
Number |
Date |
Date of commencement |
Application, saving or transitional provisions |
|
|
130, 2009 |
14 Dec 2009 |
15 Dec 2009 |
|
||
|
Personal Property Securities (Consequential Amendments) Act 2009 |
131, 2009 |
14 Dec 2009 |
Schedule 4 (items 1-7, 9-35, 37-64): (a) |
-- |
|
|
Personal Property Securities (Corporations and Other Amendments) Act 2010 |
96, 2010 |
6 July 2010 |
Schedule 2 (items 1-107, |
-- |
|
|
Personal Property Securities (Corporations and Other Amendments) Act 2011 |
35, 2011 |
26 May 2011 |
Schedule 2: Royal Assent |
-- |
|
|
Personal Property Securities Amendment (Registration Commencement) Act 2011 |
138, 2011 |
29 Nov 2011 |
Schedule 1 (items 1-6): Royal Assent |
-- |
|
(a) Subsection 2(1) (items 2, 4 and 6) of the Personal Property Securities (Consequential Amendments) Act 2009 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
|
Commencement information |
||
|
Column 1 |
Column 2 |
Column 3 |
|
Provision(s) |
Commencement |
Date/Details |
|
2. Schedule 4, items 1 to 7 |
The later of: (a) the start of the day this Act receives the Royal Assent; and (b) immediately after the commencement of the Personal Property Securities Act 2009. However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur. |
15
December 2009 |
|
4. Schedule 4, items 9 to 35 |
The later of: (a) the start of the day this Act receives the Royal Assent; and (b) immediately after the commencement of the Personal Property Securities Act 2009. However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur. |
15
December 2009 |
|
6. Schedule 4, items 37 to 64 |
The later of: (a) the start of the day this Act receives the Royal Assent; and (b) immediately after the commencement of the Personal Property Securities Act 2009. However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur. |
15
December 2009 |
Table of Amendments
|
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
|
|
Provision affected |
How affected |
|
Chapter 1 |
|
|
Part 1.1 |
|
|
am. No. 96, 2010; Nos. 35 and 138, 2011 |
|
|
Part 1.2 |
|
|
am. No. 131, 2009; No. 96, 2010 |
|
|
Subhead. to s. 8(4)............ |
am. No. 96, 2010 |
|
am. No. 131, 2009; No. 96, 2010 |
|
|
Note to s. 8(1)(i)................ |
ad. No. 96, 2010 |
|
Part 1.3 |
|
|
Division 2 |
|
|
am. No. 131, 2009; No. 96, 2010; No. 35, 2011 |
|
|
Division 3 |
|
|
am. No. 131, 2009; No. 96, 2010; No. 35, 2011 |
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am. No. 96, 2010 |
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am. No. 131, 2009; No. 96, 2010 |
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rs. No. 96, 2010 |
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am. No. 35, 2011 |
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Chapter 2 |
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Part 2.2 |
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Subhead. to s. 19(5).......... |
am. No. 96, 2010 |
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am. No. 96, 2010 |
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Note to s. 19....................... |
ad. No. 96, 2010 |
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am. No. 96, 2010; No. 35, 2011 |
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Part 2.3 |
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am. No. 131, 2009; No. 96, 2010 |
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am. No. 96, 2010 |
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rs. No. 35, 2011 |
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am. No. 131, 2009 |
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rs. No. 96, 2010 |
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am. No. 35, 2011 |
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Part 2.4 |
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Division 1 |
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am. No. 96, 2010 |
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Division 2 |
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am. No. 96, 2010 |
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am. No. 131, 2009; No. 96, 2010 |
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Division 4 |
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am. No. 131, 2009 |
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Part 2.5 |
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am. No. 131, 2009; No. 96, 2010 |
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am. No. 96, 2010 |
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am. No. 131, 2009 |
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am. No. 131, 2009; No. 96, 2010; No. 35, 2011 |
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Heading to s. 49................ |
am. No. 131, 2009; No. 96, 2010 |
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am. No. 96, 2010 |
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Heading to s. 51................ |
am. No. 96, 2010 |
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am. No. 131, 2009; No. 96, 2010 |
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am. No. 96, 2010; No. 35, 2011 |
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Note to s. 52(1).................. |
rs. No. 96, 2010 |
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Part 2.6 |
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Division 1 |
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am. No. 96, 2010 |
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Division 2 |
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am. No. 131, 2009 |
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Note to s. 55....................... |
am. No. 131, 2009 |
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am. No. 96, 2010 |
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am. No. 131, 2009 |
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Division 3 |
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am. No. 96, 2010 |
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am. No. 131, 2009; No. 96, 2010 |
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Division 4 |
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am. No. 96, 2010 |
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Division 5 |
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Note to s. 71(1).................. |
am. No. 96, 2010 |
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am. No. 96, 2010 |
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Division 6 |
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am. No. 131, 2009 |
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am. No. 35, 2011 |
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Note 1 to s. 75.................... |
am. No. 35, 2011 |
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Subhead. to s. 77(3).......... |
am. No. 131, 2009 |
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rs. No. 96, 2010 |
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am. No. 131, 2009; No. 96, 2010 |
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Part 2.7 |
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Heading to Part 2.7........... |
rs. No. 96, 2010 |
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am. No. 96, 2010 |
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am. No. 131, 2009 |
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Chapter 3 |
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Part 3.2 |
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rs. No. 96, 2010 |
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ad. No. 96, 2010 |
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am. No. 96, 2010 |
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Chapter 4 |
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Part 4.2 |
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am. No. 96, 2010 |
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Subhead. to s. 109(3)........ |
am. No. 96, 2010 |
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am. No. 96, 2010 |
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am. No. 35, 2011 |
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am. No. 96, 2010; No. 35, 2011 |
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am. No. 96, 2010 |
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rs. No. 35, 2011 |
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am. No. 131, 2009 |
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Part 4.3 |
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Division 1 |
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am. No. 96, 2010 |
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Division 2 |
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Note to s. 126(1)................ |
ad. No. 96, 2010 |
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Division 3 |
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am. No. 131, 2009 |
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Division 4 |
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am. No. 96, 2010 |
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Division 6 |
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Div. 6 of Part 4.3................ |
ad. No. 96, 2010 |
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ad. No. 96, 2010 |
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Part 4.4 |
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am. No. 96, 2010 |
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Chapter 5 |
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Part 5.1 |
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am. No. 35, 2011 |
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Part 5.2 |
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am. No. 35, 2011 |
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am. No. 35, 2011 |
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Note to s. 148 |
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Note 2 to s. 148.................. |
ad. No. 35, 2011 |
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Part 5.3 |
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am. No. 35, 2011 |
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Heading to s. 151.............. |
am. No. 35, 2011 |
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am. No. 131, 2009; No. 96, 2010; No. 35, 2011 |
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am. No. 35, 2011 |
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am. No. 131, 2009 |
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Part 5.4 |
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am. No. 35, 2011 |
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Part 5.5 |
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Heading to Part 5.5........... |
rs. No. 35, 2011 |
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am. No. 35, 2011 |
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am. No. 131, 2009; No. 35, 2011 |
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Note to s. 171(1)(e)........... |
rs. No. 35, 2011 |
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Subhead. to s. 172(2)........ |
rs. No. 35, 2011 |
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am. No. 35, 2011 |
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am. No. 96, 2010; No. 35, 2011 |
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Heading to s. 175.............. |
rs. No. 35, 2011 |
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Part 5.5A |
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Part 5.5A............................. |
ad. No. 35, 2011 |
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Ss. 176A-176C................... |
ad. No. 35, 2011 |
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Part 5.6 |
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Division 1 |
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am. No. 96, 2010 |
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Part 5.9 |
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S. 195A............................... |
ad. No. 35, 2011 |
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Chapter 7 |
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Part 7.2 |
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am. No. 131, 2009 |
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am. No. 96, 2010 |
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Subhead. to s. 238(1)........ |
rs. No. 131, 2009 |
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am. No. 131, 2009 |
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am. No. 131, 2009; No. 96, 2010 |
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am. No. 96, 2010 |
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Part 7.3 |
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Division 1 |
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Heading to Div. 1 of ......... |
ad. No. 96, 2010 |
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am. No. 96, 2010 |
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Division 2 |
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Heading to Div. 2 of ......... |
ad. No. 96, 2010 |
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am. No. 96, 2010 |
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Note 1 to s. 243(1)............. |
rep. No. 96, 2010 |
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Note 2 to s. 243(1) |
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Subhead. to s. 244(3)........ |
rs. No. 96, 2010 |
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am. No. 96, 2010; No. 35, 2011 |
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Division 3 |
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Div. 3 of Part 7.3................ |
ad. No. 96, 2010 |
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ad. No. 96, 2010 |
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Part 7.4 |
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Division 2 |
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Note to s. 254(2)(h)........... |
am. No. 96, 2010 |
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Division 3 |
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S. 260.................................. |
rep. No. 96, 2010 |
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Chapter 8 |
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Part 8.1 |
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am. No. 131, 2009 |
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Part 8.2 |
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am. No. 131, 2009 |
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Note 2 to s. 267(1)............. |
am. No. 96, 2010 |
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Note to s. 267(2)................ |
ad. No. 131, 2009 |
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Note to s. 267(3)................ |
am. No. 96, 2010 |
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ad. No. 96, 2010 |
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am. No. 131, 2009; No. 96, 2010 |
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am. No. 96, 2010 |
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Part 8.5 |
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am. No. 35, 2011 |
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Part 8.7 |
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am. No. 35, 2011 |
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Chapter 9 |
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Part 9.1 |
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am. No. 96, 2010; No. 138, 2011 |
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Part 9.2 |
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am. No. 138, 2011 |
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Note to s. 306(4)................ |
am. No. 138, 2011 |
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am. No. 96, 2010 |
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Part 9.3 |
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am. No. 138, 2011 |
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rs. No. 96, 2010 |
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rs. No. 96, 2010 |
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am. No. 131, 2009 |
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Part 9.4 |
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Division 1 |
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Div. 1 of Part 9.4................ |
rs. No. 96, 2010 |
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rs. No. 96, 2010 |
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am. No. 138, 2011 |
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Division 2 |
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Div. 2 of Part 9.4................ |
rs. No. 96, 2010 |
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rs. No. 96, 2010 |
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am. No. 35, 2011 |
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rs. No. 96, 2010 |
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S. 322A............................... |
ad. No. 35, 2011 |
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rs. No. 96, 2010 |
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S. 325.................................. |
rep. No. 96, 2010 |
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Div. 3 of Part 9.4................ |
rep. No. 96, 2010 |
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S. 326.................................. |
rep. No. 96, 2010 |
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Div. 4 of Part 9.4................ |
rep. No. 96, 2010 |
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S. 327.................................. |
am. No. 131, 2009 |
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rep. No. 96, 2010 |
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S. 328.................................. |
rep. No. 96, 2010 |
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Div. 5 of Part 9.4................ |
rep. No. 96, 2010 |
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S. 329.................................. |
rep. No. 96, 2010 |
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Division 6 |
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am. No. 96, 2010 |
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Division 7 |
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rs. No. 96, 2010 |
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Division 8 |
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rs. No. 96, 2010 |
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ad. No. 96, 2010 |
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Part 9.5 |
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am. No. 131, 2009 |
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Subhead. to s. 340(5)........ |
rs. No. 131, 2009 |
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am. No. 131, 2009; No. 35, 2011 |
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Note to s. 340(2)................ |
rs. No. 96, 2010 |
|
Note to s. 340(5)................ |
ad. No. 96, 2010 |
|
Heading to s. 341.............. |
rs. No. 96, 2010 |
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am. No. 96, 2010; No. 35, 2011 |
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S. 341A............................... |
ad. No. 35, 2011 |
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Part 9.6 |
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rs. No. 131, 2009 |
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am. No. 138, 2011 |