PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 339 References to charges and fixed and floating charges

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 339

  (1)   This section applies in relation to a reference to a charge, a fixed charge, or a floating charge, over property in a law of the Commonwealth, or in a security agreement, but only to the extent that:

  (a)   the charge referred to has attached to personal property; and

  (b)   title to the personal property to which the charge has attached is in the grantor; and

  (c)   the charge is a security interest to which this Act applies.

  (2)   This section does not apply in relation to:

  (a)   paragraphs 12(2)(a) and (b), or subsection   19(4); or

  (b)   a reference to a charge, a fixed charge, or a floating charge, if the charge referred to is a perfected security interest that is provided for by a transfer of an account or chattel paper.

  (3)   A reference to a charge over property is taken to be a reference to a security interest that has attached to:

  (a)   a circulating asset; or

  (b)   personal property that is not a circulating asset.

  (4)   A reference to a fixed charge over property is taken to be a reference to a security interest that has attached to personal property that is not a circulating asset.

  (5)   A reference to a floating charge over property is taken to be a reference to a security interest that has attached to a circulating asset.