Personal Property Securities Act 2009 (Cth)

Personal Property Securities Act 2009

No. 130, 2009

Compilation No. 22

Compilation date: 14 October 2024

Includes amendments: Act No. 39, 2024

About this compilation

This compilation

This is a compilation of the Personal Property Securities Act 2009 that shows the text of the law as amended and in force on 14 October 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register ( The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

An Act relating to personal property securities, and for related purposes

Chapter 1IntroductionPart 1.1Preliminary 1Short title

This Act may be cited as the Personal Property Securities Act 2009.

2Commencement

This Act commences on the day after it receives the Royal Assent.

2ASchedule 1

Schedule 1 has effect.

Note: Schedule 1 contains application, saving and transitional provisions relating to amendments of this Act.

3Guide to this Act

Overview

This Act is a law about security interests in personal property.

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.

Personal property includes many different kinds of tangible and intangible property, other than real property. Examples include motor vehicles, household goods, business inventory, intellectual property and company shares. Personal property is known as collateral if it is (or is anticipated to be) the subject of a security interest.

A security interest is enforceable against a grantor when it attaches to collateral. A security interest attaches to collateral when a person gives value for acquiring the security interest (or does something else to acquire it), and in return, the person gains rights in the collateral.

A security interest is enforceable against third parties when it has attached to the collateral and either the secured party has possession or control of the collateral, or a security agreement covers the collateral.

If a security interest in collateral is perfected, it takes priority over another security interest that is unperfected when the security interest comes to be enforced. A security interest is perfected if:

1. (a)

   it has attached to collateral; and

2. (b)

   it is enforceable against third parties; and

3. (c)

   certain extra steps (possession or control of the collateral, or registration on the Register of Personal Property Securities) have been taken to protect the interest.

Certain security interests are also declared to be temporarily perfected, or perfected, under this Act.

The secured party whose security interest has the highest priority is entitled to enforce that interest ahead of secured parties with security interests that have a lower priority.

Between perfected security interests, perfection by control has a higher priority than other forms of perfection. The next level of priority is given (subject to certain rules) to perfected purchase money security interests. If no other way of working out priority between perfected interests is provided, the highest priority is given to the security interest that has been continuously perfected for the longest period.

The Register of Personal Property Securities enables secured parties to give notice of actual or prospective security interests. Notice is given by the recording of data about secured parties, grantors and collateral. The register may be kept electronically, for example in a form that is interactive and accessible over the internet.

Summary

Chapter 1 deals with some preliminary matters, including the general application of the Act (Part 1.2) and its interpretation (Part 1.3).

Chapter 2 sets out general rules relating to security interests. These include the following:

1. (a)

   general principles relating to security agreements, security interests, attachment and perfection (Part 2.2);

2. (b)

   interpretation provisions about possession and control (Part 2.3);

3. (c)

   rules about when attachment and perfection of security interests occurs in particular situations (Part 2.4);

4. (d)

   the circumstances in which personal property is taken free of a security interest in the property (Part 2.5);

5. (e)

   how to work out the priority between competing security interests (and in some cases, other sorts of interests) in personal property (Part 2.6);

6. (f)

   rules about the transfer of interests in collateral (Part 2.7).

Chapter 3 contains specific rules about the following:

1. (a)

   agricultural interests (Part 3.2);

2. (b)

   security interests in accessions to personal property and their priority (Part 3.3);

3. (c)

   security interests in personal property that is processed or commingled and their priority (Part 3.4);

4. (d)

   intellectual property and intellectual property licences (Part 3.5).

Chapter 4 deals with how to enforce a security interest in personal property. Parties can contract out of some of the provisions of Chapter 4.

Chapter 5 provides for the establishment and maintenance of a register with respect to personal property securities and certain prescribed personal property (the Register of Personal Property Securities).

The Registrar of Personal Property Securities is responsible for maintaining the register. Chapter 5 also deals with how the register can be searched, and how certain non‑registered data can be provided through the register (as a portal).

A search by reference to the details of an individual grantor must be made for an authorised purpose set out in the Act. A person who carries out an unauthorised search, or uses data from an unauthorised search, may be liable to pay compensation or a civil penalty (or both).

Chapter 6 deals with the role of the courts in proceedings that relate to security interests in personal property. It confers jurisdiction on courts and provides rules for the transfer of proceedings between courts. It also describes the Registrar’s role in judicial proceedings and applies Parts 4 and 6 of the Regulatory Powers Act to enable contraventions of civil penalty provisions to be enforced.

Chapter 7 deals with how this Act interacts with foreign laws, the constitutional operation of this Act and the relationship between this Act and other Australian laws.

Chapter 8 deals with the following:

1. (a)

   rules about the vesting of certain unperfected interests (Part 8.2);

2. (b)

   rights to damages and compensation in relation to contraventions of this Act (Part 8.3);

3. (c)

   requests to secured parties for information, how notices may be given and certain other procedural and administrative matters (Parts 8.4 to 8.7).

Chapter 9 deals with the initial application of this Act.

The Act starts to apply under Part 9.3 at the registration commencement time, which is 1 February 2012 (the first day of the month that is 26 months after this Act was given the Royal Assent), or another time determined by the Minister.

Chapter 9 also deals with references to charges and fixed and floating charges in this Act and in security agreements, and provides for the review of the operation of the Act within 3 years after it starts to apply.

Schedule 1 contains application, saving and transitional provisions relating to amendments of this Act.

Part 1.2General application of this Act 4Guide to this Part

This Part contains general rules about the application of this Act. These deal with the following matters:

1. (a)

   binding the Crown;

2. (b)

   geographical rules;

3. (c)

   particular interests to which this Act does not apply.

5Crown to be bound

This Act binds the Crown in each of its capacities.

6Connection with Australia

1. (1)

   This Act applies to a security interest in goods or financial property if:

   1. (a)

      the location of the goods or property is in Australia; or

   2. (b)

      the grantor is an Australian entity.

   Note: For when personal property is located in a jurisdiction, see section 235.

2. (1A)

   This Act applies to a security interest in an intermediated security if:

   1. (a)

      the intermediary in relation to the intermediated security is located in Australia; or

   2. (b)

      the grantor is an Australian entity.

   Note: For when a person is located in a jurisdiction, see section 235.

3. (2)

   This Act applies to a security interest in intangible property if:

   1. (a)

      the grantor is an Australian entity; or

   2. (b)

      the intangible property is an account that is payable in Australia; or

   3. (c)

      the security interest is an interest of a transferor under a transfer of intangible property that consists of an account or chattel paper, and:

      1. (i)

         the transferor is an Australian entity; or

      2. (ii)

         the account or chattel paper is payable in Australia; or

   4. (d)

      the intangible property is an ADI account; or

   5. (e)

      the intangible property is created, arises or is provided for by either or both of the following:

      1. (i)

         a law of the Commonwealth, a State or a Territory;

      2. (ii)

         the general law (to the extent to which it applies in Australia, a State or a Territory).

   Note: For the application of Australian and foreign law in relation to a security interest, see Part 7.2.

7Application in the external Territories

Extension to Norfolk Island

1. (1)

   This Act extends to Norfolk Island.

2. (2)

   A reference in this Act to “Australia” includes a reference to Norfolk Island.

Extension to other external Territories

1. (3)

   This Act extends to such other external Territories (if any) as are prescribed by the regulations for the purposes of this section.

(4) Without limiting subsection (3), if an external Territory is prescribed for the purposes of this section, regulations prescribing the external Territory may provide that:

1. (a)

   only some of the provisions of this Act apply in the external Territory; and

2. (b)

   provisions that apply in the external Territory only apply in specified circumstances.

1. (5)

   If:

   1. (a)

      an external Territory is prescribed by the regulations for the purposes of this section; and

   2. (b)

      in a provision of this Act that applies (either generally or in particular circumstances) in the external Territory there is a reference to “Australia” or a reference to a term the definition of which includes a reference to “Australia”;

then, unless the contrary intention appears, the reference to “Australia” in that provision as so applying, or in that definition as applying for the purposes of that provision as so applying, includes a reference to that external Territory.

Acts Interpretation Act 1901 definition of Australia

1. (6)

   To avoid doubt, this section applies despite paragraph 17(a) of the Acts Interpretation Act 1901 (definition of Australia).

8Interests to which this Act does not apply

1. (1)

   This Act does not apply to any of the following interests (except as provided by subsection (2) or (3)):

   1. (a)

      the interest of a seller who has shipped goods to a buyer under a negotiable bill of lading, or its equivalent, to the order of the seller, or to the order of an agent of the seller, unless the parties have otherwise evidenced an intention to create or provide for a security interest in the goods;

   2. (b)

      a lien, charge, or any other interest in personal property, that is created, arises or is provided for under a law of the Commonwealth (other than this Act), a State or a Territory, unless the person who owns the property in which the interest is granted agrees to the interest;

   3. (c)

      a lien, charge, or any other interest in personal property, that is created, arises or is provided for by operation of the general law;

   4. (d)

      any right of set‑off or right of combination of accounts (within the ordinary meaning of the term “accounts”);

   5. (e)

      any right or interest held by a person, or any interest provided for by any transaction, under any of the following (as defined in section 5 of the Payment Systems and Netting Act 1998):

      1. (i)

         an approved netting arrangement;

      2. (ii)

         a close‑out netting contract;

      3. (iii)

         a market netting contract;

   6. (f)

      an interest provided for by any of the following transactions:

      1. (i)

         the creation or transfer of an interest in land;

      2. (ii)

         the creation of an interest in a right to payment, or the creation or transfer (including a successive transfer) of a right to payment, in connection with an interest in land, if the writing evidencing the creation or transfer specifically identifies that land;

      3. (iii)

         a transfer (including a successive transfer) of an unearned right to payment under a contract to a person who is to perform the transferor’s obligations under the contract;

      4. (iv)

         a transfer of present or future remuneration (including wages, salary, commission, allowances or bonuses) payable to an individual as an employee or a contractor;

      5. (v)

         a transfer of an interest or claim in, or under, a contract of annuity or policy of insurance, except a transfer of a right to an insurance payment or other payment as indemnity or compensation for loss of, or damage to, collateral (or proceeds of collateral);

      6. (vi)

         a transfer of an account made solely to facilitate the collection of the account on behalf of the person making the transfer;

      7. (vii)

         without limiting subparagraph (vi), a transfer of an account, if the transferee’s sole purpose in acquiring the account is to collect it;

      8. (viii)

         a transfer of an account or negotiable instrument to satisfy (either wholly or partly) a pre‑existing indebtedness;

      9. (ix)

         a sale of an account or chattel paper as part of a sale of business, unless the seller remains in apparent control (within the ordinary meaning of that term) of the business after the sale;

      10. (x)

          a transfer of the beneficial interest in a monetary obligation where, after the transfer, the transferee holds the monetary obligation on trust for the transferor;

   7. (g)

      the following interests in property created under the Bankruptcy Act 1966:

      1. (i)

         the interest of the Official Trustee or a registered trustee who has taken control (within the meaning of section 50 of that Act) of a debtor’s or grantor’s property under that section;

      2. (ii)

         the interest of the Official Trustee or a registered trustee in property of a debtor or grantor that has vested in the Official Trustee or the registered trustee under section 58 of that Act;

      3. (iii)

         a charge created under section 139ZN of that Act;

      4. (iv)

         a charge created under section 139ZR of that Act;

      5. (v)

         an interest created under a personal insolvency agreement under Part X of that Act;

   8. (h)

      a trust over some or all of an amount provided by way of financial accommodation, if the person to whom the financial accommodation is provided is required to use the amount in accordance with a condition under which the financial accommodation is provided;

   9. (i)

      a right entitlement or authority, whether or not exclusive, that is granted by or under the general law or a law of the Commonwealth, a State or a Territory in relation to the control, use or flow of water;

      Note: See also subsection (5).

   10. (j)

       an interest in a fixture;

   11. (ja)

       a security interest in personal property taken by a pawnbroker, if subsection (6) applies to the security interest;

   12. (jb)

       an interest that a person has:

       1. (i)

          as a member of a superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993); or

       2. (ii)

          as a member of an approved deposit fund (within the meaning of the Superannuation Industry (Supervision) Act 1993); or

       3. (iii)

          as a holder of a retirement savings account (within the meaning of the Retirement Savings Accounts Act 1997); or

       4. (iv)

          in an account kept under the Small Superannuation Accounts Act 1995 in the name of the person; or

       5. (v)

          as a holder of a superannuation annuity (within the meaning of the Income Tax Assessment Act 1997);

   13. (jc)

       a charge created by section 5 of the Loans Redemption and Conversion Act 1921;

   14. (k)

       a particular right, licence or authority (the statutory right) granted by or under a law of the Commonwealth, a State or a Territory, if, at the time when the statutory right is granted, or at any time afterwards, a provision of that law declares that kind of statutory right not to be personal property for the purposes of this Act (no matter whether the provision remains in force);

       Note: Personal property does not include such a statutory right if it has been declared by such a law not to be personal property for the purposes of this Act (see section 10).

   15. (l)

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

Exceptions to subsection (1)

1. (2)

   The following table has effect:

Provisions of this Act that apply to interests mentioned in subsection (1)
Item	Despite subsection (1), the following provision:	applies in relation to the following interest mentioned in subsection (1):
1	section 73	(a) a lien, charge or other interest in personal property of a kind described in paragraph (1)(b) or (c); and (b) an interest provided for by a transaction described in subparagraph (1)(f)(ii).
2	section 80	a right of set‑off (see paragraph (1)(d)).
3	sections 117 and 118	an interest provided for by the creation or transfer of an interest in land (see subparagraph (1)(f)(i)).
4	paragraph 140(2)(a)	a lien, charge or other interest in personal property of a kind described in paragraph (1)(b) or (c).
5	paragraph 148(c) and regulations made for the purposes of that paragraph	a lien, charge or other interest in personal property of a kind described in paragraph (1)(b) or (c).
6	a provision prescribed by regulations made for the purposes of this item	an interest mentioned in subsection (1) (including an interest prescribed by regulations made for the purposes of paragraph (1)(l)) that is prescribed by regulations made for the purposes of this item.

1. (3)

   The regulations may provide that, despite subsection (1), this Act applies in relation to a kind of interest prescribed by the regulations for the purposes of this subsection.

Transfer of interests and rights

1. (4)

   To avoid doubt, the interest provided for by a transfer of an interest or right (see paragraph (1)(f)) is the interest that the transferee has to claim against the transferor.

Water rights

1. (5)

   In paragraph (1)(i), the reference to a right in relation to the control, use or flow of water includes, but is not limited to, a reference to a right that a person has against another person to receive (or otherwise gain access to) water.

Pawnbroker security interests

1. (6)

   For the purposes of paragraph (1)(ja), this subsection applies to a security interest taken by a pawnbroker if:

   1. (a)

      the pawnbroker holds a licence or is otherwise expressly authorised (for example, by registration) by a law of a State or Territory to carry on a pawnbroking business (however described in that law); and

   2. (b)

      the taking of the security interest is authorised by that licence or authorisation, and is not in contravention of that law of the State or Territory; and

   3. (c)

      the security interest is taken in the ordinary course of the pawnbroker’s business as a pawnbroker; and

   4. (d)

      at the time the security interest is taken, the market value of the payment or obligation secured by the security interest is less than or equal to:

      1. (i)

         $5,000; or

      2. (ii)

         if a greater amount has been prescribed by regulations made for the purposes of subsection 47(1)—that amount; and

1. 1. (e)

      at the time the security interest is taken, the pawnbroker believes, and it is actually the case, that the market value of the personal property is less than or equal to:

      1. (i)

         $5,000; or

      2. (ii)

         if a greater amount has been prescribed by regulations made for the purposes of paragraph 47(2)(c)—that amount; and

   2. (f)

      the personal property is not of a kind that the regulations provide may, or must, be described by serial number in a registration.

   Note: Section 47 deals with taking personal, domestic or household property free of a security interest.

Part 1.3DefinitionsDivision 1Introduction9Guide to this Part

This Part is about the terms that are defined in this Act.

Division 2 contains the Dictionary. The Dictionary is a list of every term defined in this Act. A term will either be defined in the Dictionary itself, or in another provision of this Act. If another provision defines the term, the Dictionary will have a signpost to that definition.

Division 3 contains some longer definitions. These include the definition of security interest (in section 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 2The Dictionary10The 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:

1. (a)

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

2. (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:

1. (c)

   an ADI account;

2. (d)

   chattel paper;

3. (e)

   an intermediated security;

4. (f)

   an investment instrument;

5. (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:

1. (a)

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

2. (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:

1. (a)

   an individual who is located in Australia;

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

2. (b)

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

3. (c)

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

4. (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:

1. (a)

   a Saturday or a Sunday; or

2. (b)

   a day which is a public holiday for the whole of:

   1. (i)

      any State; or

   2. (ii)

      the Australian Capital Territory; or

   3. (iii)

      the Northern Territory; or

3. (c)

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

4. (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

5. (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:

1. (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);

2. (b)

   a security interest in specific intellectual property or a specific intellectual property licence;

but does not include any of the following:

1. (c)

   a document of title;

2. (d)

   an intermediated security;

3. (e)

   an investment instrument;

4. (f)

   a negotiable instrument.

circulating asset has the meaning given by section 340.

civil penalty provision has the same meaning as in the Regulatory Powers Act.

clearing and settlement facility has the same meaning as in the Corporations Act 2001.

collateral:

1. (a)

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

2. (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:

1. (a)

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

2. (b)

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

3. (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:

1. (d)

   an auctioneer for the purpose of sale; or

2. (e)

   a consignee for sale, lease or other disposal if the consignee is generally known to the creditors of the consignee to be selling or leasing goods of others.

commercial property means personal property other than consumer property.

commingled: goods that are commingled include goods that are mixed with goods of the same kind.

company means:

1. (a)

   a company registered under Part 2A.2 or Part 5B.1 of the Corporations Act 2001; or

2. (b)

   a registrable body (within the meaning of that Act) that is registered under Division 1 or 2 of Part 5B.2 of that Act.

constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.

constructive knowledge has the meaning given by section 297.

Note: Section 298 deals with knowledge in relation to bodies corporate and other entities.

consumer property means personal property held by an individual, other than personal property held in the course or furtherance, to any degree, of carrying on an enterprise to which an ABN has been allocated.

continuously perfected has the meaning given by section 56.

control has the meaning given by Part 2.3.

Note: Control has an extended meaning in section 341 (control of inventory and accounts in relation to fixed and floating charges).

crops means crops (whether matured or not and whether naturally grown or planted) that have not been harvested, including:

1. (a)

   the products of agriculture or aquaculture, if the products have not been harvested; and

2. (b)

   trees (but only if they are personal property), if the trees have not been harvested.

currency means currency authorised as a medium of exchange by the law of Australia or of any other country.

debtor means:

1. (a)

   a person who owes payment or performance of an obligation that is secured by a security interest in personal property (whether or not the person is also the grantor of the security interest); or

2. (b)

   a transferee of, or successor to, an obligation mentioned in paragraph (a).

defect, in relation to a registration, includes an irregularity, omission or error in the registration.

Deputy Registrar means a Deputy Registrar of Personal Property Securities.

Note: See Part 5.9 for the office of Deputy Registrar.

description of personal property (including collateral and proceeds) means:

1. (a)

   in the case of a particular item of personal property—a description that identifies the item, or that identifies a class to which the item belongs; or

2. (b)

   in the case of a class of personal property—a description that identifies the class, including a description that identifies the class by identifying a larger class of personal property that wholly includes the class.

   Example 1: A description that identifies collateral as “sheep” (a type of livestock) is sufficient to identify collateral that is sheep wool (a product of livestock, which is a class of collateral wholly included in the larger class of “sheep”).

   Example 2: A description that identifies collateral as “fruit” is sufficient to identify collateral that is apples.

document of title means a writing issued by or addressed to a bailee:

1. (a)

   that covers goods in the bailee’s possession that are identified or are fungible portions of an identified mass; and

2. (b)

   in which it is stated that the goods identified in it will be delivered:

   1. (i)

      to a named person, or to the transferee of that person; or

   2. (ii)

      to the bearer; or

   3. (iii)

      to the order of a named person.

effective: a registration is effective with respect to particular collateral if it is effective with respect to that collateral under Part 5.4.

enterprise has the meaning given by section 9‑20 of the A New Tax System (Goods and Services Tax) Act 1999.

execution creditor means a creditor who has recovered judgment and issued execution against a grantor.

expenses, in relation to the enforcement of a security interest in collateral, includes advances, costs and taxes for obtaining possession of, protecting (including insuring), maintaining, preserving or repairing the collateral.

Example: For collateral that is intellectual property, expenses include the costs of legal proceedings against infringers of the intellectual property.

Note: Reasonable expenses in relation to the enforcement of a security interest are taken to be secured by a security interest unless the parties agree otherwise (see subsection 18(5)).

express amendment, of this Act, has the meaning given by section 244.

Federal Court means the Federal Court of Australia.

financial product:

1. (a)

   for the purposes of the definition of investment instrument in this section—has the same meaning as in Division 3 of Part 7.1 of the Corporations Act 2001; and

2. (b)

   for any other purposes—means any of the following, or an interest in any of the following, other than cash:

   1. (i)

      shares;

   2. (ii)

      bonds;

   3. (iii)

      any other financial instrument;

   4. (iv)

      any other financial asset.

financial property means any of the following personal property:

1. (a)

   chattel paper;

2. (b)

   currency;

3. (c)

   a document of title;

4. (d)

   an investment instrument;

5. (e)

   a negotiable instrument.

financing change statement means data amending a registered financing statement.

financing statement means data registered (or that is to be registered) pursuant to an application for registration under subsection 150(1).

Note: For requirements relating to financing statements, see Part 5.3 (Registration).

fish means any of the following, while alive:

1. (a)

   marine, estuarine or freshwater fish, or other aquatic animal life, at any stage of their life history;

2. (b)

   oysters and other aquatic molluscs, crustaceans, echinoderms, beachworms and other aquatic polychaetes;

but does not include any fish prescribed by the regulations for the purposes of this definition.

fixtures means goods, other than crops, that are affixed to land.

foreign jurisdiction has the meaning given by section 39.

future advance means:

1. (a)

   an advance secured by a security interest (whether or not made pursuant to an obligation), if the advance is made after the security agreement was made; or

2. (b)

   expenses in relation to the enforcement of a security interest that are secured by the security interest.

Note: For the meaning of expenses, see the definition elsewhere in this section. Reasonable expenses in relation to the enforcement of a security interest are taken to be secured by the security interest unless the parties agree otherwise (see subsection 18(5)).

general law means the principles and rules of the common law and equity.

goods means personal property that is tangible property, including the following:

1. (a)

   crops;

2. (b)

   livestock;

3. (c)

   wool;

4. (d)

   minerals that have been extracted (including hydrocarbons) in any form, whether solid, liquid or gaseous and whether organic or inorganic;

5. (e)

   satellites and other space objects;

but does not include financial property or an intermediated security.

grantor means:

1. (a)

   a person who has the interest in the personal property to which a security interest is attached (whether or not the person owes payment or performance of an obligation secured by the security interest); or

2. (b)

   a person who receives goods under a commercial consignment; or

3. (c)

   a lessee under a PPS lease; or

4. (d)

   a transferor of an account or chattel paper; or

5. (e)

   a transferee of, or successor to, the interest of a person mentioned in paragraphs (a) to (d); or

6. (f)

   in relation to a registration with respect to a security interest:

   1. (i)

      a person registered in the registration as a grantor; or

   2. (ii)

      a person mentioned in paragraphs (a) to (e).

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

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

intangible property means personal property (including a licence) that is not any of the following:

1. (a)

   financial property;

2. (b)

   goods;

3. (c)

   an intermediated security.

intellectual property means any of the following rights (including the right to be a party to proceedings in relation to such a right):

1. (a)

   the right to do any of the things mentioned in paragraphs 10(1)(a) to (f) of the Designs Act 2003 in relation to a design that is registered under that Act;

2. (b)

   the right to exploit or work an invention, or to authorise another person to exploit or work an invention, for which a patent is in effect under the Patents Act 1990;

3. (c)

   the rights held by a person who is the registered owner of a trade mark that is registered under the Trade Marks Act 1995;

4. (d)

   the right to do, or to license another person to do, an act referred to in section 11 of the Plant Breeder’s Rights Act 1994 in relation to propagating material of a plant variety;

5. (e)

   the right to do an act referred to in section 17 of the Circuit Layouts Act 1989 in relation to an eligible layout during the protection period of the layout;

6. (f)

   the right under the Copyright Act 1968 to do an act comprised in the copyright in a literary, dramatic, musical or artistic work or a published edition of such a work, or in a sound recording, cinematograph film, television broadcast or sound broadcast;

7. (g)

   a right under or for the purposes of a law of a foreign country that corresponds to a right mentioned in any of paragraphs (a) to (f).

intellectual property licence means an authority or licence (within the ordinary meaning of that term) to exercise rights comprising intellectual property.

interest, in personal property, includes a right in the personal property.

intermediary has the meaning given by section 15.

intermediated security has the meaning given by section 15.

inventory means personal property(whether goods or intangible property) that, in the course or furtherance, to any degree, of an enterprise to which an ABN has been allocated:

1. (a)

   is held by the person for sale or lease, or has been leased by the person as lessor; or

2. (b)

   is held by the person to be provided under a contract for services, or has been so provided; or

3. (c)

   is held by the person as raw materials or as work in progress; or

4. (d)

   is held, used or consumed by the person, as materials.

investment instrument means any of the following financial products:

1. (a)

   a share in a body, or a debenture of a body;

2. (b)

   a debenture, stock or bond issued or proposed to be issued by a government;

3. (c)

   a derivative (within the meaning of Chapter 7 of the Corporations Act 2001);

4. (d)

   a foreign exchange contract that is not a derivative (within the meaning of Chapter 7 of the Corporations Act 2001);

5. (e)

   an assignable option to have an allotment of an investment instrument (apart from this paragraph) made to the holder of the option;

6. (f)

   an interest in, or a unit in an interest in, a managed investment scheme;

7. (g)

   a unit in a share in a body;

8. (h)

   a financial product that is traded on a financial market that is:

   1. (i)

      operated in accordance with an Australian market licence; or

   2. (ii)

      exempt from the operation of Part 7.2 of the Corporations Act 2001;

9. (i)

   any other financial product that is prescribed by the regulations;

10. (j)

    any financial product that consists of a combination of any 2 or more of the financial products mentioned in paragraphs (a) to (i);

but does not include any of the following:

1. (k)

   the creation or transfer (including a successive transfer) of a right to payment in connection with interests in land, if the writing evidencing the creation or transfer does not specifically identify that land;

2. (l)

   a document of title;

3. (m)

   an intermediated security;

4. (n)

   a negotiable instrument.

A word or expression used in this definition has the same meaning as in the Corporations Act 2001, subject to this Part.

jurisdiction, in which personal property, or an individual, is located, has a meaning affected by subsections 235(6) and (7).

land includes all estates and interests in land, whether freehold, leasehold or chattel, but does not include fixtures.

land law has the meaning given by section 117.

law of the Commonwealth, a State or a Territory means:

1. (a)

   an Act of the Commonwealth, the State or the Territory; or

2. (b)

   an instrument made under such an Act.

licence means either of the following, if it is transferable by the licensee (whether or not the right, entitlement, authority or licence is exclusive, and whether or not a transfer is restricted or requires consent):

1. (a)

   a right, entitlement or authority to do one or more of the following:

   1. (i)

      to manufacture, produce, sell, transport or otherwise deal with personal property;

   2. (ii)

      to provide services;

   3. (iii)

      to explore for, exploit or use a resource;

2. (b)

   an intellectual property licence;

but does not include a right, entitlement or authority that is:

1. (c)

   granted by or under a law of the Commonwealth, a State or a Territory; and

2. (d)

   declared by that law not to be personal property for the purposes of this Act.

Note: A right, entitlement or authority to which paragraph (c) or (d) applies is not personal property for the purposes of this Act (for the meaning of personal property, see elsewhere in this section).

livestock includes:

1. (a)

   while they are alive—alpacas, cattle, fish, goats, horses, llamas, ostriches, poultry, sheep, swine and other animals; and

2. (b)

   the unborn young of animals mentioned in paragraph (a); and

3. (c)

   the products of livestock before they become proceeds (for example, the wool on a sheep’s back before the sheep is shorn).

located, in relation to personal property, or a person, has the meaning given by section 235.

lower court has the meaning given by section 211.

matter includes act, omission, body, person and thing.

migrated security interest has the meaning given by section 332.

modification includes addition, omission and substitution.

motor vehicle has the meaning given by the regulations.

National Credit Code means Schedule 1 to the National Consumer Credit Protection Act 2009, and includes regulations made under section 329 of that Act for the purposes of that Schedule.

negotiable instrument means:

1. (a)

   a bill of exchange (within the meaning of the Bills of Exchange Act 1909); or

2. (b)

   a cheque (within the meaning of the Cheques Act 1986); or

3. (c)

   a promissory note (within the meaning of section 89 of the Bills of Exchange Act 1909); or

4. (d)

   any other writing that evidences a right to payment of currency, if:

   1. (i)

      the writing is of a kind that, in the ordinary course of business, is transferred by delivery with any necessary endorsement or assignment; or

   2. (ii)

      the writing satisfies the requirements for negotiability under the law governing negotiable instruments (including, but not limited to, instruments that are negotiable instruments within the meaning of this definition); or

5. (e)

   a letter of credit that states that it must be presented on claiming payment;

but does not include any of the following:

1. (f)

   the creation or transfer (including a successive transfer) of a right to payment in connection with interests in land, if the writing evidencing the creation or transfer does not specifically identify that land;

2. (g)

   a document of title;

3. (h)

   an intermediated security.

new value means value other than value provided to reduce or discharge an earlier debt or liability owed to the person providing the value.

non‑referring State means a State that is not a referring State.

Note: For the meaning of referring State, see section 244.

notice of objection has the meaning given by section 137.

penalty unit has the meaning given by section 4AA of the Crimes Act 1914.

perfected has the meaning given by section 21.

personal property means property (including a licence) other than:

1. (a)

   land; or

2. (b)

   a right, entitlement or authority that is:

   1. (i)

      granted by or under a law of the Commonwealth, a State or a Territory; and

   2. (ii)

      declared by that law not to be personal property for the purposes of this Act.

Note: This Act does not apply to certain interests even if they are interests in personal property (see section 8).

possession has a meaning affected by section 24.

PPS lease (short for Personal Property Securities lease) has the meaning given by section 13.

PPS matter (short for Personal Property Securities matter) has the meaning given by section 206.

predominantly: personal property is intended to be used predominantly for personal, domestic or household purposes if:

1. (a)

   the personal property:

   1. (i)

      is intended to be used only for those purposes; or

   2. (ii)

      is intended to be used for other purposes as well, but is intended to be mostly used for personal, domestic or household purposes; and

2. (b)

   the personal property is not acquired as an investment.

present liability means a liability:

1. (a)

   that has arisen; and

2. (b)

   whose extent or amount is fixed or capable of being ascertained;

whether or not the liability is immediately due to be met.

proceeds has the meaning given by section 31.

provides: a security agreement provides for a security interest if the interest arises under the agreement.

purchase money security interest has the meaning given by section 14.

receiving court has the meaning given by section 210.

referred PPS matters (short for referred Personal Property Securities matters) has the meaning given by section 245.

referring State has the meaning given by section 244.

register means the Personal Property Securities Register established under section 147.

registered data conditions has the meaning given by section 176B (access to registered data).

Registrar means the Registrar of Personal Property Securities.

Note: See Part 5.9 for the office of Registrar.

registration means a registered financing statement (as amended by any registered financing change statement) with respect to:

1. (a)

   a security interest; or

2. (b)

   personal property prescribed by regulations made for the purposes of paragraph 148(c).

registration commencement time has the meaning given by section 306.

registration event has the meaning given by section 155.

registration time, with respect to collateral described in a registration, has the meaning given by:

1. (a)

   section 160; or

2. (aa)

   section 333 (registration with respect to migrated data); or

3. (b)

   section 336 (preparatory registration with respect to transitional security interests).

Regulatory Powers Act means the Regulatory Powers (Standard Provisions) Act 2014.

relevant superior court has the meaning given by section 211.

secured party:

1. (a)

   means a person who holds a security interest for the person’s own benefit or for the benefit of another person (or both); and

2. (b)

   if the holders of the obligations issued, guaranteed or provided for under a security agreement are represented by a trustee as the holder of the security interest—includes the trustee; and

3. (c)

   in relation to a registration with respect to a security interest—includes a person registered as a secured party in the registration.

securities account has the meaning given by section 15.

security agreement means:

1. (a)

   an agreement or act by which a security interest is created, arises or is provided for; or

2. (b)

   writing evidencing such an agreement or act.

security 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:

1. (a)

   means consideration that is sufficient to support a contract; and

2. (b)

   includes an antecedent debt or liability; and

3. (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:

1. (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

2. (b)

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

   1. (i)

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

   2. (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.

11Application of the Acts Interpretation Act 1901

1. (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. (2)

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

Division 3Concepts relating to security interests and personal property12Meaning of security interest

1. (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. (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:

   1. (a)

      a fixed charge;

   2. (b)

      a floating charge;

   3. (c)

      a chattel mortgage;

   4. (d)

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

   5. (e)

      a hire purchase agreement;

   6. (f)

      a pledge;

   7. (g)

      a trust receipt;

   8. (h)

      a consignment (whether or not a commercial consignment);

   9. (i)

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

   10. (j)

       an assignment;

   11. (k)

       a transfer of title;

   12. (l)

       a flawed asset arrangement.

3. (3)

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

   1. (a)

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

   2. (b)

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

   3. (c)

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

4. (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.

5. (4)

   Without limiting subsection (3A):

   1. (a)

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

   2. (b)

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

6. (5)

   A security interest does not include:

   1. (a)

      a licence; or

   2. (b)

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

7. (6)

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

   1. (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;

   2. (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.

13Meaning of PPS lease

1. (1)

   A PPS lease means a lease or bailment of goods:

   1. (a)

      for a term of more than 2 years; or

   2. (c)

      for a term of up to 2 years 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 2 years; or

   3. (d)

      for a term of up to 2 years, or a lease for an indefinite term, 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 2 years 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 2 years).

2. (2)

   However, a PPS lease does not include:

   1. (a)

      a lease by a lessor who is not regularly engaged in the business of leasing goods; or

   2. (b)

      a bailment by a bailor who is not regularly engaged in the business of bailing goods; or

   3. (c)

      a lease of consumer property as part of a lease of land where the use of the property is incidental to the use and enjoyment of the land; or

   4. (d)

      a lease or bailment of personal property prescribed by the regulations for the purposes of this definition, regardless of the length of the term of the lease or bailment.

Bailments for value only

1. (3)

   This section only applies to a bailment for which the bailee provides value.

14Meaning of purchase money security interest

General definition

1. (1)

   A purchase money security interest means any of the following:

   1. (a)

      a security interest taken in collateral, to the extent that it secures all or part of its purchase price;

   2. (b)

      a security interest taken in collateral by a person who gives value for the purpose of enabling the grantor to acquire rights in the collateral, to the extent that the value is applied to acquire those rights;

   3. (c)

      the interest of a lessor or bailor of goods under a PPS lease;

   4. (d)

      the interest of a consignor who delivers goods to a consignee under a commercial consignment.

Exceptions

1. (2)

   However, a purchase money security interest does not include:

   1. (a)

      an interest acquired under a transaction of sale and lease back to the seller; or

   2. (b)

      an interest in collateral (as original collateral) that is chattel paper, an investment instrument, an intermediated security, a monetary obligation or a negotiable instrument; or

   3. (c)

      a security interest in collateral that (at the time the interest attaches to the collateral) the grantor intends to use predominantly for personal, domestic or household purposes.

2. (2A)

   Despite paragraph (2)(c), a purchase money security interest includes an interest if:

   1. (a)

      the interest is covered by subsection (1); and

   2. (b)

      the interest is in collateral that (at the time the interest attaches to the collateral) the grantor intends to use predominantly for personal, domestic or household purposes; and

   3. (c)

      the collateral is of a kind that is required or permitted by the regulations to be described by serial number.

Mixed securities

1. (3)

   If a security interest in collateral secures obligations covered by subsection (7) (purchase money obligations) and other obligations, the security interest is a purchase money security interest only to the extent that it secures the purchase money obligations.

2. (4)

   If a security interest is granted in personal property (purchase money collateral) that secures a purchase money obligation, together with other collateral, the security interest is a purchase money security interest only to the extent that it is granted in the purchase money collateral.

Renewal etc.

1. (5)

   A purchase money security interest does not lose its status as such only because the purchase money obligation is renewed, refinanced, consolidated or restructured (whether or not by the same secured party).

Application of payments to obligations

1. (6)

   In any transaction, if the extent to which a security interest is a purchase money security interest depends on the application of a payment to a particular obligation, the payment must be applied:

   1. (a)

      in accordance with any method of application to which the parties agree; or

   2. (b)

      if the parties do not agree on a method—in accordance with any intention of the debtor manifested at or before the time of the payment; or

   3. (c)

      if neither paragraph (a) nor (b) applies—in the following order:

      1. (i)

         to obligations that are not secured, in the order in which those obligations were incurred;

      2. (ii)

         to obligations that are secured, but not by purchase money security interests, in the order in which those obligations were incurred;

      3. (iii)

         to obligations that are secured by purchase money security interests, in the order in which those obligations were incurred.

Purchase money obligations

1. (7)

   This subsection covers an obligation of a debtor incurred:

   1. (a)

      as all or part of the purchase price of the collateral; or

   2. (b)

      for value given to enable the grantor to acquire or use the collateral (provided the collateral is so acquired or used).

References to purchase price and value

1. (8)

   In this section, a reference to a purchase price, or value, includes a reference to credit charges and interest payable for the purchase or loan credit.

15Meaning of intermediated security and related terms

Meaning of intermediated security

1. (1)

   An intermediated security is the rights of a person in whose name an intermediary maintains a securities account.

Meaning of intermediary

1. (2)

   An intermediary is:

   1. (a)

      a person (including a central securities depository) who holds an Australian financial services licence (within the meaning of the Corporations Act 2001) permitting the person, in the course of business or other regular activity, to maintain securities accounts:

      1. (i)

         on behalf of others; or

      2. (ii)

         on behalf of others as well as on the person’s own behalf; or

   2. (b)

      a person who operates a clearing and settlement facility under an Australian CS facility licence (within the meaning of the Corporations Act 2001), other than such a person prescribed by regulations made for the purposes of this paragraph; or

   3. (c)

      a person (including a central securities depository) who holds a licence issued under the law of a foreign jurisdiction permitting the person, in the course of business or other regular activity, to maintain securities accounts:

      1. (i)

         on behalf of others; or

      2. (ii)

         on behalf of others as well as on the person’s own behalf.

2. (3)

   An intermediary does not include a central bank.

3. (4)

   An intermediary (including a central securities depository) is an intermediary only while acting in the capacity of an intermediary.

4. (5)

   A person is not an intermediary for the purposes of paragraph (2)(a) or (c) merely because the person maintains a securities account on behalf of the issuer of the financial products to which the account relates.

5. (6)

   Without limiting subsection (5), a person is not an intermediary for the purposes of paragraph (2)(a) or (c) merely because the person:

   1. (a)

      acts as a central securities depository, registrar or transfer agent for an issuer of a financial product; or

   2. (b)

      records details of interests in financial products in the person’s own books, being interests credited to securities accounts in the names of other persons for whom the person acts as manager or agent or otherwise in a purely administrative capacity.

Meaning of securities account

1. (7)

   In this Act:

securities account means:

1. (a)

   an account to which interests in financial products may be credited or debited; or

2. (b)

   in the case of an intermediary mentioned in paragraph 15(2)(b)—a record of holdings and transfers of interests in financial products.

Chapter 2General rules relating to security interestsPart 2.1Guide to this Chapter 16Guide to this Chapter

This Chapter sets out general rules relating to security interests in personal property.

Part 2.2 contains some general principles relating to these security interests, the agreements that govern them and their enforceability. The Part describes how a security interest is attached to personal property and perfected.

Part 2.3 deals with the concepts of possession and control of personal property.

Part 2.4 contains some rules about attachment and perfection of security interests in particular situations.

Part 2.5 sets out circumstances in which a person takes an interest in personal property free of a security interest in the property.

Part 2.6 sets out how to work out the priority between competing security interests (and in some cases, other sorts of interests) in personal property. If a specific rule does not deal with the priority between security interests, then the priority is determined in accordance with the default rules in section 55.

Part 2.7 contains some rules about transferring and assigning interests in collateral.

Part 2.2Security interests: general principles 17Guide to this Part

This Part sets out some general principles about security interests.

These principles relate to the enforceability of security agreements against grantors of security interests and third parties.

A security interest is only effective if it has attached to collateral. A security interest attaches to collateral when the grantor has rights in the collateral, or can transfer it to the secured party, and value is given, or the security interest otherwise arises.

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s 128..........................................	am No 131, 2009
s 129..........................................	am No 131, 2009
Division 4
s 135..........................................	am No 96, 2010
s 136..........................................	am No 96, 2010
Division 6
Division 6..................................	ad No 96, 2010
s 138A.......................................	ad No 96, 2010
s 138B.......................................	ad No 96, 2010
s 138C.......................................	ad No 96, 2010
Part 4.4
s 139..........................................	am No 96, 2010
s 140..........................................	am No 96, 2010
s 141..........................................	am No 96, 2010
Chapter 5
Part 5.1
s 145..........................................	am No 35, 2011
Part 5.2
s 146..........................................	am No 35, 2011
s 148..........................................	am No 35, 2011
Part 5.3
s 150..........................................	am No 35, 2011; No 39, 2024
s 151..........................................	am No 131, 2009; No 96, 2010; No 35, 2011; No 124, 2017
s 155..........................................	am No 35, 2011
s 157..........................................	am No 131, 2009
s 158..........................................	am No 145, 2015
Part 5.4
s 164..........................................	am No 35, 2011
s 165..........................................	am No 35, 2011
s 168..........................................	am No 39, 2024
Part 5.5
Part 5.5 heading..........................	rs No 35, 2011
s 169..........................................	am No 35, 2011
s 170..........................................	am No 35, 2011; No 39, 2024
s 171..........................................	am No 131, 2009; No 35, 2011
s 172..........................................	am No 35, 2011; No 124, 2017
s 174..........................................	am No 96, 2010; No 35, 2011
s 175..........................................	am No 35, 2011; No 39, 2024
s 176..........................................	am No 39, 2024
Part 5.5A
Part 5.5A....................................	ad No 35, 2011
s 176A.......................................	ad No 35, 2011
s 176B.......................................	ad No 35, 2011
s 176C.......................................	ad No 35, 2011
Part 5.6
Division 1
s 178..........................................	am No 96, 2010; No 103, 2013; No 39, 2024
Division 2
Subdivision A
s 181..........................................	am No 39, 2024
Part 5.7
s 184..........................................	am No 39, 2024
s 188..........................................	am No 39, 2024
Part 5.8
s 191..........................................	am No 39, 2024
Part 5.9
s 195A.......................................	ad No 35, 2011
am No 124, 2017
Chapter 6
Part 6.1
s 204..........................................	am No 124, 2017
Part 6.2
Division 1
s 205..........................................	am No 13, 2013; No 13, 2021
s 206..........................................	am No 13, 2013; No 124, 2017; No 13, 2021
Division 2
s 207..........................................	am No 13, 2013; No 13, 2021
s 208..........................................	am No 13, 2013; No 13, 2021
Division 3
s 210..........................................	am No 13, 2013; No 13, 2021
s 211..........................................	am No 13, 2013; No 13, 2021
Part 6.3
Part 6.3......................................	rs No 124, 2017
Division 1 heading......................	rep No 124, 2017
s 220..........................................	rs No 124, 2017
s 221..........................................	rs No 124, 2017
am No 13, 2021
Division 2 heading......................	rep No 124, 2017
s 222..........................................	rs No 124, 2017
s 223..........................................	rep No 124, 2017
s 224..........................................	rep No 124, 2017
s 225..........................................	rep No 124, 2017
Division 3..................................	rep No 124, 2017
s 226..........................................	rep No 124, 2017
s 227..........................................	rep No 124, 2017
s 228..........................................	rep No 124, 2017
s 229..........................................	rep No 124, 2017
Division 4..................................	rep No 124, 2017
s 230..........................................	rep No 124, 2017
s 231..........................................	rep No 124, 2017
Chapter 7
Part 7.2
s 235..........................................	am No 131, 2009
s 237..........................................	am No 96, 2010
s 238..........................................	am No 131, 2009
s 239..........................................	am No 131, 2009; No 96, 2010
s 241..........................................	am No 96, 2010
Part 7.3
Division 1
Division 1 heading......................	ad No 96, 2010
s 242..........................................	am No 96, 2010
Division 2
Division 2 heading......................	ad No 96, 2010
s 243..........................................	am No 96, 2010
s 244..........................................	am No 96, 2010; No 35, 2011
Division 3
Division 3..................................	ad No 96, 2010
s 252A.......................................	ad No 96, 2010
s 252B.......................................	ad No 96, 2010
Part 7.4
Division 2
s 254..........................................	am No 96, 2010
Division 3
s 256..........................................	am No 92, 2013
s 260..........................................	rep No 96, 2010
Chapter 8
Part 8.1
s 265..........................................	am No 131, 2009
Part 8.2
s 267..........................................	am No 131, 2009; No 96, 2010; No 130, 2020; No 8, 2022; No 87, 2024
s 267A.......................................	ad No 96, 2010
s 268..........................................	am No 131, 2009; No 96, 2010; No 74, 2015
s 269..........................................	am No 96, 2010
Part 8.5
s 293..........................................	am No 35, 2011
s 294..........................................	am No 5, 2015
Part 8.7
s 302..........................................	am No 35, 2011
Chapter 9
Part 9.1
s 304..........................................	am No 96, 2010; No 138, 2011
Part 9.2
s 306..........................................	am No 138, 2011; No 126, 2015
s 307..........................................	am No 96, 2010
Part 9.3
s 309..........................................	am No 138, 2011
s 311..........................................	rs No 96, 2010
s 313..........................................	rs No 96, 2010
s 317..........................................	am No 131, 2009
Part 9.4
Division 1
Division 1..................................	rs No 96, 2010
s 319..........................................	rs No 96, 2010
am No 138, 2011
Division 2
Division 2..................................	rs No 96, 2010
s 320..........................................	rs No 96, 2010
am No 35, 2011
s 321..........................................	rs No 96, 2010
s 322..........................................	rs No 96, 2010
s 322A.......................................	ad No 35, 2011
s 323..........................................	rs No 96, 2010
s 324..........................................	rs No 96, 2010
s 325..........................................	rep No 96, 2010
Division 3..................................	rep No 96, 2010
s 326..........................................	rep No 96, 2010
Division 4..................................	rep No 96, 2010
s 327..........................................	am No 131, 2009
rep No 96, 2010
s 328..........................................	rep No 96, 2010
Division 5..................................	rep No 96, 2010
s 329..........................................	rep No 96, 2010
Division 6
s 333..........................................	am No 96, 2010
s 334..........................................	am No 39, 2024
Division 7
s 336..........................................	rs No 96, 2010
Division 8
s 337..........................................	rs No 96, 2010
s 337A.......................................	ad No 96, 2010
Part 9.5
s 338..........................................	am No 131, 2009
s 339..........................................	am No 131, 2009
s 340..........................................	am No 131, 2009; No 96, 2010; No 35, 2011
s 341..........................................	am No 96, 2010; No 35, 2011
s 341A.......................................	ad No 35, 2011
Part 9.6
s 342..........................................	rs No 131, 2009
am No 138, 2011
Schedule 1
Schedule 1..................................	ad No 74, 2015
Part 1
c 1.............................................	ad No 74, 2015
c 2.............................................	ad No 74, 2015
Part 2
Part 2.........................................	ad No 39, 2017
c 3.............................................	ad No 39, 2017