Personal Property Securities Act. Australia
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:
(a) a company registered under Part 2A.2 or Part 5B.1 of the Corporations Act 2001; or
(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:
(a) the products of agriculture or aquaculture, if the products have not been harvested; and
(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:
(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
(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:
(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
(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:
(a) that covers goods in the bailee’s possession that are identified or are fungible portions of an identified mass; and
(b) in which it is stated that the goods identified in it will be delivered:
(i) to a named person, or to the transferee of that person; or
(ii) to the bearer; or
(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.
evidential burden, in relation to a matter, means the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter exists or does not exist.
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.
Family Court means the Family Court of Australia.
Federal Court means the Federal Court of Australia.
financial product:
(a) for the purposes of the definition of investment instrument in this section — has the meaning given by the Corporations Act 2001; and
(b) for any other purposes — means any of the following, or an interest in any of the following, other than cash:
(i) shares;
(ii) bonds;
(iii) any other financial instrument;
(iv) any other financial asset.
financial property means any of the following personal property:
(a) chattel paper;
(b) currency;
(c) a document of title;
(d) an investment instrument;
(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:
(a) marine, estuarine or freshwater fish, or other aquatic animal life, at any stage of their life history;
(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:
(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
(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