Personal Property Securities Act. Australia
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:
(a) while they are alive — alpacas, cattle, fish, goats, horses, llamas, ostriches, poultry, sheep, swine and other animals; and
(b) the unborn young of animals mentioned in paragraph (a); and
(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:
(a) a bill of exchange (within the meaning of the Bills of Exchange Act 1909); or
(b) a cheque (within the meaning of the Cheques Act 1986); or
(c) a promissory note (within the meaning of section 89 of the Bills of Exchange Act 1909); or
(d) any other writing that evidences a right to payment of currency, if:
(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
(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
(e) a letter of credit that states that it must be presented on claiming payment;
but does not include any of the following:
(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;
(g) a document of title;
(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:
(a) land; or
(b) a right, entitlement or authority that is:
(i) granted by or under a law of the Commonwealth, a State or a Territory; and
(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:
(a) the personal property:
(i) is intended to be used only for those purposes; or
(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
(b) the personal property is not acquired as an investment.
present liability means a liability:
(a) that has arisen; and
(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:
(a) a security interest; or
(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:
(a) section 160; or
(aa) section 333 (registration with respect to migrated data); or
(b) section 336 (preparatory registration with respect to transitional security interests).
relevant superior court has the meaning given by section 211.
secured party:
(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
(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
(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:
(a) an agreement or act by which a security interest is created, arises or is provided for; or
(b) writing evidencing such an agreement or