Personal Property Securities Act. Australia

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СКАЧАТЬ require the payment or the performance of the obligation.

      (4) Without limiting subsection (3A):

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

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

      (5) A security interest does not include:

      (a) a licence; or

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

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

      (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;

      (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.

      13 Meaning of PPS lease

      (1) A PPS lease means a lease or bailment of goods:

      (a) for a term of more than one year; or

      (b) for an indefinite term (even if the lease or bailment is determinable by any party within a year of entering into the lease or bailment); or

      (c) for a term of up to one year 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 one year; or

      (d) for a term of up to one year, 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 one year 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 one year); or

      (e) for goods that may or must be described by serial number in accordance with the regulations, if the lease or bailment is:

      (i) for a term of 90 days or more; or

      (ii) for a term of less than 90 days, but is automatically renewable, or is renewable at the option of one of the parties, for one or more terms if the total of all the terms might be 90 days or more; or

      (iii) for a term of less than 90 days, 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 90 days or more 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 90 days or more).

      (2) However, a PPS lease does not include:

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

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

      (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

      (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

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

      14 Meaning of purchase money security interest

      General definition

      (1) A purchase money security interest means any of the following:

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

      (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;

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

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

      Exceptions

      (2) However, a purchase money security interest does not include:

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

      (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

      (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.

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

      (a) the interest is covered by subsection (1); and

      (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

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

      Mixed securities

      (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.

      (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.

      (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

      (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:

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

      (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

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