Personal Property Securities Act. Australia

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      (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

      (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

      (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

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

      (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

      (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

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

      (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:

      (i) $5,000; or

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

      (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:

      (i) $5,000; or

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

      (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 1.3

      Definitions

      Division 1

      Introduction

      9 Guide 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 2

      The Dictionary

      10 The 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:

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

      (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:

      (c) an ADI account;

      (d) chattel paper;

      (e) an intermediated security;

      (f) an investment instrument;

      (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:

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

      (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.

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