Download - PPSA presentation 8 February 2012
![Page 1: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/1.jpg)
Personal Property Securities Act 2009 (Cth)
A new regime
![Page 2: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/2.jpg)
DisclaimerThis document and presentation has been prepared only as an industry guide and is based on policies of redchip lawyers Pty Ltd which may or may not be relevant to you or to your transaction. It can be used as a starting point for discussions or negotiations. No warranties or assurances can be given about the suitability of this document or any of its provisions for any specific transaction. You should seek legal advice on the form and content of documents, negotiations and decisions which are ultimately selected or made by you. redchip lawyers Pty Ltd and its officers, employees, agents and professional advisors exclude all liability (including liability for negligence) in relation to your use of this document and any advice given during this presentation. You should rely on your own independent professional advice.
![Page 3: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/3.jpg)
New RegimeThe 6 elements of the new regime:
1. Security Interest2. Collateral3. Attachment4. Enforceability5. Perfection6. Enforcement
![Page 4: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/4.jpg)
Security InterestA “Security Interest” is:
an interest in relation to personal property provided for by a transaction that secures the payment or performance of an obligation
![Page 5: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/5.jpg)
Deemed Security Interests The interest of a transferee in an account or chattel paper The interest of a consignor who delivers goods to a consignee under a consignment The interests of a lessor or bailor of goods under a PPS lease
![Page 6: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/6.jpg)
Lessons to be learned from New Zealand
Graham v Portacom New Zealand Limited (2004) 10 TCLR 983
![Page 7: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/7.jpg)
Lessons to be learned from New Zealand
Waller v New Zealand Bloodstock Limited [2006] 2 NZLR 629
![Page 8: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/8.jpg)
CollateralThe personal property to which the “security interest”
applies, for the purpose of securing the payment or performance of an obligation, is called the “collateral”
Secured Party Grantor
$$
Collateral
![Page 9: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/9.jpg)
AttachmentA security interest attaches to collateral when:
the grantor has rights in the collateral, or the power to transfer rights in the collateral to the secured party; and
either:-the secured party gives some value for the security interest; or-the grantor does an act by which the security interest arises
![Page 10: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/10.jpg)
EnforceabilityA security interest is enforceable against a third party in respect of collateral if: the security interest is attached to the collateral; and:
the secured party possesses the collateral; the secured party has control of collateral; or the parties have entered into a security
agreement.
![Page 11: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/11.jpg)
PriorityPriority, the general position is: a “perfected” security interest has priority over
an unperfected security interest
Priority between perfected interests in determined on a first-in-time basis
priority between unperfected interests is determined on a first-in-time basis
![Page 12: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/12.jpg)
Exception to Priority: PMSIsPurchase Money Security Interest – the Super Priority
Include:- a security interest in collateral where securing all or
part of the purchase price - an interest under a PPS Lease
- an interest under a commercial consignment
![Page 13: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/13.jpg)
The scary law part
![Page 14: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/14.jpg)
PPSA & Real Estate
Abandoned goods under leases -
Security over Tenant’s fitout
Landlord contributions
Lease of fitted out premises
Security Deposits
![Page 15: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/15.jpg)
The RegisterITSA estimated volumes of register activity per year
Registrations 1.1 million Amendments 0.25 million Cancellations 1 million Searches 6 million
![Page 16: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/16.jpg)
How redchip can help
![Page 17: PPSA presentation 8 February 2012](https://reader037.vdocuments.net/reader037/viewer/2022110307/5567bfa0d8b42a944b8b52cb/html5/thumbnails/17.jpg)
Questions