Australian Personal Property Securities Law, 4th edition

A comprehensive analysis of secured lending law, its policy underpinning and its application in practice including an account of the proposed statutory reforms

This 4th edition has been written with the proposed amendments to the Personal Property Securities Act specifically in mind. The main focus of the text is on the legislation as it currently stands, but a new section has been added at the end of each chapter providing a critical analysis of the main reforms relevant to the chapter. These include:

• removal of chattel paper as a class of personal property in its own right

• the proposed new distinction between ‘individual” and “body corporate” grantors for registration purposes

• the proposed new collateral description requirements for both security agreements and registrations

• clarification of the attachment requirements in their application to retention of title and other arrangements

• the proposed reforms of the provisions governing investment instruments and intermediated securities

• the proposed new registration amendment demand procedure

• the proposed changes to the PMSI definition and the PMSI priority rules

• the proposed exclusion from PPSA, Ch 4 (enforcement) of transactions to which the NCC applies

Features

Each chapter has been substantially updated to include a critical analysis of the proposed statutory reforms, discussion of recent cases and revised analysis in areas, such as: 

• transfers of collateral

• the meaning of ‘serial-numbered collateral’

• the distinction between a security and outright transfer of accounts

• seizure (repossession) of collateral

• Corporations Act, s.588FL