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Examples Of Personal Property Securities

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Personal property securities legislation – overview of the legal framework
The Personal Property Securities Act 2009 (Cth) creates a comprehensive national regime for personal property securities (PPS). Subject only to limited exceptions, security interests over personal property are primarily governed by the PPS Act. These securities range from fixed and floating charges over corporate assets, to share mortgages, to security interests over vehicles and aircraft, and to finance leases of plant and equipment. Common examples of personal property include tangible property such as motor vehicles (including caravans and trailers), water craft, artwork, crops and livestock, inventory, equipment, plant and machinery, and in-tangible property
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The PPS Act does not apply to interests in fixtures: s 8(1)(j). Legal practitioners should be aware that the PPS Act definition of fixture is not identical to the general law concept of a fixture. As a result, this may impact on determining the scope of PPS Act when advising on or related to an interest in fixture. See Power Rental Op Co Australia, LLC v Forge Group Power Pty Ltd (in liq) (receivers and managers appointed) [2017] NSWCA 8.
Legal practitioners should also be aware of the operation of s 8(1)(f)(i) of the PPS Act. This section provides that the PPS Act does not apply to the creation or transfer of an interest in land.
In practice, this means if a grantor grants a security interest over land alone, this security interest is not registrable (or will not be perfected by registration) on the PPS Register (PPSR), but this does not affect the state and territory based Torrens title system of registration, for example, the registration of a mortgage of land.
It is not correct to think that the PPS Act plays no role in the taking of real property security. Examples of how the PPS Act may interact with real property or real property security include:
• A common form of security is a General Security Agreement (GSA) granted by a grantor to a lender (the secured party) to secure all assets of the grantor including land. However, it as the PPS Act excludes interests in land, a PPSR
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