{"id":"F2010L03071","name":"Personal Property Securities Regulations 2010","slug":"personal-property-securities-regulations-2010","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"291 of 2010","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":85186,"registerId":"commonwealth-F2010L03071-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Preliminary","content":"## Part 1—Preliminary\n\n### Division 1—Preliminary\n\n#### 1.1 Name of Regulations\n\n These Regulations are the Personal Property Securities Regulations 2010.\n\n### Division 2—General application of the Act\n\n#### 1.3 Application of the Act to external Territories\n\n For subsection 7(3) of the Act, the following are external Territories:\n (a) the Territory of Christmas Island;\n (b) the Territory of Cocos (Keeling) Islands.\n\n#### 1.4 Interests to which the Act does not apply\n\n (1) For paragraph 8(1)(l) of the Act, the Act does not apply to a right or interest in personal property mentioned in section 260‑5 of Schedule 1 to the Taxation Administration Act 1953.\n (2) For paragraph 8(1)(l) of the Act, the Act does not apply to an interest in an authority, lease, licence or permit of any kind that is created under the Offshore Minerals Act 1994 or the Offshore Petroleum and Greenhouse Gas Storage Act 2006.\n (3) However, subregulation (1A) does not apply to an interest to which paragraph 8(1)(k) of the Act applies.\n (4) For paragraph 8(1)(l) of the Act, the Act does not apply to an interest if the grantor of the interest is a company that is:\n (a) incorporated under the Companies Act 1985 of the Territory of Norfolk Island; and\n (b) not registered under Part 5B.2 of the Corporations Act 2001.\n\n> Note: For the definition of grantor, see section 10 of the Act.\n\n (5) For item 6 of the table in subsection 8(2) of the Act, section 74 of the Act applies to an interest in personal property mentioned in the following provisions of the Act:\n (a) paragraph 8(1)(b);\n (b) paragraph 8(1)(c);\n (c) subparagraph 8(1)(f)(ii);\n (d) subparagraph 8(1)(f)(iv).\n\n#### 1.5 Interests to which the Act applies\n\n (1) For subsection 8(3) of the Act, the Act applies to:\n (a) a mortgage‑backed security; and\n (b) if transferred to a person in connection with the issue by the person of a mortgage‑backed security—a real property mortgage loan.\n (2) In this regulation:\n\n> mortgage‑backed security has the meaning given by section 286 of the Duties Act 2001 (Qld).\n\n### Division 3—Definitions\n\n#### 1.6 Definitions\n\n In these Regulations:\n\n> ACN (short for ‘Australian Company Number’) is the number given by ASIC to a company on registration under the Corporations Act 2001.\n\n> Act means the Personal Property Securities Act 2009.\n\n> agriculture means personal property that is crops or livestock.\n\n> aircraft means:\n\n (a) a machine or craft that:\n (i) can derive support in the atmosphere from the reactions of the air, other than the reactions of the air against the earth’s surface; and\n (ii) has nationality and registration marks assigned to it under the Chicago Convention; or\n (b) an aircraft engine; or\n (c) an airframe; or\n (d) a helicopter.\n\n> aircraft engine has the meaning given by the definition of ‘aircraft engines’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘aircraft engines’:\n\n> Note: “aircraft engines” means aircraft engines (other than those used in military, customs or police services) powered by jet propulsion or turbine or piston technology and:\n\n> Note: (i) in the case of jet propulsion aircraft engines, have at least 1750 lb of thrust or its equivalent; and\n\n> Note: (ii) in the case of turbine‑powered or piston‑powered aircraft engines, have at least 550 rated take‑off shaft horsepower or its equivalent,\n\n> Note: together with all modules and other installed, incorporated or attached accessories, parts and equipment and all data, manuals and records relating thereto.\n\n> Aircraft Protocol means the Protocol on Matters Specific to Aircraft Equipment, done at Cape Town on 16 November 2001.\n\n> Note: The Aircraft Protocol is a Protocol to the Convention on International Interests in Mobile Equipment, done at Cape Town on 16 November 2001.\n\n> airframe has the meaning given by the definition of ‘airframes’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘airframes’:\n\n> Note: “airframes” means airframes (other than those used in military, customs or police services) that, when appropriate aircraft engines are installed thereon, are type certified by the competent aviation authority to transport:\n\n> Note: (i) at least eight (8) persons including crew; or\n\n> Note: (ii) goods in excess of 2750 kilograms,\n\n> Note: together with all installed, incorporated or attached accessories, parts and equipment (other than aircraft engines), and all data, manuals and records relating thereto.\n\n> all present and after‑acquired property means:\n\n (a) personal property over which the grantor has an interest at the registration time for the financing statement for a security interest or prescribed property; and\n (b) personal property acquired after the registration time for the financing statement for the security interest or prescribed property.\n\n> all present and after‑acquired property, except means all present and after‑acquired property, except for an item or class of personal property stated in the financing statement for the interest.\n\n> AML‑CTF Act means the Anti‑Money Laundering and Counter‑Terrorist Financing Act 2006.\n\n> ARBN (short for ‘Australian Registered Body Number’) is the number given by ASIC to a registrable body on registration under Part 5B.2 of the Corporations Act 2001.\n\n> ARFN has the same meaning as in the Corporations Act 2001.\n\n> ARSN (short for ‘Australian Registered Scheme Number’) is the number given by ASIC to a registered scheme on registration under section 601EB of the Corporations Act 2001.\n\n> ASIC means the Australian Securities and Investments Commission.\n\n> Australian Business Register means the register established under section 24 of the A New Tax System (Australian Business Number) Act 1999.\n\n> Note: The Australian Business Register can be viewed at http://www.abr.business.gov.au.\n\n> CCIV has the same meaning as in the Corporations Act 2001.\n\n> chassis number, for a motor vehicle, means the numbers or letters, or both, that:\n\n (a) are attached to or stamped on the vehicle’s chassis by the vehicle’s manufacturer; and\n (b) appears to uniquely identify the vehicle.\n\n> Chicago Convention means the Convention on International Civil Aviation done at Chicago on 7 December 1944, as amended by the Protocols mentioned in subsection 3A(2) of the Air Navigation Act 1920.\n\n> helicopter has the meaning given by the definition of ‘helicopters’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘helicopters’:\n\n> Note: “helicopters” means heavier‑than‑air machines (other than those used in military, customs or police services) supported in flight chiefly by the reactions of the air on one or more power‑driven rotors on substantially vertical axes and which are type certified by the competent aviation authority to transport:\n\n> Note: (i) at least five (5) persons including crew; or\n\n> Note: (ii) goods in excess of 450 kilograms,\n\n> Note: together with all installed, incorporated or attached accessories, parts and equipment (including rotors), and all data, manuals and records relating thereto.\n\n> hull identification number, for a watercraft, means a number that:\n\n (a) is in a form and of a size, specified in one of the following Standards, published by the International Organization for Standardization:\n (i) International Standard No ISO 10087:1995 (E), titled ‘Small craft—Hull identification—Coding system’;\n (ii) International Standard No ISO 10087:2006, titled ‘Small craft—Craft identification—Coding system’; and\n (b) is permanently attached to, and located in the positions on, the hull of a vessel specified by a Standard mentioned in paragraph (a); and\n (c) is allocated to the watercraft by:\n (i) a registration authority of a State or Territory; or\n (ii) a person authorised by a registration authority of a State or Territory; or\n (iii) the watercraft’s manufacturer; and\n (d) appears to uniquely identify the watercraft.\n\n> manufacturer’s number, for an aircraft or motor vehicle, or an outboard motor to which regulation 9.1 applies, means the numbers or letters, or both, that:\n\n (a) are permanently attached to or stamped on a permanent part of the aircraft, motor vehicle or outboard motor by its manufacturer; and\n (b) appears to uniquely identify the aircraft, motor vehicle or outboard motor.\n\n> migrated security interest has the meaning given by section 332 of the Act.\n\n> original registration time, for migrated data registered under section 333 of the Act, means the time at which the security interest or prescribed property was first registered on the transitional register.\n\n> outboard motor means an internal combustion engine that:\n\n (a) has a propeller and a manufacturer’s number; and\n (b) is designed to be attached to a boat or vessel; and\n (c) is intended for use to propel a boat or vessel.\n\n> prescribed property means personal property mentioned in subregulation 5.3(1).\n\n> registered scheme has the meaning given by section 9 of the Corporations Act 2001.\n\n> registration time has the meaning given by subsection 160(1) of the Act.\n\n> responsible entity has the meaning given by section 9 of the Corporations Act 2001.\n\n> small aircraft means an aircraft other than an airframe, aircraft engine or helicopter.\n\n> sub‑fund, of a CCIV, has the same meaning as in the Corporations Act 2001.\n\n> vehicle identification number, for a motor vehicle, means a number allocated to the vehicle in accordance with national standards, as in force from time to time, made under the Motor Vehicle Standards Act 1989.\n\n> watercraft means a boat or vessel, other than a seaplane, that:\n\n (a) is used, or intended to be used, in navigation by water or for any other purpose on water; and\n (b) that has:\n (i) a hull identification number; or\n (ii) an official number, within the meaning of the Shipping Registration Regulations 2019, issued by the Registrar of Ships (within the meaning of the Shipping Registration Act 1981).\n\n> Note 1: For the meaning of watercraft, see also regulation 9.1.\n\n> Note 2: Several other words and expressions used in these Regulations have the meaning given by the Act, for example:\n\n ABN\n account\n after‑acquired property\n chattel paper\n crops\n financial property\n goods\n intangible property\n intermediated security\n investment instrument\n livestock\n National Credit Code\n negotiable instrument\n transitional register.\n\n#### 1.7 Meaning of motor vehicle\n\n (1) For the definition of motor vehicle in section 10 of the Act, personal property described in subregulation (2) or (3) is a motor vehicle.\n (2) The personal property:\n (a) is built to be propelled, wholly on land, by a motor that forms part of the property; and\n (b) is capable of a speed of at least 10 km/h; and\n (ba) has one or more motors that have a total power greater than 200 W; and\n (c) has any of the following:\n (i) a vehicle identification number;\n (ii) a chassis number;\n (iii) the manufacturer’s number; and\n (d) does not run on rails, tram lines or other fixed path.\n (3) The personal property:\n (a) is capable, when being towed by, or attached to, a motor vehicle, of travelling at a speed greater than 10 km/h; and\n (b) is a piece of machinery or equipment that is equipped with wheels and designed to be attached to, or towed by, a motor vehicle; and\n (c) has any of the following:\n (i) a vehicle identification number;\n (ii) a chassis number;\n (iii) the manufacturer’s number.\n\n#### 1.8 Meaning of security interest\n\n For paragraph 12(5)(b) of the Act, the extinguishment of a beneficial interest in an account or chattel paper is not a security interest.\n\n#### 1.9 Meaning of PPS lease\n\n (1) For paragraph 13(2)(d) of the Act, a lease or bailment is not a PPS lease if it is part of a pooling arrangement.\n (2) In subregulation (1):\n\n> pooling arrangement means an arrangement that includes one or more hire, lease or bailment arrangements, under which:\n\n (a) goods are pooled for the collective use, from time to time, of the parties to one or more hire, lease or bailment arrangements; and\n (b) none of the hire, lease or bailment arrangements, in substance, secures payment or performance of an obligation; and\n (c) possession of the goods can be passed between multiple users, without the prior approval of the owner, whether or not the goods are passed subject to conditions; and\n (d) like goods that are, by nature or usage of trade, the equivalent of the goods hired, leased or bailed under one of the hire, lease or bailment arrangements can be returned, in place of the goods originally hired, leased or bailed.\n\n#### 1.10 Meaning of investment instrument\n\n For paragraph (i) of the definition of investment instrument in section 10 of the Act, the following financial products are prescribed:\n (a) an Australian carbon credit unit, within the meaning of section 5 of the Carbon Credits (Carbon Farming Initiative) Act 2011;\n (b) a carbon unit, within the meaning of section 5 of the Clean Energy Act 2011;\n (c) each eligible international emissions unit mentioned in paragraphs (a), (b), (c) and (d) of the definition of eligible international emissions unit in section 4 of the Australian National Registry of Emissions Units Act 2011.\n\n## Part 2—General rules for security interests\n\n#### 2.1 Taking motor vehicles free of security interests\n\n Incorrect or missing serial number\n (1) For subsection 45(1) of the Act, a motor vehicle described in regulation 1.7 is prescribed.\n (2) However, in the period that ends at the end of the month that is 24 months after the registration commencement time, a motor vehicle described in regulation 1.7 is taken not to be prescribed for subsection 45(1) of the Act if:\n (a) it is subject to a transitional security interest; and\n (b) before the registration commencement time, it was not possible to register the transitional security interest by serial number on a transitional register of a State or Territory that registered security interests in motor vehicles.\n Taking from prescribed persons\n (3) For subsection 45(3) of the Act, a motor vehicle described in regulation 1.7 is prescribed.\n\n#### 2.2 Taking motor vehicles from prescribed persons\n\n For paragraph 45(3)(b) of the Act, the seller or lessor of a motor vehicle is in a prescribed class if the seller or lessor:\n (a) holds a licence (however described) to deal or trade in that kind of motor vehicle; and\n (b) the licence is issued by a licensing authority in the State or Territory where the sale or lease of the motor vehicle happens.","sortOrder":0},{"sectionNumber":"Division 1","sectionType":"division","heading":"Preliminary","content":"## Part 1—Preliminary\n\n### Division 1—Preliminary\n\n#### 1.1 Name of Regulations\n\n These Regulations are the Personal Property Securities Regulations 2010.\n\n### Division 2—General application of the Act\n\n#### 1.3 Application of the Act to external Territories\n\n For subsection 7(3) of the Act, the following are external Territories:\n (a) the Territory of Christmas Island;\n (b) the Territory of Cocos (Keeling) Islands.\n\n#### 1.4 Interests to which the Act does not apply\n\n (1) For paragraph 8(1)(l) of the Act, the Act does not apply to a right or interest in personal property mentioned in section 260‑5 of Schedule 1 to the Taxation Administration Act 1953.\n (2) For paragraph 8(1)(l) of the Act, the Act does not apply to an interest in an authority, lease, licence or permit of any kind that is created under the Offshore Minerals Act 1994 or the Offshore Petroleum and Greenhouse Gas Storage Act 2006.\n (3) However, subregulation (1A) does not apply to an interest to which paragraph 8(1)(k) of the Act applies.\n (4) For paragraph 8(1)(l) of the Act, the Act does not apply to an interest if the grantor of the interest is a company that is:\n (a) incorporated under the Companies Act 1985 of the Territory of Norfolk Island; and\n (b) not registered under Part 5B.2 of the Corporations Act 2001.\n\n> Note: For the definition of grantor, see section 10 of the Act.\n\n (5) For item 6 of the table in subsection 8(2) of the Act, section 74 of the Act applies to an interest in personal property mentioned in the following provisions of the Act:\n (a) paragraph 8(1)(b);\n (b) paragraph 8(1)(c);\n (c) subparagraph 8(1)(f)(ii);\n (d) subparagraph 8(1)(f)(iv).\n\n#### 1.5 Interests to which the Act applies\n\n (1) For subsection 8(3) of the Act, the Act applies to:\n (a) a mortgage‑backed security; and\n (b) if transferred to a person in connection with the issue by the person of a mortgage‑backed security—a real property mortgage loan.\n (2) In this regulation:\n\n> mortgage‑backed security has the meaning given by section 286 of the Duties Act 2001 (Qld).\n\n### Division 3—Definitions\n\n#### 1.6 Definitions\n\n In these Regulations:\n\n> ACN (short for ‘Australian Company Number’) is the number given by ASIC to a company on registration under the Corporations Act 2001.\n\n> Act means the Personal Property Securities Act 2009.\n\n> agriculture means personal property that is crops or livestock.\n\n> aircraft means:\n\n (a) a machine or craft that:\n (i) can derive support in the atmosphere from the reactions of the air, other than the reactions of the air against the earth’s surface; and\n (ii) has nationality and registration marks assigned to it under the Chicago Convention; or\n (b) an aircraft engine; or\n (c) an airframe; or\n (d) a helicopter.\n\n> aircraft engine has the meaning given by the definition of ‘aircraft engines’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘aircraft engines’:\n\n> Note: “aircraft engines” means aircraft engines (other than those used in military, customs or police services) powered by jet propulsion or turbine or piston technology and:\n\n> Note: (i) in the case of jet propulsion aircraft engines, have at least 1750 lb of thrust or its equivalent; and\n\n> Note: (ii) in the case of turbine‑powered or piston‑powered aircraft engines, have at least 550 rated take‑off shaft horsepower or its equivalent,\n\n> Note: together with all modules and other installed, incorporated or attached accessories, parts and equipment and all data, manuals and records relating thereto.\n\n> Aircraft Protocol means the Protocol on Matters Specific to Aircraft Equipment, done at Cape Town on 16 November 2001.\n\n> Note: The Aircraft Protocol is a Protocol to the Convention on International Interests in Mobile Equipment, done at Cape Town on 16 November 2001.\n\n> airframe has the meaning given by the definition of ‘airframes’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘airframes’:\n\n> Note: “airframes” means airframes (other than those used in military, customs or police services) that, when appropriate aircraft engines are installed thereon, are type certified by the competent aviation authority to transport:\n\n> Note: (i) at least eight (8) persons including crew; or\n\n> Note: (ii) goods in excess of 2750 kilograms,\n\n> Note: together with all installed, incorporated or attached accessories, parts and equipment (other than aircraft engines), and all data, manuals and records relating thereto.\n\n> all present and after‑acquired property means:\n\n (a) personal property over which the grantor has an interest at the registration time for the financing statement for a security interest or prescribed property; and\n (b) personal property acquired after the registration time for the financing statement for the security interest or prescribed property.\n\n> all present and after‑acquired property, except means all present and after‑acquired property, except for an item or class of personal property stated in the financing statement for the interest.\n\n> AML‑CTF Act means the Anti‑Money Laundering and Counter‑Terrorist Financing Act 2006.\n\n> ARBN (short for ‘Australian Registered Body Number’) is the number given by ASIC to a registrable body on registration under Part 5B.2 of the Corporations Act 2001.\n\n> ARFN has the same meaning as in the Corporations Act 2001.\n\n> ARSN (short for ‘Australian Registered Scheme Number’) is the number given by ASIC to a registered scheme on registration under section 601EB of the Corporations Act 2001.\n\n> ASIC means the Australian Securities and Investments Commission.\n\n> Australian Business Register means the register established under section 24 of the A New Tax System (Australian Business Number) Act 1999.\n\n> Note: The Australian Business Register can be viewed at http://www.abr.business.gov.au.\n\n> CCIV has the same meaning as in the Corporations Act 2001.\n\n> chassis number, for a motor vehicle, means the numbers or letters, or both, that:\n\n (a) are attached to or stamped on the vehicle’s chassis by the vehicle’s manufacturer; and\n (b) appears to uniquely identify the vehicle.\n\n> Chicago Convention means the Convention on International Civil Aviation done at Chicago on 7 December 1944, as amended by the Protocols mentioned in subsection 3A(2) of the Air Navigation Act 1920.\n\n> helicopter has the meaning given by the definition of ‘helicopters’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘helicopters’:\n\n> Note: “helicopters” means heavier‑than‑air machines (other than those used in military, customs or police services) supported in flight chiefly by the reactions of the air on one or more power‑driven rotors on substantially vertical axes and which are type certified by the competent aviation authority to transport:\n\n> Note: (i) at least five (5) persons including crew; or\n\n> Note: (ii) goods in excess of 450 kilograms,\n\n> Note: together with all installed, incorporated or attached accessories, parts and equipment (including rotors), and all data, manuals and records relating thereto.\n\n> hull identification number, for a watercraft, means a number that:\n\n (a) is in a form and of a size, specified in one of the following Standards, published by the International Organization for Standardization:\n (i) International Standard No ISO 10087:1995 (E), titled ‘Small craft—Hull identification—Coding system’;\n (ii) International Standard No ISO 10087:2006, titled ‘Small craft—Craft identification—Coding system’; and\n (b) is permanently attached to, and located in the positions on, the hull of a vessel specified by a Standard mentioned in paragraph (a); and\n (c) is allocated to the watercraft by:\n (i) a registration authority of a State or Territory; or\n (ii) a person authorised by a registration authority of a State or Territory; or\n (iii) the watercraft’s manufacturer; and\n (d) appears to uniquely identify the watercraft.\n\n> manufacturer’s number, for an aircraft or motor vehicle, or an outboard motor to which regulation 9.1 applies, means the numbers or letters, or both, that:\n\n (a) are permanently attached to or stamped on a permanent part of the aircraft, motor vehicle or outboard motor by its manufacturer; and\n (b) appears to uniquely identify the aircraft, motor vehicle or outboard motor.\n\n> migrated security interest has the meaning given by section 332 of the Act.\n\n> original registration time, for migrated data registered under section 333 of the Act, means the time at which the security interest or prescribed property was first registered on the transitional register.\n\n> outboard motor means an internal combustion engine that:\n\n (a) has a propeller and a manufacturer’s number; and\n (b) is designed to be attached to a boat or vessel; and\n (c) is intended for use to propel a boat or vessel.\n\n> prescribed property means personal property mentioned in subregulation 5.3(1).\n\n> registered scheme has the meaning given by section 9 of the Corporations Act 2001.\n\n> registration time has the meaning given by subsection 160(1) of the Act.\n\n> responsible entity has the meaning given by section 9 of the Corporations Act 2001.\n\n> small aircraft means an aircraft other than an airframe, aircraft engine or helicopter.\n\n> sub‑fund, of a CCIV, has the same meaning as in the Corporations Act 2001.\n\n> vehicle identification number, for a motor vehicle, means a number allocated to the vehicle in accordance with national standards, as in force from time to time, made under the Motor Vehicle Standards Act 1989.\n\n> watercraft means a boat or vessel, other than a seaplane, that:\n\n (a) is used, or intended to be used, in navigation by water or for any other purpose on water; and\n (b) that has:\n (i) a hull identification number; or\n (ii) an official number, within the meaning of the Shipping Registration Regulations 2019, issued by the Registrar of Ships (within the meaning of the Shipping Registration Act 1981).\n\n> Note 1: For the meaning of watercraft, see also regulation 9.1.\n\n> Note 2: Several other words and expressions used in these Regulations have the meaning given by the Act, for example:\n\n ABN\n account\n after‑acquired property\n chattel paper\n crops\n financial property\n goods\n intangible property\n intermediated security\n investment instrument\n livestock\n National Credit Code\n negotiable instrument\n transitional register.\n\n#### 1.7 Meaning of motor vehicle\n\n (1) For the definition of motor vehicle in section 10 of the Act, personal property described in subregulation (2) or (3) is a motor vehicle.\n (2) The personal property:\n (a) is built to be propelled, wholly on land, by a motor that forms part of the property; and\n (b) is capable of a speed of at least 10 km/h; and\n (ba) has one or more motors that have a total power greater than 200 W; and\n (c) has any of the following:\n (i) a vehicle identification number;\n (ii) a chassis number;\n (iii) the manufacturer’s number; and\n (d) does not run on rails, tram lines or other fixed path.\n (3) The personal property:\n (a) is capable, when being towed by, or attached to, a motor vehicle, of travelling at a speed greater than 10 km/h; and\n (b) is a piece of machinery or equipment that is equipped with wheels and designed to be attached to, or towed by, a motor vehicle; and\n (c) has any of the following:\n (i) a vehicle identification number;\n (ii) a chassis number;\n (iii) the manufacturer’s number.\n\n#### 1.8 Meaning of security interest\n\n For paragraph 12(5)(b) of the Act, the extinguishment of a beneficial interest in an account or chattel paper is not a security interest.\n\n#### 1.9 Meaning of PPS lease\n\n (1) For paragraph 13(2)(d) of the Act, a lease or bailment is not a PPS lease if it is part of a pooling arrangement.\n (2) In subregulation (1):\n\n> pooling arrangement means an arrangement that includes one or more hire, lease or bailment arrangements, under which:\n\n (a) goods are pooled for the collective use, from time to time, of the parties to one or more hire, lease or bailment arrangements; and\n (b) none of the hire, lease or bailment arrangements, in substance, secures payment or performance of an obligation; and\n (c) possession of the goods can be passed between multiple users, without the prior approval of the owner, whether or not the goods are passed subject to conditions; and\n (d) like goods that are, by nature or usage of trade, the equivalent of the goods hired, leased or bailed under one of the hire, lease or bailment arrangements can be returned, in place of the goods originally hired, leased or bailed.\n\n#### 1.10 Meaning of investment instrument\n\n For paragraph (i) of the definition of investment instrument in section 10 of the Act, the following financial products are prescribed:\n (a) an Australian carbon credit unit, within the meaning of section 5 of the Carbon Credits (Carbon Farming Initiative) Act 2011;\n (b) a carbon unit, within the meaning of section 5 of the Clean Energy Act 2011;\n (c) each eligible international emissions unit mentioned in paragraphs (a), (b), (c) and (d) of the definition of eligible international emissions unit in section 4 of the Australian National Registry of Emissions Units Act 2011.\n\n## Part 2—General rules for security interests\n\n#### 2.1 Taking motor vehicles free of security interests\n\n Incorrect or missing serial number\n (1) For subsection 45(1) of the Act, a motor vehicle described in regulation 1.7 is prescribed.\n (2) However, in the period that ends at the end of the month that is 24 months after the registration commencement time, a motor vehicle described in regulation 1.7 is taken not to be prescribed for subsection 45(1) of the Act if:\n (a) it is subject to a transitional security interest; and\n (b) before the registration commencement time, it was not possible to register the transitional security interest by serial number on a transitional register of a State or Territory that registered security interests in motor vehicles.\n Taking from prescribed persons\n (3) For subsection 45(3) of the Act, a motor vehicle described in regulation 1.7 is prescribed.\n\n#### 2.2 Taking motor vehicles from prescribed persons\n\n For paragraph 45(3)(b) of the Act, the seller or lessor of a motor vehicle is in a prescribed class if the seller or lessor:\n (a) holds a licence (however described) to deal or trade in that kind of motor vehicle; and\n (b) the licence is issued by a licensing authority in the State or Territory where the sale or lease of the motor vehicle happens.","sortOrder":1},{"sectionNumber":"1.1","sectionType":"section","heading":"Name of Regulations","content":"#### 1.1 Name of Regulations\n\n These Regulations are the Personal Property Securities Regulations 2010.","sortOrder":2},{"sectionNumber":"Division 2","sectionType":"division","heading":"General application of the Act","content":"## Part 1—Preliminary\n\n### Division 1—Preliminary\n\n#### 1.1 Name of Regulations\n\n These Regulations are the Personal Property Securities Regulations 2010.\n\n### Division 2—General application of the Act\n\n#### 1.3 Application of the Act to external Territories\n\n For subsection 7(3) of the Act, the following are external Territories:\n (a) the Territory of Christmas Island;\n (b) the Territory of Cocos (Keeling) Islands.\n\n#### 1.4 Interests to which the Act does not apply\n\n (1) For paragraph 8(1)(l) of the Act, the Act does not apply to a right or interest in personal property mentioned in section 260‑5 of Schedule 1 to the Taxation Administration Act 1953.\n (2) For paragraph 8(1)(l) of the Act, the Act does not apply to an interest in an authority, lease, licence or permit of any kind that is created under the Offshore Minerals Act 1994 or the Offshore Petroleum and Greenhouse Gas Storage Act 2006.\n (3) However, subregulation (1A) does not apply to an interest to which paragraph 8(1)(k) of the Act applies.\n (4) For paragraph 8(1)(l) of the Act, the Act does not apply to an interest if the grantor of the interest is a company that is:\n (a) incorporated under the Companies Act 1985 of the Territory of Norfolk Island; and\n (b) not registered under Part 5B.2 of the Corporations Act 2001.\n\n> Note: For the definition of grantor, see section 10 of the Act.\n\n (5) For item 6 of the table in subsection 8(2) of the Act, section 74 of the Act applies to an interest in personal property mentioned in the following provisions of the Act:\n (a) paragraph 8(1)(b);\n (b) paragraph 8(1)(c);\n (c) subparagraph 8(1)(f)(ii);\n (d) subparagraph 8(1)(f)(iv).\n\n#### 1.5 Interests to which the Act applies\n\n (1) For subsection 8(3) of the Act, the Act applies to:\n (a) a mortgage‑backed security; and\n (b) if transferred to a person in connection with the issue by the person of a mortgage‑backed security—a real property mortgage loan.\n (2) In this regulation:\n\n> mortgage‑backed security has the meaning given by section 286 of the Duties Act 2001 (Qld).\n\n### Division 3—Definitions\n\n#### 1.6 Definitions\n\n In these Regulations:\n\n> ACN (short for ‘Australian Company Number’) is the number given by ASIC to a company on registration under the Corporations Act 2001.\n\n> Act means the Personal Property Securities Act 2009.\n\n> agriculture means personal property that is crops or livestock.\n\n> aircraft means:\n\n (a) a machine or craft that:\n (i) can derive support in the atmosphere from the reactions of the air, other than the reactions of the air against the earth’s surface; and\n (ii) has nationality and registration marks assigned to it under the Chicago Convention; or\n (b) an aircraft engine; or\n (c) an airframe; or\n (d) a helicopter.\n\n> aircraft engine has the meaning given by the definition of ‘aircraft engines’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘aircraft engines’:\n\n> Note: “aircraft engines” means aircraft engines (other than those used in military, customs or police services) powered by jet propulsion or turbine or piston technology and:\n\n> Note: (i) in the case of jet propulsion aircraft engines, have at least 1750 lb of thrust or its equivalent; and\n\n> Note: (ii) in the case of turbine‑powered or piston‑powered aircraft engines, have at least 550 rated take‑off shaft horsepower or its equivalent,\n\n> Note: together with all modules and other installed, incorporated or attached accessories, parts and equipment and all data, manuals and records relating thereto.\n\n> Aircraft Protocol means the Protocol on Matters Specific to Aircraft Equipment, done at Cape Town on 16 November 2001.\n\n> Note: The Aircraft Protocol is a Protocol to the Convention on International Interests in Mobile Equipment, done at Cape Town on 16 November 2001.\n\n> airframe has the meaning given by the definition of ‘airframes’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘airframes’:\n\n> Note: “airframes” means airframes (other than those used in military, customs or police services) that, when appropriate aircraft engines are installed thereon, are type certified by the competent aviation authority to transport:\n\n> Note: (i) at least eight (8) persons including crew; or\n\n> Note: (ii) goods in excess of 2750 kilograms,\n\n> Note: together with all installed, incorporated or attached accessories, parts and equipment (other than aircraft engines), and all data, manuals and records relating thereto.\n\n> all present and after‑acquired property means:\n\n (a) personal property over which the grantor has an interest at the registration time for the financing statement for a security interest or prescribed property; and\n (b) personal property acquired after the registration time for the financing statement for the security interest or prescribed property.\n\n> all present and after‑acquired property, except means all present and after‑acquired property, except for an item or class of personal property stated in the financing statement for the interest.\n\n> AML‑CTF Act means the Anti‑Money Laundering and Counter‑Terrorist Financing Act 2006.\n\n> ARBN (short for ‘Australian Registered Body Number’) is the number given by ASIC to a registrable body on registration under Part 5B.2 of the Corporations Act 2001.\n\n> ARFN has the same meaning as in the Corporations Act 2001.\n\n> ARSN (short for ‘Australian Registered Scheme Number’) is the number given by ASIC to a registered scheme on registration under section 601EB of the Corporations Act 2001.\n\n> ASIC means the Australian Securities and Investments Commission.\n\n> Australian Business Register means the register established under section 24 of the A New Tax System (Australian Business Number) Act 1999.\n\n> Note: The Australian Business Register can be viewed at http://www.abr.business.gov.au.\n\n> CCIV has the same meaning as in the Corporations Act 2001.\n\n> chassis number, for a motor vehicle, means the numbers or letters, or both, that:\n\n (a) are attached to or stamped on the vehicle’s chassis by the vehicle’s manufacturer; and\n (b) appears to uniquely identify the vehicle.\n\n> Chicago Convention means the Convention on International Civil Aviation done at Chicago on 7 December 1944, as amended by the Protocols mentioned in subsection 3A(2) of the Air Navigation Act 1920.\n\n> helicopter has the meaning given by the definition of ‘helicopters’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘helicopters’:\n\n> Note: “helicopters” means heavier‑than‑air machines (other than those used in military, customs or police services) supported in flight chiefly by the reactions of the air on one or more power‑driven rotors on substantially vertical axes and which are type certified by the competent aviation authority to transport:\n\n> Note: (i) at least five (5) persons including crew; or\n\n> Note: (ii) goods in excess of 450 kilograms,\n\n> Note: together with all installed, incorporated or attached accessories, parts and equipment (including rotors), and all data, manuals and records relating thereto.\n\n> hull identification number, for a watercraft, means a number that:\n\n (a) is in a form and of a size, specified in one of the following Standards, published by the International Organization for Standardization:\n (i) International Standard No ISO 10087:1995 (E), titled ‘Small craft—Hull identification—Coding system’;\n (ii) International Standard No ISO 10087:2006, titled ‘Small craft—Craft identification—Coding system’; and\n (b) is permanently attached to, and located in the positions on, the hull of a vessel specified by a Standard mentioned in paragraph (a); and\n (c) is allocated to the watercraft by:\n (i) a registration authority of a State or Territory; or\n (ii) a person authorised by a registration authority of a State or Territory; or\n (iii) the watercraft’s manufacturer; and\n (d) appears to uniquely identify the watercraft.\n\n> manufacturer’s number, for an aircraft or motor vehicle, or an outboard motor to which regulation 9.1 applies, means the numbers or letters, or both, that:\n\n (a) are permanently attached to or stamped on a permanent part of the aircraft, motor vehicle or outboard motor by its manufacturer; and\n (b) appears to uniquely identify the aircraft, motor vehicle or outboard motor.\n\n> migrated security interest has the meaning given by section 332 of the Act.\n\n> original registration time, for migrated data registered under section 333 of the Act, means the time at which the security interest or prescribed property was first registered on the transitional register.\n\n> outboard motor means an internal combustion engine that:\n\n (a) has a propeller and a manufacturer’s number; and\n (b) is designed to be attached to a boat or vessel; and\n (c) is intended for use to propel a boat or vessel.\n\n> prescribed property means personal property mentioned in subregulation 5.3(1).\n\n> registered scheme has the meaning given by section 9 of the Corporations Act 2001.\n\n> registration time has the meaning given by subsection 160(1) of the Act.\n\n> responsible entity has the meaning given by section 9 of the Corporations Act 2001.\n\n> small aircraft means an aircraft other than an airframe, aircraft engine or helicopter.\n\n> sub‑fund, of a CCIV, has the same meaning as in the Corporations Act 2001.\n\n> vehicle identification number, for a motor vehicle, means a number allocated to the vehicle in accordance with national standards, as in force from time to time, made under the Motor Vehicle Standards Act 1989.\n\n> watercraft means a boat or vessel, other than a seaplane, that:\n\n (a) is used, or intended to be used, in navigation by water or for any other purpose on water; and\n (b) that has:\n (i) a hull identification number; or\n (ii) an official number, within the meaning of the Shipping Registration Regulations 2019, issued by the Registrar of Ships (within the meaning of the Shipping Registration Act 1981).\n\n> Note 1: For the meaning of watercraft, see also regulation 9.1.\n\n> Note 2: Several other words and expressions used in these Regulations have the meaning given by the Act, for example:\n\n ABN\n account\n after‑acquired property\n chattel paper\n crops\n financial property\n goods\n intangible property\n intermediated security\n investment instrument\n livestock\n National Credit Code\n negotiable instrument\n transitional register.\n\n#### 1.7 Meaning of motor vehicle\n\n (1) For the definition of motor vehicle in section 10 of the Act, personal property described in subregulation (2) or (3) is a motor vehicle.\n (2) The personal property:\n (a) is built to be propelled, wholly on land, by a motor that forms part of the property; and\n (b) is capable of a speed of at least 10 km/h; and\n (ba) has one or more motors that have a total power greater than 200 W; and\n (c) has any of the following:\n (i) a vehicle identification number;\n (ii) a chassis number;\n (iii) the manufacturer’s number; and\n (d) does not run on rails, tram lines or other fixed path.\n (3) The personal property:\n (a) is capable, when being towed by, or attached to, a motor vehicle, of travelling at a speed greater than 10 km/h; and\n (b) is a piece of machinery or equipment that is equipped with wheels and designed to be attached to, or towed by, a motor vehicle; and\n (c) has any of the following:\n (i) a vehicle identification number;\n (ii) a chassis number;\n (iii) the manufacturer’s number.\n\n#### 1.8 Meaning of security interest\n\n For paragraph 12(5)(b) of the Act, the extinguishment of a beneficial interest in an account or chattel paper is not a security interest.\n\n#### 1.9 Meaning of PPS lease\n\n (1) For paragraph 13(2)(d) of the Act, a lease or bailment is not a PPS lease if it is part of a pooling arrangement.\n (2) In subregulation (1):\n\n> pooling arrangement means an arrangement that includes one or more hire, lease or bailment arrangements, under which:\n\n (a) goods are pooled for the collective use, from time to time, of the parties to one or more hire, lease or bailment arrangements; and\n (b) none of the hire, lease or bailment arrangements, in substance, secures payment or performance of an obligation; and\n (c) possession of the goods can be passed between multiple users, without the prior approval of the owner, whether or not the goods are passed subject to conditions; and\n (d) like goods that are, by nature or usage of trade, the equivalent of the goods hired, leased or bailed under one of the hire, lease or bailment arrangements can be returned, in place of the goods originally hired, leased or bailed.\n\n#### 1.10 Meaning of investment instrument\n\n For paragraph (i) of the definition of investment instrument in section 10 of the Act, the following financial products are prescribed:\n (a) an Australian carbon credit unit, within the meaning of section 5 of the Carbon Credits (Carbon Farming Initiative) Act 2011;\n (b) a carbon unit, within the meaning of section 5 of the Clean Energy Act 2011;\n (c) each eligible international emissions unit mentioned in paragraphs (a), (b), (c) and (d) of the definition of eligible international emissions unit in section 4 of the Australian National Registry of Emissions Units Act 2011.\n\n## Part 2—General rules for security interests\n\n#### 2.1 Taking motor vehicles free of security interests\n\n Incorrect or missing serial number\n (1) For subsection 45(1) of the Act, a motor vehicle described in regulation 1.7 is prescribed.\n (2) However, in the period that ends at the end of the month that is 24 months after the registration commencement time, a motor vehicle described in regulation 1.7 is taken not to be prescribed for subsection 45(1) of the Act if:\n (a) it is subject to a transitional security interest; and\n (b) before the registration commencement time, it was not possible to register the transitional security interest by serial number on a transitional register of a State or Territory that registered security interests in motor vehicles.\n Taking from prescribed persons\n (3) For subsection 45(3) of the Act, a motor vehicle described in regulation 1.7 is prescribed.\n\n#### 2.2 Taking motor vehicles from prescribed persons\n\n For paragraph 45(3)(b) of the Act, the seller or lessor of a motor vehicle is in a prescribed class if the seller or lessor:\n (a) holds a licence (however described) to deal or trade in that kind of motor vehicle; and\n (b) the licence is issued by a licensing authority in the State or Territory where the sale or lease of the motor vehicle happens.","sortOrder":3},{"sectionNumber":"1.3","sectionType":"section","heading":"Application of the Act to external Territories","content":"#### 1.3 Application of the Act to external Territories\n\n For subsection 7(3) of the Act, the following are external Territories:\n (a) the Territory of Christmas Island;\n (b) the Territory of Cocos (Keeling) Islands.","sortOrder":4},{"sectionNumber":"1.4","sectionType":"section","heading":"Interests to which the Act does not apply","content":"#### 1.4 Interests to which the Act does not apply\n\n (1) For paragraph 8(1)(l) of the Act, the Act does not apply to a right or interest in personal property mentioned in section 260‑5 of Schedule 1 to the Taxation Administration Act 1953.\n (2) For paragraph 8(1)(l) of the Act, the Act does not apply to an interest in an authority, lease, licence or permit of any kind that is created under the Offshore Minerals Act 1994 or the Offshore Petroleum and Greenhouse Gas Storage Act 2006.\n (3) However, subregulation (1A) does not apply to an interest to which paragraph 8(1)(k) of the Act applies.\n (4) For paragraph 8(1)(l) of the Act, the Act does not apply to an interest if the grantor of the interest is a company that is:\n (a) incorporated under the Companies Act 1985 of the Territory of Norfolk Island; and\n (b) not registered under Part 5B.2 of the Corporations Act 2001.\n\n> Note: For the definition of grantor, see section 10 of the Act.\n\n (5) For item 6 of the table in subsection 8(2) of the Act, section 74 of the Act applies to an interest in personal property mentioned in the following provisions of the Act:\n (a) paragraph 8(1)(b);\n (b) paragraph 8(1)(c);\n (c) subparagraph 8(1)(f)(ii);\n (d) subparagraph 8(1)(f)(iv).","sortOrder":5},{"sectionNumber":"1.5","sectionType":"section","heading":"Interests to which the Act applies","content":"#### 1.5 Interests to which the Act applies\n\n (1) For subsection 8(3) of the Act, the Act applies to:\n (a) a mortgage‑backed security; and\n (b) if transferred to a person in connection with the issue by the person of a mortgage‑backed security—a real property mortgage loan.\n (2) In this regulation:\n\n> mortgage‑backed security has the meaning given by section 286 of the Duties Act 2001 (Qld).","sortOrder":6},{"sectionNumber":"Division 3","sectionType":"division","heading":"Definitions","content":"## Part 1—Preliminary\n\n### Division 1—Preliminary\n\n#### 1.1 Name of Regulations\n\n These Regulations are the Personal Property Securities Regulations 2010.\n\n### Division 2—General application of the Act\n\n#### 1.3 Application of the Act to external Territories\n\n For subsection 7(3) of the Act, the following are external Territories:\n (a) the Territory of Christmas Island;\n (b) the Territory of Cocos (Keeling) Islands.\n\n#### 1.4 Interests to which the Act does not apply\n\n (1) For paragraph 8(1)(l) of the Act, the Act does not apply to a right or interest in personal property mentioned in section 260‑5 of Schedule 1 to the Taxation Administration Act 1953.\n (2) For paragraph 8(1)(l) of the Act, the Act does not apply to an interest in an authority, lease, licence or permit of any kind that is created under the Offshore Minerals Act 1994 or the Offshore Petroleum and Greenhouse Gas Storage Act 2006.\n (3) However, subregulation (1A) does not apply to an interest to which paragraph 8(1)(k) of the Act applies.\n (4) For paragraph 8(1)(l) of the Act, the Act does not apply to an interest if the grantor of the interest is a company that is:\n (a) incorporated under the Companies Act 1985 of the Territory of Norfolk Island; and\n (b) not registered under Part 5B.2 of the Corporations Act 2001.\n\n> Note: For the definition of grantor, see section 10 of the Act.\n\n (5) For item 6 of the table in subsection 8(2) of the Act, section 74 of the Act applies to an interest in personal property mentioned in the following provisions of the Act:\n (a) paragraph 8(1)(b);\n (b) paragraph 8(1)(c);\n (c) subparagraph 8(1)(f)(ii);\n (d) subparagraph 8(1)(f)(iv).\n\n#### 1.5 Interests to which the Act applies\n\n (1) For subsection 8(3) of the Act, the Act applies to:\n (a) a mortgage‑backed security; and\n (b) if transferred to a person in connection with the issue by the person of a mortgage‑backed security—a real property mortgage loan.\n (2) In this regulation:\n\n> mortgage‑backed security has the meaning given by section 286 of the Duties Act 2001 (Qld).\n\n### Division 3—Definitions\n\n#### 1.6 Definitions\n\n In these Regulations:\n\n> ACN (short for ‘Australian Company Number’) is the number given by ASIC to a company on registration under the Corporations Act 2001.\n\n> Act means the Personal Property Securities Act 2009.\n\n> agriculture means personal property that is crops or livestock.\n\n> aircraft means:\n\n (a) a machine or craft that:\n (i) can derive support in the atmosphere from the reactions of the air, other than the reactions of the air against the earth’s surface; and\n (ii) has nationality and registration marks assigned to it under the Chicago Convention; or\n (b) an aircraft engine; or\n (c) an airframe; or\n (d) a helicopter.\n\n> aircraft engine has the meaning given by the definition of ‘aircraft engines’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘aircraft engines’:\n\n> Note: “aircraft engines” means aircraft engines (other than those used in military, customs or police services) powered by jet propulsion or turbine or piston technology and:\n\n> Note: (i) in the case of jet propulsion aircraft engines, have at least 1750 lb of thrust or its equivalent; and\n\n> Note: (ii) in the case of turbine‑powered or piston‑powered aircraft engines, have at least 550 rated take‑off shaft horsepower or its equivalent,\n\n> Note: together with all modules and other installed, incorporated or attached accessories, parts and equipment and all data, manuals and records relating thereto.\n\n> Aircraft Protocol means the Protocol on Matters Specific to Aircraft Equipment, done at Cape Town on 16 November 2001.\n\n> Note: The Aircraft Protocol is a Protocol to the Convention on International Interests in Mobile Equipment, done at Cape Town on 16 November 2001.\n\n> airframe has the meaning given by the definition of ‘airframes’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘airframes’:\n\n> Note: “airframes” means airframes (other than those used in military, customs or police services) that, when appropriate aircraft engines are installed thereon, are type certified by the competent aviation authority to transport:\n\n> Note: (i) at least eight (8) persons including crew; or\n\n> Note: (ii) goods in excess of 2750 kilograms,\n\n> Note: together with all installed, incorporated or attached accessories, parts and equipment (other than aircraft engines), and all data, manuals and records relating thereto.\n\n> all present and after‑acquired property means:\n\n (a) personal property over which the grantor has an interest at the registration time for the financing statement for a security interest or prescribed property; and\n (b) personal property acquired after the registration time for the financing statement for the security interest or prescribed property.\n\n> all present and after‑acquired property, except means all present and after‑acquired property, except for an item or class of personal property stated in the financing statement for the interest.\n\n> AML‑CTF Act means the Anti‑Money Laundering and Counter‑Terrorist Financing Act 2006.\n\n> ARBN (short for ‘Australian Registered Body Number’) is the number given by ASIC to a registrable body on registration under Part 5B.2 of the Corporations Act 2001.\n\n> ARFN has the same meaning as in the Corporations Act 2001.\n\n> ARSN (short for ‘Australian Registered Scheme Number’) is the number given by ASIC to a registered scheme on registration under section 601EB of the Corporations Act 2001.\n\n> ASIC means the Australian Securities and Investments Commission.\n\n> Australian Business Register means the register established under section 24 of the A New Tax System (Australian Business Number) Act 1999.\n\n> Note: The Australian Business Register can be viewed at http://www.abr.business.gov.au.\n\n> CCIV has the same meaning as in the Corporations Act 2001.\n\n> chassis number, for a motor vehicle, means the numbers or letters, or both, that:\n\n (a) are attached to or stamped on the vehicle’s chassis by the vehicle’s manufacturer; and\n (b) appears to uniquely identify the vehicle.\n\n> Chicago Convention means the Convention on International Civil Aviation done at Chicago on 7 December 1944, as amended by the Protocols mentioned in subsection 3A(2) of the Air Navigation Act 1920.\n\n> helicopter has the meaning given by the definition of ‘helicopters’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘helicopters’:\n\n> Note: “helicopters” means heavier‑than‑air machines (other than those used in military, customs or police services) supported in flight chiefly by the reactions of the air on one or more power‑driven rotors on substantially vertical axes and which are type certified by the competent aviation authority to transport:\n\n> Note: (i) at least five (5) persons including crew; or\n\n> Note: (ii) goods in excess of 450 kilograms,\n\n> Note: together with all installed, incorporated or attached accessories, parts and equipment (including rotors), and all data, manuals and records relating thereto.\n\n> hull identification number, for a watercraft, means a number that:\n\n (a) is in a form and of a size, specified in one of the following Standards, published by the International Organization for Standardization:\n (i) International Standard No ISO 10087:1995 (E), titled ‘Small craft—Hull identification—Coding system’;\n (ii) International Standard No ISO 10087:2006, titled ‘Small craft—Craft identification—Coding system’; and\n (b) is permanently attached to, and located in the positions on, the hull of a vessel specified by a Standard mentioned in paragraph (a); and\n (c) is allocated to the watercraft by:\n (i) a registration authority of a State or Territory; or\n (ii) a person authorised by a registration authority of a State or Territory; or\n (iii) the watercraft’s manufacturer; and\n (d) appears to uniquely identify the watercraft.\n\n> manufacturer’s number, for an aircraft or motor vehicle, or an outboard motor to which regulation 9.1 applies, means the numbers or letters, or both, that:\n\n (a) are permanently attached to or stamped on a permanent part of the aircraft, motor vehicle or outboard motor by its manufacturer; and\n (b) appears to uniquely identify the aircraft, motor vehicle or outboard motor.\n\n> migrated security interest has the meaning given by section 332 of the Act.\n\n> original registration time, for migrated data registered under section 333 of the Act, means the time at which the security interest or prescribed property was first registered on the transitional register.\n\n> outboard motor means an internal combustion engine that:\n\n (a) has a propeller and a manufacturer’s number; and\n (b) is designed to be attached to a boat or vessel; and\n (c) is intended for use to propel a boat or vessel.\n\n> prescribed property means personal property mentioned in subregulation 5.3(1).\n\n> registered scheme has the meaning given by section 9 of the Corporations Act 2001.\n\n> registration time has the meaning given by subsection 160(1) of the Act.\n\n> responsible entity has the meaning given by section 9 of the Corporations Act 2001.\n\n> small aircraft means an aircraft other than an airframe, aircraft engine or helicopter.\n\n> sub‑fund, of a CCIV, has the same meaning as in the Corporations Act 2001.\n\n> vehicle identification number, for a motor vehicle, means a number allocated to the vehicle in accordance with national standards, as in force from time to time, made under the Motor Vehicle Standards Act 1989.\n\n> watercraft means a boat or vessel, other than a seaplane, that:\n\n (a) is used, or intended to be used, in navigation by water or for any other purpose on water; and\n (b) that has:\n (i) a hull identification number; or\n (ii) an official number, within the meaning of the Shipping Registration Regulations 2019, issued by the Registrar of Ships (within the meaning of the Shipping Registration Act 1981).\n\n> Note 1: For the meaning of watercraft, see also regulation 9.1.\n\n> Note 2: Several other words and expressions used in these Regulations have the meaning given by the Act, for example:\n\n ABN\n account\n after‑acquired property\n chattel paper\n crops\n financial property\n goods\n intangible property\n intermediated security\n investment instrument\n livestock\n National Credit Code\n negotiable instrument\n transitional register.\n\n#### 1.7 Meaning of motor vehicle\n\n (1) For the definition of motor vehicle in section 10 of the Act, personal property described in subregulation (2) or (3) is a motor vehicle.\n (2) The personal property:\n (a) is built to be propelled, wholly on land, by a motor that forms part of the property; and\n (b) is capable of a speed of at least 10 km/h; and\n (ba) has one or more motors that have a total power greater than 200 W; and\n (c) has any of the following:\n (i) a vehicle identification number;\n (ii) a chassis number;\n (iii) the manufacturer’s number; and\n (d) does not run on rails, tram lines or other fixed path.\n (3) The personal property:\n (a) is capable, when being towed by, or attached to, a motor vehicle, of travelling at a speed greater than 10 km/h; and\n (b) is a piece of machinery or equipment that is equipped with wheels and designed to be attached to, or towed by, a motor vehicle; and\n (c) has any of the following:\n (i) a vehicle identification number;\n (ii) a chassis number;\n (iii) the manufacturer’s number.\n\n#### 1.8 Meaning of security interest\n\n For paragraph 12(5)(b) of the Act, the extinguishment of a beneficial interest in an account or chattel paper is not a security interest.\n\n#### 1.9 Meaning of PPS lease\n\n (1) For paragraph 13(2)(d) of the Act, a lease or bailment is not a PPS lease if it is part of a pooling arrangement.\n (2) In subregulation (1):\n\n> pooling arrangement means an arrangement that includes one or more hire, lease or bailment arrangements, under which:\n\n (a) goods are pooled for the collective use, from time to time, of the parties to one or more hire, lease or bailment arrangements; and\n (b) none of the hire, lease or bailment arrangements, in substance, secures payment or performance of an obligation; and\n (c) possession of the goods can be passed between multiple users, without the prior approval of the owner, whether or not the goods are passed subject to conditions; and\n (d) like goods that are, by nature or usage of trade, the equivalent of the goods hired, leased or bailed under one of the hire, lease or bailment arrangements can be returned, in place of the goods originally hired, leased or bailed.\n\n#### 1.10 Meaning of investment instrument\n\n For paragraph (i) of the definition of investment instrument in section 10 of the Act, the following financial products are prescribed:\n (a) an Australian carbon credit unit, within the meaning of section 5 of the Carbon Credits (Carbon Farming Initiative) Act 2011;\n (b) a carbon unit, within the meaning of section 5 of the Clean Energy Act 2011;\n (c) each eligible international emissions unit mentioned in paragraphs (a), (b), (c) and (d) of the definition of eligible international emissions unit in section 4 of the Australian National Registry of Emissions Units Act 2011.\n\n## Part 2—General rules for security interests\n\n#### 2.1 Taking motor vehicles free of security interests\n\n Incorrect or missing serial number\n (1) For subsection 45(1) of the Act, a motor vehicle described in regulation 1.7 is prescribed.\n (2) However, in the period that ends at the end of the month that is 24 months after the registration commencement time, a motor vehicle described in regulation 1.7 is taken not to be prescribed for subsection 45(1) of the Act if:\n (a) it is subject to a transitional security interest; and\n (b) before the registration commencement time, it was not possible to register the transitional security interest by serial number on a transitional register of a State or Territory that registered security interests in motor vehicles.\n Taking from prescribed persons\n (3) For subsection 45(3) of the Act, a motor vehicle described in regulation 1.7 is prescribed.\n\n#### 2.2 Taking motor vehicles from prescribed persons\n\n For paragraph 45(3)(b) of the Act, the seller or lessor of a motor vehicle is in a prescribed class if the seller or lessor:\n (a) holds a licence (however described) to deal or trade in that kind of motor vehicle; and\n (b) the licence is issued by a licensing authority in the State or Territory where the sale or lease of the motor vehicle happens.","sortOrder":7},{"sectionNumber":"1.6","sectionType":"section","heading":"Definitions","content":"#### 1.6 Definitions\n\n In these Regulations:\n\n> ACN (short for ‘Australian Company Number’) is the number given by ASIC to a company on registration under the Corporations Act 2001.\n\n> Act means the Personal Property Securities Act 2009.\n\n> agriculture means personal property that is crops or livestock.\n\n> aircraft means:\n\n (a) a machine or craft that:\n (i) can derive support in the atmosphere from the reactions of the air, other than the reactions of the air against the earth’s surface; and\n (ii) has nationality and registration marks assigned to it under the Chicago Convention; or\n (b) an aircraft engine; or\n (c) an airframe; or\n (d) a helicopter.\n\n> aircraft engine has the meaning given by the definition of ‘aircraft engines’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘aircraft engines’:\n\n> Note: “aircraft engines” means aircraft engines (other than those used in military, customs or police services) powered by jet propulsion or turbine or piston technology and:\n\n> Note: (i) in the case of jet propulsion aircraft engines, have at least 1750 lb of thrust or its equivalent; and\n\n> Note: (ii) in the case of turbine‑powered or piston‑powered aircraft engines, have at least 550 rated take‑off shaft horsepower or its equivalent,\n\n> Note: together with all modules and other installed, incorporated or attached accessories, parts and equipment and all data, manuals and records relating thereto.\n\n> Aircraft Protocol means the Protocol on Matters Specific to Aircraft Equipment, done at Cape Town on 16 November 2001.\n\n> Note: The Aircraft Protocol is a Protocol to the Convention on International Interests in Mobile Equipment, done at Cape Town on 16 November 2001.\n\n> airframe has the meaning given by the definition of ‘airframes’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘airframes’:\n\n> Note: “airframes” means airframes (other than those used in military, customs or police services) that, when appropriate aircraft engines are installed thereon, are type certified by the competent aviation authority to transport:\n\n> Note: (i) at least eight (8) persons including crew; or\n\n> Note: (ii) goods in excess of 2750 kilograms,\n\n> Note: together with all installed, incorporated or attached accessories, parts and equipment (other than aircraft engines), and all data, manuals and records relating thereto.\n\n> all present and after‑acquired property means:\n\n (a) personal property over which the grantor has an interest at the registration time for the financing statement for a security interest or prescribed property; and\n (b) personal property acquired after the registration time for the financing statement for the security interest or prescribed property.\n\n> all present and after‑acquired property, except means all present and after‑acquired property, except for an item or class of personal property stated in the financing statement for the interest.\n\n> AML‑CTF Act means the Anti‑Money Laundering and Counter‑Terrorist Financing Act 2006.\n\n> ARBN (short for ‘Australian Registered Body Number’) is the number given by ASIC to a registrable body on registration under Part 5B.2 of the Corporations Act 2001.\n\n> ARFN has the same meaning as in the Corporations Act 2001.\n\n> ARSN (short for ‘Australian Registered Scheme Number’) is the number given by ASIC to a registered scheme on registration under section 601EB of the Corporations Act 2001.\n\n> ASIC means the Australian Securities and Investments Commission.\n\n> Australian Business Register means the register established under section 24 of the A New Tax System (Australian Business Number) Act 1999.\n\n> Note: The Australian Business Register can be viewed at http://www.abr.business.gov.au.\n\n> CCIV has the same meaning as in the Corporations Act 2001.\n\n> chassis number, for a motor vehicle, means the numbers or letters, or both, that:\n\n (a) are attached to or stamped on the vehicle’s chassis by the vehicle’s manufacturer; and\n (b) appears to uniquely identify the vehicle.\n\n> Chicago Convention means the Convention on International Civil Aviation done at Chicago on 7 December 1944, as amended by the Protocols mentioned in subsection 3A(2) of the Air Navigation Act 1920.\n\n> helicopter has the meaning given by the definition of ‘helicopters’ in the Aircraft Protocol.\n\n> Note: The Aircraft Protocol contains the following definition of ‘helicopters’:\n\n> Note: “helicopters” means heavier‑than‑air machines (other than those used in military, customs or police services) supported in flight chiefly by the reactions of the air on one or more power‑driven rotors on substantially vertical axes and which are type certified by the competent aviation authority to transport:\n\n> Note: (i) at least five (5) persons including crew; or\n\n> Note: (ii) goods in excess of 450 kilograms,\n\n> Note: together with all installed, incorporated or attached accessories, parts and equipment (including rotors), and all data, manuals and records relating thereto.\n\n> hull identification number, for a watercraft, means a number that:\n\n (a) is in a form and of a size, specified in one of the following Standards, published by the International Organization for Standardization:\n (i) International Standard No ISO 10087:1995 (E), titled ‘Small craft—Hull identification—Coding system’;\n (ii) International Standard No ISO 10087:2006, titled ‘Small craft—Craft identification—Coding system’; and\n (b) is permanently attached to, and located in the positions on, the hull of a vessel specified by a Standard mentioned in paragraph (a); and\n (c) is allocated to the watercraft by:\n (i) a registration authority of a State or Territory; or\n (ii) a person authorised by a registration authority of a State or Territory; or\n (iii) the watercraft’s manufacturer; and\n (d) appears to uniquely identify the watercraft.\n\n> manufacturer’s number, for an aircraft or motor vehicle, or an outboard motor to which regulation 9.1 applies, means the numbers or letters, or both, that:\n\n (a) are permanently attached to or stamped on a permanent part of the aircraft, motor vehicle or outboard motor by its manufacturer; and\n (b) appears to uniquely identify the aircraft, motor vehicle or outboard motor.\n\n> migrated security interest has the meaning given by section 332 of the Act.\n\n> original registration time, for migrated data registered under section 333 of the Act, means the time at which the security interest or prescribed property was first registered on the transitional register.\n\n> outboard motor means an internal combustion engine that:\n\n (a) has a propeller and a manufacturer’s number; and\n (b) is designed to be attached to a boat or vessel; and\n (c) is intended for use to propel a boat or vessel.\n\n> prescribed property means personal property mentioned in subregulation 5.3(1).\n\n> registered scheme has the meaning given by section 9 of the Corporations Act 2001.\n\n> registration time has the meaning given by subsection 160(1) of the Act.\n\n> responsible entity has the meaning given by section 9 of the Corporations Act 2001.\n\n> small aircraft means an aircraft other than an airframe, aircraft engine or helicopter.\n\n> sub‑fund, of a CCIV, has the same meaning as in the Corporations Act 2001.\n\n> vehicle identification number, for a motor vehicle, means a number allocated to the vehicle in accordance with national standards, as in force from time to time, made under the Motor Vehicle Standards Act 1989.\n\n> watercraft means a boat or vessel, other than a seaplane, that:\n\n (a) is used, or intended to be used, in navigation by water or for any other purpose on water; and\n (b) that has:\n (i) a hull identification number; or\n (ii) an official number, within the meaning of the Shipping Registration Regulations 2019, issued by the Registrar of Ships (within the meaning of the Shipping Registration Act 1981).\n\n> Note 1: For the meaning of watercraft, see also regulation 9.1.\n\n> Note 2: Several other words and expressions used in these Regulations have the meaning given by the Act, for example:\n\n ABN\n account\n after‑acquired property\n chattel paper\n crops\n financial property\n goods\n intangible property\n intermediated security\n investment instrument\n livestock\n National Credit Code\n negotiable instrument\n transitional register.","sortOrder":8},{"sectionNumber":"1.7","sectionType":"section","heading":"Meaning of motor vehicle","content":"#### 1.7 Meaning of motor vehicle\n\n (1) For the definition of motor vehicle in section 10 of the Act, personal property described in subregulation (2) or (3) is a motor vehicle.\n (2) The personal property:\n (a) is built to be propelled, wholly on land, by a motor that forms part of the property; and\n (b) is capable of a speed of at least 10 km/h; and\n (ba) has one or more motors that have a total power greater than 200 W; and\n (c) has any of the following:\n (i) a vehicle identification number;\n (ii) a chassis number;\n (iii) the manufacturer’s number; and\n (d) does not run on rails, tram lines or other fixed path.\n (3) The personal property:\n (a) is capable, when being towed by, or attached to, a motor vehicle, of travelling at a speed greater than 10 km/h; and\n (b) is a piece of machinery or equipment that is equipped with wheels and designed to be attached to, or towed by, a motor vehicle; and\n (c) has any of the following:\n (i) a vehicle identification number;\n (ii) a chassis number;\n (iii) the manufacturer’s number.","sortOrder":9},{"sectionNumber":"1.8","sectionType":"section","heading":"Meaning of security interest","content":"#### 1.8 Meaning of security interest\n\n For paragraph 12(5)(b) of the Act, the extinguishment of a beneficial interest in an account or chattel paper is not a security interest.","sortOrder":10},{"sectionNumber":"1.9","sectionType":"section","heading":"Meaning of PPS lease","content":"#### 1.9 Meaning of PPS lease\n\n (1) For paragraph 13(2)(d) of the Act, a lease or bailment is not a PPS lease if it is part of a pooling arrangement.\n (2) In subregulation (1):\n\n> pooling arrangement means an arrangement that includes one or more hire, lease or bailment arrangements, under which:\n\n (a) goods are pooled for the collective use, from time to time, of the parties to one or more hire, lease or bailment arrangements; and\n (b) none of the hire, lease or bailment arrangements, in substance, secures payment or performance of an obligation; and\n (c) possession of the goods can be passed between multiple users, without the prior approval of the owner, whether or not the goods are passed subject to conditions; and\n (d) like goods that are, by nature or usage of trade, the equivalent of the goods hired, leased or bailed under one of the hire, lease or bailment arrangements can be returned, in place of the goods originally hired, leased or bailed.","sortOrder":11},{"sectionNumber":"1.10","sectionType":"section","heading":"Meaning of investment instrument","content":"#### 1.10 Meaning of investment instrument\n\n For paragraph (i) of the definition of investment instrument in section 10 of the Act, the following financial products are prescribed:\n (a) an Australian carbon credit unit, within the meaning of section 5 of the Carbon Credits (Carbon Farming Initiative) Act 2011;\n (b) a carbon unit, within the meaning of section 5 of the Clean Energy Act 2011;\n (c) each eligible international emissions unit mentioned in paragraphs (a), (b), (c) and (d) of the definition of eligible international emissions unit in section 4 of the Australian National Registry of Emissions Units Act 2011.","sortOrder":12},{"sectionNumber":"Part 2","sectionType":"part","heading":"General rules for security interests","content":"## Part 2—General rules for security interests","sortOrder":13},{"sectionNumber":"2.1","sectionType":"section","heading":"Taking motor vehicles free of security interests","content":"#### 2.1 Taking motor vehicles free of security interests\n\n Incorrect or missing serial number\n (1) For subsection 45(1) of the Act, a motor vehicle described in regulation 1.7 is prescribed.\n (2) However, in the period that ends at the end of the month that is 24 months after the registration commencement time, a motor vehicle described in regulation 1.7 is taken not to be prescribed for subsection 45(1) of the Act if:\n (a) it is subject to a transitional security interest; and\n (b) before the registration commencement time, it was not possible to register the transitional security interest by serial number on a transitional register of a State or Territory that registered security interests in motor vehicles.\n Taking from prescribed persons\n (3) For subsection 45(3) of the Act, a motor vehicle described in regulation 1.7 is prescribed.","sortOrder":14},{"sectionNumber":"2.2","sectionType":"section","heading":"Taking motor vehicles from prescribed persons","content":"#### 2.2 Taking motor vehicles from prescribed persons\n\n For paragraph 45(3)(b) of the Act, the seller or lessor of a motor vehicle is in a prescribed class if the seller or lessor:\n (a) holds a licence (however described) to deal or trade in that kind of motor vehicle; and\n (b) the licence is issued by a licensing authority in the State or Territory where the sale or lease of the motor vehicle happens.","sortOrder":15},{"sectionNumber":"Part 3","sectionType":"part","heading":"Specific rules for certain security interests","content":"## Part 3—Specific rules for certain security interests\n\n> Note: This Part heading is reserved for future use.","sortOrder":16},{"sectionNumber":"Part 4","sectionType":"part","heading":"Enforcement of security interests","content":"## Part 4—Enforcement of security interests","sortOrder":17},{"sectionNumber":"4.1","sectionType":"section","heading":"Relationship with consumer credit legislation","content":"#### 4.1 Relationship with consumer credit legislation\n\n For subsection 119(2) of the Act, a provision in Chapter 4 of the Act mentioned in an item of the table is taken to have been complied with, in the circumstances for the Act mentioned in the item, if a provision of the National Credit Code (the NCC) mentioned in the item has been complied with, in the circumstances for the NCC mentioned in the item.\n\n| Item | Provision of Act | Circumstances for Act | Provision of NCC | Circumstances for NCC |\n| ---- | -------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Section 130 | At least 10 business days before collateral is to be disposed of, the secured party gives notice to the grantor and to any secured party with a higher priority | Section 102 | Within 14 days after taking possession of collateral under a mortgage, the secured party provides a notice to the debtor, and does not sell the goods within 21 days after providing the notice |\n| 2 | Sections 128 and 131 | After seizing collateral, a secured party disposes of the collateral by sale, lease or licence, having first obtained the market value or, if the collateral does not have a market value, the best price reasonably available | Section 104 | An outstanding obligation has not been paid within 21 days after receiving a notice under section 102 of the National Credit Code and the secured party sells the goods, in accordance with section 103, for at least the estimated value, to a nominated person or to another person for the best price reasonably available |\n| 3 | Section 132 | After the sale of mortgaged goods, a secured party, on request by the grantor, higher secured parties and the debtor, gives a notice that contains the following information:(a) the total amount received from the sale;(b) the enforcement expenses, amounts paid to other secured parties;(c) amounts paid to other secured parties;(d) the balance owing to the grantor or by the debtor to the secured party | Subsection 104(3) | After the sale of mortgaged goods, a secured party gives the mortgagor a notice that contains the following information:(a) the gross amount realised;(b) the net proceeds of the sale;(c) the amount required to pay out the credit contract;(d) any further recovery action that the secured party intends to take against the grantor;(e) any other information prescribed by these Regulations |\n| 4 | Section 140 | A secured party distributes funds received in the following order:(a) interests with a higher priority;(b) enforcement costs;(c) higher ranking security interests;(d) the secured interests of the enforcing party;(e) lower priority security interests;(f) the grantor | Section 105 | A secured party deducts the following amounts from any money received from a sale:(a) the secured amount that is outstanding;(b) the amount payable to discharge any prior mortgage;(c) the amounts payable to discharge any subsequent mortgages of which the secured party has notice;(d) the secured party’s reasonable enforcement expenses |","sortOrder":18},{"sectionNumber":"Part 5","sectionType":"part","heading":"Personal Property Securities Register","content":"## Part 5—Personal Property Securities Register","sortOrder":19},{"sectionNumber":"5.1","sectionType":"section","heading":"Access to register","content":"#### 5.1 Access to register\n\n For paragraph 147(4)(b) of the Act, the Registrar may suspend the operation of the register for up to 4 hours, after giving notice of the suspension in accordance with subsection 147(6) of the Act at least 7 days before the suspension.","sortOrder":20},{"sectionNumber":"5.2","sectionType":"section","heading":"Notification of suspension of access to register","content":"#### 5.2 Notification of suspension of access to register\n\n For paragraph 147(6)(a) of the Act, the Registrar must publish the notice on a website maintained by the Registrar on the Internet.","sortOrder":21},{"sectionNumber":"5.3","sectionType":"section","heading":"What the register contains","content":"#### 5.3 What the register contains\n\n (1) For paragraph 148(c) of the Act, the following types of personal property are prescribed:\n (a) a motor vehicle that has been impounded, immobilised or forfeited, or is subject to an impoundment, immobilisation or forfeiture application, under a law that provides for impoundment, immobilisation or forfeiture of a motor vehicle because it is being used, or has been used, in the commission of certain offences;\n (b) personal property that is subject to a notice or an order, or is confiscated or forfeited, under a provision of a proceeds of crime law;\n (c) personal property that is subject to an order of a court or tribunal (however described) that:\n (i) prevents or restricts a person dealing with the property; or\n (ii) enforces another court order (however described); or\n (iii) orders the sale or other disposal of all or part of the property;\n (d) personal property that:\n (i) is not mentioned in paragraph (a), (b) or (c); and\n (ii) immediately before the registration commencement time, could have been registered on a transitional register maintained under a law of the Commonwealth, a State or a Territory.\n\n> Note: For subparagraph (d)(ii), transitional register has the meaning given by section 330 of the Act.\n\n (2) In this regulation:\n\n> court order does not include an order made under a proceeds of crime law.\n\n> proceeds of crime law means:\n\n (a) the Mutual Assistance in Criminal Matters Act 1987; or\n (b) the Proceeds of Crime Act 1987; or\n (c) the Proceeds of Crime Act 2002; or\n (d) a law of a State or Territory that is a corresponding law within the meaning given by section 338 of the Proceeds of Crime Act 2002.","sortOrder":22},{"sectionNumber":"5.4","sectionType":"section","heading":"Prohibited registration","content":"#### 5.4 Prohibited registration\n\n (1) For paragraph 150(3)(d) of the Act, the following registrations are prohibited:\n (a) a registration of a financing statement or a financing change statement for a motor vehicle mentioned in paragraph 5.3(1)(a), if the application for registration is made by a person other than:\n (i) a police commissioner; or\n (ii) a person authorised to register personal property on a transitional register; or\n (iii) a person authorised by a relevant agency to register data in relation to prescribed property;\n (b) a registration of a financing statement or a financing change statement for personal property mentioned in paragraph 5.3(1)(b), if the application for registration is made by a person other than:\n (i) a proceeds of crime authorised person; or\n (ii) a person authorised to register personal property on a transitional register; or\n (iii) a person authorised by a relevant agency to register data in relation to prescribed property;\n (c) a registration of a financing statement or a financing change statement for personal property that is subject to an order of a court or tribunal (however described) mentioned in paragraph 5.3(1)(c), if the application for registration is made by a person other than:\n (i) the person who applied for the order; or\n (ii) if the order was made on the court’s own initiative—the person in whose favour the order is made;\n (d) a registration of a financing statement or a financing change statement for personal property that is mentioned in paragraph 5.3(1)(d), if the application for registration is made by a person other than:\n (i) a person authorised to register personal property on a transitional register; or\n (ii) a person authorised by a relevant agency to register data in relation to prescribed property;\n (e) a registration of a financing statement or a financing change statement for property prescribed under paragraph 148(c) of the Act, if the registration is in relation to a security interest in the property.\n (2) In this regulation:\n\n> court order does not include an order made under a proceeds of crime law.\n\n> police commissioner means:\n\n (a) the Commissioner of the Australian Federal Police; or\n (b) the head (however described) of the police force or service of a State or Territory.\n\n> proceeds of crime authorised person means:\n\n (a) an appropriate officer under the Proceeds of Crime Act 1987; or\n (b) an authorised officer under the Proceeds of Crime Act 2002; or\n (c) an authorised person (however described) under a law of a State or Territory that is a corresponding law within the meaning of the Proceeds of Crime Act 2002, whose duties correspond to the duties of an authorised officer under that Act.\n\n> proceeds of crime law means:\n\n (a) the Mutual Assistance in Criminal Matters Act 1987; or\n (b) the Proceeds of Crime Act 1987; or\n (c) the Proceeds of Crime Act 2002; or\n (d) a law of a State or Territory that is a corresponding law within the meaning of the Proceeds of Crime Act 2002.\n\n> relevant agency means an agency that administers:\n\n (a) a law of the Commonwealth, a State or a Territory that establishes a transitional register; or\n (b) any other law of the Commonwealth, a State or a Territory that provides for registration of personal property on a transitional register.","sortOrder":23},{"sectionNumber":"5.5","sectionType":"section","heading":"Financing statements","content":"#### 5.5 Financing statements\n\n (1) Schedule 1 sets out matters prescribed for items of the table in subsection 153(1) of the Act.\n (2) Schedule 2 sets out matters prescribed for items of the table in section 154 of the Act.","sortOrder":24},{"sectionNumber":"5.6","sectionType":"section","heading":"Verification statements—publication as alternative","content":"#### 5.6 Verification statements—publication as alternative\n\n (1) For subsection 158(1) of the Act, the Registrar may publish a verification statement by publishing the statement on a website maintained by the Registrar on the Internet.\n (2) A statement published under subregulation (1) must not include the date of birth of a grantor.","sortOrder":25},{"sectionNumber":"5.7","sectionType":"section","heading":"Access to the register prohibited","content":"#### 5.7 Access to the register prohibited\n\n (1) For paragraph 170(3)(d) of the Act, access to data on the register is prohibited if:\n (a) a court has ordered that access to the data is not permitted; or\n (b) the Registrar considers that it is in the public interest that access to the data should not be permitted.\n (2) For paragraph (1)(b), the Registrar must take into account the following matters:\n (a) whether it is necessary to prevent or lessen a serious and imminent threat to the life or health of the individual whose personal details are recorded in the financing statement or of another person;\n (b) the interests of a person undertaking a search authorised by section 171 or 172 of the Act;\n (c) the interests of the secured party in ensuring that notice of the security interest is accessible by authorised searchers;\n (d) whether, in all the circumstances, the public interest in protecting the privacy of the individual grantor’s information outweighs the public interest in providing access to data.","sortOrder":26},{"sectionNumber":"5.8","sectionType":"section","heading":"Search—criteria","content":"#### 5.8 Search—criteria\n\n For subsection 171(2) of the Act, the method by which the results of a search are to be worked out must allow for case‑insensitive searching.","sortOrder":27},{"sectionNumber":"5.8A Access to third party data—third pa","sectionType":"section","heading":"5.8A Access to third party data—third party","content":"#### 5.8A Access to third party data—third party\n\n For subsection 176C(1) of the Act, Austroads Ltd (ABN 16 245 787 323) is a prescribed person.\n\n> Note: Under subsection 176C(1) of the Act, a prescribed person becomes a ‘third party’. The Registrar may make an arrangement with a third party so that actions mentioned in the subsection, relating to data held by the third party, may be taken.","sortOrder":28},{"sectionNumber":"5.9","sectionType":"section","heading":"Administrative process—statements in relation to amendment demand","content":"#### 5.9 Administrative process—statements in relation to amendment demand\n\n For paragraph 180(3)(b) of the Act, the following statements must be made on the form:\n (a) that the person has given an amendment demand to the secured party, as required by section 178 of the Act;\n (b) that the amendment demand was given at least 5 business days before the day that the statement was given to the Registrar;\n (c) that:\n (i) no collateral described in the registration secures any obligation (including a payment) owed by a debtor to the secured party; or\n (ii) the collateral in which the person has an interest does not secure any obligation (including a payment) owed by a debtor to the secured party;\n (d) that:\n (i) the approved form is accompanied by any written response to the amendment demand received from the secured party; or\n (ii) no written response was received from the secured party;\n (e) that there are no proceedings currently before a court (including a court of appeal) that relate to the amendment demanded;\n (f) that the person will notify the Registrar if proceedings that relate to the amendment demanded come before a court (including a court of appeal);\n (g) that the security agreement providing for the security interest is not an instrument or other document:\n (i) by which a person issues or guarantees, or provides for the issue or guarantee of, an obligation secured by a security interest; or\n (ii) in which another person is appointed as trustee for the person to whom the obligation secured by the security interest is owed;\n (h) that the information contained in the form is correct.","sortOrder":29},{"sectionNumber":"5.10","sectionType":"section","heading":"Removal of data","content":"#### 5.10 Removal of data\n\n (1) For paragraph 184(1)(c) of the Act, the Registrar may remove data from the register if the removal of the data is required by a court order.\n (2) For subparagraph 184(1)(e)(ii) of the Act, removal of data is required urgently if a court order requires the data to be removed urgently.","sortOrder":30},{"sectionNumber":"Part 6","sectionType":"part","heading":"Judicial proceedings","content":"## Part 6—Judicial proceedings\n\n> Note: This Part heading is reserved for future use.","sortOrder":31},{"sectionNumber":"Part 7","sectionType":"part","heading":"Operation of laws","content":"## Part 7—Operation of laws","sortOrder":32},{"sectionNumber":"7.1","sectionType":"section","heading":"Concurrent operation of provisions of Corporations Act 2001—resolution of inconsistency","content":"#### 7.1 Concurrent operation of provisions of Corporations Act 2001—resolution of inconsistency\n\n For subsection 255(1) of the Act, paragraph 32(1)(a) of the Act does not apply to a matter set out in the table.\n\n| Item | Matter |\n| ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | A compromise or arrangement, under Part 5.1 of the Corporations Act 2001, that provides for the transfer or cancellation of securities |\n| 2 | A resolution, under section 601GC of the Corporations Act 2001, that provides for transfer or cancellation of interests in a registered managed investment scheme |\n| 3 | A compulsory acquisition of securities under Part 6A.1 or 6A.2 of the Corporations Act 2001 |","sortOrder":33},{"sectionNumber":"Part 8","sectionType":"part","heading":"Miscellaneous","content":"## Part 8—Miscellaneous\n\n> Note: This Part heading is reserved for future use.","sortOrder":34},{"sectionNumber":"Part 9","sectionType":"part","heading":"Transitional provisions","content":"## Part 9—Transitional provisions","sortOrder":35},{"sectionNumber":"9.1","sectionType":"section","heading":"Transitional meaning of watercraft","content":"#### 9.1 Transitional meaning of watercraft\n\n The definition of watercraft in regulation 1.6 includes an outboard motor that has a manufacturer’s number if:\n (a) the outboard motor is subject to a transitional security interest; and\n (b) before the registration commencement time, the outboard motor was registered on a transitional register, under legislation that conferred priority on security interests that are registered.","sortOrder":36},{"sectionNumber":"9.2","sectionType":"section","heading":"Temporary perfection rule—exception","content":"#### 9.2 Temporary perfection rule—exception\n\n (1) For subsection 322(3) of the Act, a transitional security interest is prescribed if, before the registration commencement time it was:\n (a) registrable on a transitional register, under legislation that conferred priority on security interests that are registered; and\n (b) not registered.\n (2) Subregulation (1) does not apply to a transitional security interest if:\n (a) it is a charge that, under section 262 of the Corporations Act 2001, is required to be registered; and\n (b) for subsection 265(9) of Corporations Act 2001, it is taken not to have been registered.","sortOrder":37},{"sectionNumber":"9.3","sectionType":"section","heading":"Sunset of Part 9","content":"#### 9.3 Sunset of Part 9\n\n This Part ceases to have effect after the end of the month that is 24 months after the registration commencement time.","sortOrder":38},{"sectionNumber":"1.2","sectionType":"section","heading":"Individual secured party or grantor","content":"#### 1.2 Individual secured party or grantor\n\n (1) For items 1 and 2 of the table in subsection 153(1) of the Act, this clause applies if the secured party or grantor is an individual.\n (2) The details mentioned in each item of the table, from the source mentioned for the item, are prescribed for the individual mentioned in the item.\n (3) For subclause (2), the prescribed details are the details mentioned in the item of the table that:\n (a) applies to the individual; and\n (b) has the lowest item number.\n (4) For a grantor, in addition to the details mentioned in each item of the table, the grantor’s date of birth is prescribed.\n (5) The source for a grantor’s date of birth is the source in an item of the table that:\n (a) includes details of dates of birth; and\n (b) applies to the grantor; and\n (c) has the lowest item number.\n (6) Item 1 of the table applies only to a registration by the Registrar under subsection 333(2) of the Act.\n\n| Item | Individual | Details | Source |\n| ---- | -------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------ |\n| 1 | Individual whose details are recorded in a transitional register, for a migrated security interest | Individual’s surname and given names, as recorded on the transitional register | Transitional register |\n| 2 | Individual grantor who is known to the secured party, because of the operation of the AML‑CTF Act | Individual’s surname and given names, as known to the secured party, because of the operation of the AML‑CTF Act | Current data known by the secured party, because of the operation of the AML‑CTF Act |\n| 3 | Individual who holds a current driver’s licence | Individual’s surname and given names, as recorded on the individual’s driver’s licence | Current driver’s licence issued by a State or Territory licensing authority to the individual |\n| 4 | Individual who holds a current proof of identity or current proof of age card | Individual’s surname and given names, as recorded on a proof of identity or proof of age card issued by a State or Territory body | Current proof of identity or current proof of age card issued by a State or Territory body to the individual |\n| 5 | Individual who holds a current Australian passport | Individual’s surname and given names, as recorded on the individual’s current Australian passport | Current Australian passport issued to the individual |\n| 6 | Individual who holds a current visa, issued by the Australian Government | Individual’s surname and given names, as recorded on the individual’s current Australian visa | Current Australian visa issued for the individual |\n| 7 | Individual who holds a current passport other than an Australian passport | Individual’s surname and given names, as recorded on the individual’s current passport issued by the jurisdiction in which the individual ordinarily resides | Current passport issued by the jurisdiction in which the individual ordinarily resides |\n| 8 | Any other individual | Individual’s surname and given names, as recorded on the individual’s birth certificate | Birth certificate issued for the individual |","sortOrder":41},{"sectionNumber":"2.3","sectionType":"section","heading":"Classes of collateral","content":"#### 2.3 Classes of collateral\n\n (1) For paragraph (c) of item 4 of the table in subsection 153(1) of the Act, the following classes of collateral are prescribed:\n (a) agriculture;\n (b) aircraft;\n (c) all present and after‑acquired property;\n (d) all present and after‑acquired property, except;\n (e) financial property;\n (f) intangible property;\n (g) motor vehicles;\n (h) other goods;\n (i) watercraft.\n (2) In paragraph (1)(h):\n\n> other goods means personal property that is goods, other than agriculture, aircraft, motor vehicles and watercraft.","sortOrder":49},{"sectionNumber":"2.4","sectionType":"section","heading":"Description of proceeds","content":"#### 2.4 Description of proceeds\n\n For paragraph (d) of item 4 of the table in subsection 153(1) of the Act, a description of proceeds must describe proceeds:\n (a) as all present and after‑acquired property; or\n (b) for a particular item of personal property—in a way that identifies the item, including identifying a class to which the item belongs; or\n (c) for a class of personal property—in a way that identifies the class, including identifying the class by identifying a larger class of personal property that wholly includes the class.","sortOrder":50},{"sectionNumber":"3.1","sectionType":"section","heading":"Purchase money security interest","content":"#### 3.1 Purchase money security interest\n\n For item 7 of the table in subsection 153(1) of the Act, property is in a prescribed class of collateral if the collateral can be subject to a purchase money security interest under section 14 of the Act.","sortOrder":52},{"sectionNumber":"2.5","sectionType":"section","heading":"Bodies politic","content":"#### 2.5 Bodies politic\n\n (1) For item 1 of the table in section 154 of the Act, this clause applies if a body politic holds or has an interest in prescribed property.\n (2) The details mentioned in each item of the table, from the source mentioned for the item, are prescribed for the body politic mentioned in the item.\n (3) For subclause (2), the prescribed details are the details mentioned in the item of the table that:\n (a) applies to the body politic; and\n (b) has the lowest item number.\n\n| Item | Body politic | Details | Source |\n| ---- | -------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------- | ---------------------------- |\n| 1 | Body politic for which details have been included on the transitional register, for migrated data | Body politic details, as recorded on the transitional register | Transitional register |\n| 2 | Body politic that holds prescribed property in course of, or for, an enterprise for which an ABN has been given | ABN | Australian Business Register |\n| 3 | Body politic that holds prescribed property other than in course of, or for, an enterprise for which an ABN has been given | Name of body politic, as provided for in constitution of body politic | Constitution of body politic |","sortOrder":62}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.6","source":"moonshot-batch-reanalyse","citationCount":17,"completionTokens":2308},"content_quality":"ok","complexity_score":8,"scope_assessment":{"changed":true,"description":"Originally intended as machinery regulations for the PPS Act, the instrument has broadened significantly. It now implements international aviation treaty obligations (Cape Town Convention), incorporates carbon-trading instruments (Clean Energy Act and Carbon Credits Act), links to anti-money laundering identity verification (AML-CTF Act), and prescribes detailed register interactions with ASIC and the Australian Business Register. This expansion moves the regulations well beyond simple administrative support into substantive harmonisation of environmental markets, international security interests, and financial sector compliance."},"complexity_factors":["Over 30 defined terms in regulation 1.6, many importing definitions from external treaties (Cape Town Aircraft Protocol) and other Commonwealth statutes","Extensive cross-referencing to the PPS Act 2009, Corporations Act 2001, Taxation Administration Act 1953, and anti-money laundering laws","Two detailed schedules with hierarchical tables prescribing registration identifiers for individuals, bodies corporate, partners, trustees and bodies politic","Conditional serial-number description rules that differ based on whether collateral is consumer or commercial property","Time-limited transitional exceptions and migration rules for pre-existing state-registered security interests","Nested exceptions for prohibited registrations involving impounded vehicles, proceeds of crime, and court orders"],"plain_english_summary":"These regulations are the practical ‘rule book’ that makes the *Personal Property Securities Act 2009* work day-to-day.\n\n**What they do:**\n- **Define key assets** — They spell out exactly what counts as a **motor vehicle**, **aircraft** (including engines, airframes and helicopters by referencing an international aviation treaty), **watercraft**, and **investment instrument** (which now includes carbon credit units and emissions trading units).\n- **Set the boundaries** — They list interests the Act does **not** cover, such as certain tax-related property rights, offshore mining and petroleum permits, and companies incorporated under old Norfolk Island law. They also confirm the Act *does* apply to mortgage-backed securities.\n- **Protect buyers of motor vehicles** — They say when a buyer can take a car free of an existing security interest, including a temporary 24-month grace period for old registrations that lacked serial numbers.\n- **Run the national register** — They prescribe what goes on the Personal Property Securities Register, who can search it, how financing statements must describe collateral by serial number or class, and what identity details must be provided for individuals, companies, partners, trustees and government bodies.\n- **Transitional rules** — They provide a limited window for migrating old state-based security interest registrations onto the new national system.\n\n**Why they matter:** If you lend money secured against personal property (cars, boats, shares, crops), or if you buy those assets, these rules determine whether your interest is valid, searchable, and enforceable against everyone else."},"flash_summary":{"complexity_score":9,"scope_assessment":{"changed":true,"description":"The original Regulations (2010) were relatively modest, primarily providing definitions, transitional rules, and basic registration requirements. Over time, the scope has expanded significantly: multiple amendments added detailed rules for aircraft equipment following the Cape Town Convention, new classes of collateral like carbon credits and investment instruments, complex identification hierarchies for individuals and bodies corporate, and extensive provisions for court orders and proceeds-of-crime registrations. The initial intent was to support the PPS Act's operation; the current version now covers far more asset types and procedural details than originally envisioned."},"complexity_factors":["Over 60 defined terms, many cross-referenced to other Acts or international treaties (e.g., Aircraft Protocol, Chicago Convention).","Extensive use of nested exceptions and conditions (e.g., regulation 1.4 has multiple subregulations applying to different exclusions).","Two detailed schedules covering financing statement requirements for security interests and prescribed property, each with multiple tables and hierarchical rules.","Transitional provisions that apply only for a limited period (24 months) and depend on state/territory registers and migration data.","Cross-references to 15+ other Commonwealth Acts (e.g., Corporations Act, AML/CTF Act, various revenue Acts).","Conditional logic such as 'lowest item number applies' in identification tables (Schedule 1, clauses 1.2-1.6).","Multiple parts and divisions, some reserved for future use, adding structural complexity.","Rules that differ for consumer vs commercial property (e.g., mandatory vs optional serial number description)."],"plain_english_summary":"The **Personal Property Securities Regulations 2010** is a set of detailed rules that support the Personal Property Securities Act 2009. This Act and Regulations together create a national online register for security interests in personal property (assets other than land, like cars, machinery, livestock, or intellectual property). \n\n**What it does:**\n- It specifies which types of property and interests are covered by the Act, and which are not (e.g., certain tax debts, offshore mining licences).\n- It defines key terms like \"motor vehicle\", \"watercraft\", \"aircraft\", \"investment instrument\", and \"PPS lease\" (a lease that is treated like a security interest).\n- It sets out rules for registering security interests on the Personal Property Securities Register (PPSR), including what information must be provided (e.g., serial numbers for vehicles, identification details for individuals or companies).\n- It contains special rules for taking motor vehicles free of hidden security interests, and for dealing with transitional interests that existed before the register started.\n- It aligns enforcement rules with the National Credit Code for consumer loans.\n- It allows certain government agencies to register property that is impounded or subject to proceeds-of-crime orders.\n\n**Who it affects:**\n- Lenders and financiers who take security over personal property (e.g., banks, equipment lessors).\n- Businesses and individuals who borrow money or give security over assets (called \"grantors\").\n- Buyers of second-hand goods, especially motor vehicles, who need to check for existing interests.\n- Lawyers, insolvency practitioners, and anyone involved in commercial transactions.\n\n**Why it matters:**\nThe Regulations determine who has priority if a borrower defaults and there are multiple claims over the same asset. They make the system more predictable and transparent by requiring registration of most security interests. A failure to comply with these rules (e.g., not registering correctly) can result in losing the security interest to another creditor or a buyer."}},"importantCases":[],"_links":{"self":"/api/acts/personal-property-securities-regulations-2010","history":"/api/acts/personal-property-securities-regulations-2010/history","analysis":"/api/acts/personal-property-securities-regulations-2010/analysis","conflicts":"/api/acts/personal-property-securities-regulations-2010/conflicts","importantCases":"/api/acts/personal-property-securities-regulations-2010/important-cases","documents":"/api/acts/personal-property-securities-regulations-2010/documents"}}