51FMeaning of PPSA retention of title property

#### 51F Meaning of PPSA retention of title property Definition (1) Property is PPSA retention of title property (short for Personal Property Securities Act retention of title property) of a corporation if: (a) the property is personal property; and (b) the property is used or occupied by, or is in the possession of, the corporation; and (c) the corporation does not have title to the property; and (d) a PPSA security interest is attached to the property, within the meaning of the Personal Property Securities Act 2009; and (e) the corporation is the grantor in relation to the PPSA security interest, within the meaning of that Act. > Note: Examples: The following personal property is PPSA retention of title property if a PPSA security interest attaches to the property by virtue of the transaction concerned, and the grantor is a corporation: (a) property that is the subject of an agreement to sell subject to retention of title, or a hire purchase agreement, that secures the payment or performance of an obligation (see subsection 12(2) of the Personal Property Securities Act 2009); (b) property that is the subject of a lease, or a consignment agreement, that secures the payment or performance of an obligation (see subsection 12(2) of the Personal Property Securities Act 2009); (c) goods that are the subject of a commercial consignment (see subsection 12(3) of the Personal Property Securities Act 2009); (d) goods that are leased or bailed under a PPS lease (see subsection 12(3) of the Personal Property Securities Act 2009). References to property of a corporation (2) A reference in this Act to the property of a corporation does not include a reference to any PPSA retention of title property of the corporation, unless provided otherwise expressly or by necessary implication. > Note: See also the definition of property in section 9. References to property of a sub‑fund of a CCIV (3) A reference in a provision of this Act to property of a sub‑fund of a CCIV (including a substituted reference provided for by Part 8B.6) is a reference to something that is: (a) property of the CCIV (within the meaning of the provision); and (b) an asset of the sub‑fund of the CCIV. > Note: For assets of a sub‑fund of a CCIV, see section 1233H.