Part 32 contains some specific rules relating to agricultural interests (such as security interests in crops and livestock).

Part 3.2 contains some specific rules relating to agricultural interests (such as security interests in crops and livestock). (b) the capacity for a security interest to attach to crops while they are growing, and to the products of livestock, before the crops or products become proceeds (for example, the wool on a sheep’s back before it is shorn); and (c) the priority to be given to security interests in crops (and proceeds) granted to enable the crops to be produced, and security interests in livestock (and proceeds) granted to enable the livestock to be fed and developed. Other provisions of this Act that deal with agricultural interests are subsections 31(4), (5) and (6) (meaning of proceeds of crops and livestock) and Division 6 of Part 4.3 (enforcement of security interests in crops and livestock). (1) A security interest in crops does not prejudicially affect the rights of a lessor or mortgagee of land on which the crops are growing if: (2) Subject to subsection (1), a perfected security interest in crops is not prejudicially affected by a subsequent sale, lease or mortgage of, or other encumbrance on, the land on which the crops are growing. (2) To avoid doubt, a security interest may attach to the products of livestock before they become proceeds (for example, the wool on a sheep’s back before the sheep is shorn). A perfected security interest (the priority interest) that is granted by a grantor in crops or the proceeds of crops has priority over any other security interest that is granted by the same grantor in the same crops or proceeds if: (ii) the crops are planted during the period of 6 months after the day the security agreement providing for the priority interest is made. A perfected security interest (the priority interest) that is granted by a grantor in livestock or the proceeds of livestock has priority over any other security interest (other than a purchase money security interest) that is granted by the same grantor in the same livestock or proceeds if: (i) the livestock are held by the grantor at the time the security agreement providing for the priority interest is made; or (ii) the livestock are acquired by the grantor during the period of 6 months after the day the security agreement providing for the priority interest is made. The Part sets out the priority between an interest (whether or not a security interest) in an accession and the goods to which the accession is affixed. A security interest arising in an accession before it is affixed to goods has priority over a security interest in the goods as a whole. However, there are exceptions relating to interests in the whole created after the accession is affixed and before the security interest in the accession is perfected. A security interest arising in an accession after it is affixed will ordinarily be subordinate to an existing interest in the other goods (unless, for example, the holder of the existing interest agrees otherwise) and to a later interest in the other goods that arises before the interest in the accession is perfected. > Note: However, a person might take an interest in the accession free of the security interest because of another provision of this Act. Except as otherwise provided in this Act, a security interest in goods that is attached at the time when the goods become an accession has priority over a claim to the goods as an accession made by a person with an interest in the whole. The interest of any of the following persons has priority over a security interest in goods that is attached at the time when the goods become an accession: (a) a person who acquires for value an interest in the whole after the goods become an accession, but before the security interest in the accession is perfected; (b) an assignee for value of a person with an interest in the whole at the time when the goods become an accession, but before the security interest in the accession is perfected; (c) a person with a perfected security interest in the whole who makes an advance under the security agreement relating to the security interest after the goods become an accession, but before the security interest in the accession is perfected, and only to the extent of the advance; (d) a person with a perfected security interest in the whole who acquires the right to retain the whole in satisfaction of the obligation secured after the goods become an accession, but before the security interest in the accession is perfected. (b) a person who acquires an interest in the whole after the goods become an accession, but before the security interest in the accession is perfected. A secured party who is entitled to remove an accession under section 123 (seizure of collateral) must remove the accession from the whole in a manner that causes no greater damage to the other goods, or that puts the person in possession of the whole to no greater inconvenience, than is necessarily incidental to the removal of the accession. (1) A person, other than the grantor, who has an interest in the other goods at the time the goods become an accession is entitled to reimbursement for any damage to that person’s interest in the other goods caused by the removal of the accession. (2) Any reimbursement payable under subsection (1) does not include reimbursement for a reduction in the value of the property caused by the absence of the accession or by the necessity of the replacement of the accession. A person entitled to reimbursement under section 93 may refuse permission to remove the accession until the secured party has given adequate security for the reimbursement. (1) A secured party who is entitled to remove an accession from the whole must give notice of the secured party’s intention to remove the accession to each of the following persons in accordance with subsections (2) and (3): (b) if the person has given a written notice to the secured party specifying a smaller number of days to apply for the purposes of this section—at least that number of days before the accession is removed. (c) a statement of the obligation owed to the secured party, and the value of the accession if the accession were removed from the other goods; (d) a statement of intention to remove the accession, unless the obligation secured by the security interest in the accession is discharged, or the value of the accession is paid, before the end of the period to which subsection (2) applies. (5) The secured party is not required to give a notice to a person under subsection (1) if, after the debtor defaults, the person gives written consent to the secured party to remove the accession without receiving a notice. (a) the secured party believes on reasonable grounds that the accession will decline substantially in value if it is not disposed of immediately after default; or (b) the cost of expenses for the retention of the accession that are secured against the accession is disproportionately large in relation to its value. > Note: In addition, a secured party is not required to give a notice in any of the circumstances set out in section 144 (when certain enforcement notices are not required). (7) A person is not entitled to a notice under subsection (1) in relation to an accession to goods only because the person has an interest in another accession to the same goods. A person, other than the grantor, who has an interest in the whole of goods that under this Act is subordinate to a security interest in an accession, may retain the accession if: (a) the obligation to the secured party with a security interest that has priority over all other security interests in the accession is performed; or (b) the secured party mentioned in paragraph (a) is paid the value of the accession at the time of payment, if the accession were to be removed from the goods. A court may, on the application of a person entitled to receive a notice under section 95 (notice of removal of an accession), make an order: A security interest in the original goods continues in the product or mass. The Part sets out perfection and priority rules that apply in this situation. (1) A security interest in goods that subsequently become part of a product or mass continues in the product or mass if the goods are so manufactured, processed, assembled or commingled that their identity is lost in the product or mass. > Note: A person might take an interest in the product or mass free of the security interest because of the operation of another provision of this Act. (2) Without limiting subsection (1), the identity of goods that are manufactured, processed, assembled or commingled is lost in a product or mass if it is not commercially practical to restore the goods to their original state. For the purposes of section 55 (default priority rules), perfection of a security interest in goods that subsequently become part of a product or mass is to be treated as perfection of the security interest in the product or the mass. Any priority that a security interest continuing in the product or mass has over another security interest in the product or mass is limited to the value of the goods on the day on which they became part of the product or mass. (1) A perfected security interest continuing in a product or mass has priority over an unperfected security interest continuing in the same product or mass. (2) If more than one perfected security interest continues in the same product or mass, each perfected security interest is entitled to share in the product or mass according to the ratio that the obligation secured by the perfected security interest bears to the sum of the obligations secured by all perfected security interests in the same product or mass. (3) If more than one unperfected security interest continues in the same product or mass, each unperfected security interest is entitled to share in the product or mass according to the ratio that the obligation secured by the unperfected security interest bears to the sum of the obligations secured by all unperfected security interests in the same product or mass. (4) For the purposes of this section, the obligation secured by a security interest does not exceed the value of the goods on the day on which the goods became part of the product or mass. Despite section 102, a perfected purchase money security interest in goods that continues in the product or mass has priority over: This Part includes some rules with a particular application to security interests in intellectual property and intellectual property licences. If the exercise of rights by a secured party in relation to goods necessarily involves the exercise of intellectual property rights covered by the security interest, this Act applies to the intellectual property rights in the same way as it applies to the goods. The Part also deals with a transfer of intellectual property that is the subject of a licence (or sub‑licence) in which a security interest is granted. The security agreement binds the successors in title to the licensor or sub‑licensor. (1) This Act applies to intellectual property rights (including rights exercisable under an intellectual property licence), in relation to goods, in the same way as it applies to the goods, if: (a) the exercise by a secured party of rights in relation to the goods arising under a security agreement necessarily involves an exercise of the intellectual property rights; and (b) the payment or obligation secured by the security interest is (in addition) secured by a security interest that is attached to the intellectual property rights. (2) For the purposes of this Act, if a registration perfects the security interest in goods mentioned in subsection (1), the following descriptions are taken to include a description of the intellectual property rights concerned, or of an intellectual property licence required to exercise those rights: the security agreement that provides for the security interest binds every successor in title to the licensor of the intellectual property licence to the same extent as the security agreement was binding on the licensor. the security agreement that provides for the security interest binds every successor in title to the licensor of the sub‑licence to the same extent as the security agreement was binding on the licensor. This Chapter deals with how to enforce a security interest in personal property. Parties can contract out of some of the provisions of this Chapter. Security interests in liquid assets can be enforced by giving a notice to the person who owes an amount to the grantor. Other kinds of assets can be seized and disposed of under Part 4.3. A secured party can also retain or purchase the collateral. Proceeds arising from the disposal of collateral must be distributed in accordance with Part 4.4. That Part also contains other rules of general application in relation to the enforcement of security interests. This Part provides general rules about the rights and remedies available to a party to a security agreement for enforcing a security interest in personal property. The Part does not apply to certain kinds of security interests. (c) if the same obligation is secured by both personal property and an interest in land, a secured party may decide to enforce the personal property interest in the same way as the interest in the land would be enforced, or to enforce the security interest under this Chapter; (d) rules for the enforcement of security interests in certain liquid assets (accounts, chattel paper and negotiable instruments) by giving notice to specified persons or seizing proceeds; (3) This Chapter (apart from sections 110, 111, 113 and 140) does not apply in relation to a person who has perfected a security interest in: (4) To avoid doubt, subsection (3) applies whether the person has perfected the security interest only by possession or control, or by another method as well. (5) The following provisions do not apply in relation to collateral that is used by a grantor predominantly for personal, domestic or household purposes: This Act does not derogate in any way from the rights and remedies the following parties to a security agreement have, apart from this Act, against each other in relation to a default by the debtor under the security agreement: (2) A person does not act dishonestly merely because the person acts with actual knowledge of the interest of some other person. (1) In exercising rights and remedies provided by this Chapter, a secured party may deal with collateral only to the same extent as the grantor would be entitled to so deal with the collateral. (a) if the secured party had title to the collateral immediately before starting to exercise any right or remedy provided by this Part; or (b) to the extent that it would otherwise prevent the secured party from dealing with the collateral by way of transfer because a transfer by the grantor would be prohibited or declared to be a default under a security agreement. (3) Without limiting subsection (1), under this Chapter a secured party may only seize, purchase or dispose of a licence subject to: The fact that a secured party has recovered judgment, or issued execution, against a grantor in relation to collateral does not extinguish the security interest in the collateral. (1) The parties to a security agreement that provides for a security interest in collateral that is not used predominantly for personal, domestic or household purposes may contract out of the following provisions in relation to the collateral (to the extent, if any, mentioned): (a) section 95 (notice of removal of accession), to the extent that it requires the secured party to give a notice to the grantor; (d) section 118 (enforcing security interests in accordance with land law decisions), to the extent that it allows a secured party to give a notice to the grantor; (pa) Division 6 of Part 4.3 (seizure and disposal or retention of crops and livestock), or any particular provision of that Division; (2) However, if parties to a security agreement contract out of a provision, the provision continues to the extent that it gives rights to, and imposes obligations in relation to, persons who are not parties to the security agreement. > Note: Example: Parties to a security agreement contract out of the right to seize property under section 123\. A secured party who is not a party to the security agreement may seize the property under section 123. (3) Despite subsection (2), if parties to a security agreement contract out of section 142 (redemption of collateral), the provision does not give any person (whether or not the person is a party to the agreement) a right to redeem collateral under section 142. (5) A person (including a secured party, but not including the grantor) who is entitled to receive a notice from a secured party under one or more provisions in this Chapter may contract with the secured party out of one or more of those provisions. (6) 2 secured parties may contract out of the right of one of the secured parties to receive an amount under subsection 127(6) (payment of enforcing party’s expenses) from the other secured party. (7) Subject to subsections (2), (3), (5) and (6), the parties to a security agreement may contract out of the application under subsection 116(2) of any provision of Part 4.3 (seizure and disposal or retention of collateral) in relation to property. > Note: Subsection 116(2) provides for the application of this Chapter while a person is a controller of the property other than a receiver, or a receiver and manager, of the property within the meaning of the Corporations Act 2001. (1) This Chapter does not apply in relation to property while a person is a controller of the property in either of the following capacities: > Note: See Part 5.2 of the Corporations Act 2001 for the powers, functions and duties of receivers, and other controllers, of the property of corporations. (2) This Chapter (except section 131) applies in relation to property while a person is a controller of the property in a capacity other than those mentioned in subsection (1) of this section. > Note 1: Section 131 requires a secured party disposing of collateral to obtain market value for the collateral. Section 420A of the Corporations Act 2001 similarly requires a controller exercising a power of sale to obtain market value for the property sold. > Note 2: Subsection 115(7) enables the parties to a security agreement to contract out of the application of Part 4.3 under subsection (2) of this section. (3) Despite subsection (1), if a grantor of a security interest in property is an individual, this Chapter applies in relation to the security interest while a person is a receiver, or a receiver and manager, of the property. (4) In this section, each of the following terms, in relation to property of a corporation, has the same meaning as in the Corporations Act 2001: (ii) every other secured party with a security interest in the personal property that has a higher priority has agreed in writing to the secured party’s making a decision under this section. > Note 1: This section does not apply in relation to collateral that is used predominantly for personal, domestic or household purposes (see subsection 109(5)). > Note 2: Also, this section does not apply in relation to a security interest in collateral to which consumer credit legislation applies (see section 119). (b) make a decision to enforce the security interest in the personal property in the same way as the interest in the land may be enforced under the land law. (3) In making a decision under subsection (2), the secured party must act reasonably and only take into account the following matters: (b) whether there is any connection between, and the nature of any connection between, the personal property and the land; (d) such other matters as are relevant to the efficient enforcement of the security interest and the interest in the land. (4) Enforcing the security interest in the personal property under this Chapter, in accordance with a decision under paragraph (2)(a), does not limit the secured party’s rights, remedies and duties with respect to the land. > land law, in relation to an obligation mentioned in paragraph (1)(a), means those provisions of a law of a State or Territory, or of the general law, that relate to the enforcement of the interest in land that secures the obligation. (a) a secured party makes a decision (under paragraph 117(2)(b)) to enforce the security interest in the personal property in the same way as the interest in the land may be enforced under the land law; and (b) unless section 144 applies, the secured party gives a notice in accordance with subsection (2) to the following persons: (ii) a secured party with a security interest in the personal property that is perfected immediately before the decision under paragraph 117(2)(b) is made; (iii) any person who, by the time the secured party gives the notice, has notified the secured party in writing that the person claims an interest in the personal property. (3) The secured party may enforce the security interest in the same way, with any necessary modification, as the interest in the land may be enforced under the land law. (4) Subject to this section, and with any necessary modification, law in the same terms as that of the land law applies under this Act for the purposes of the enforcement of the security interest. > Note: Example: The secured party has the same rights, remedies and duties in relation to the enforcement of the security interest in the personal property as the secured party has in relation to the enforcement of the interest in the land. > Note: The effect of this subsection is not to adopt the land law as such, but to apply law to the same effect as the land law (with any necessary modification, and subject to this section). (5) The regulations may modify the law that applies by virtue of subsection (4) in order to facilitate its application to the enforcement of security interests in the personal property. (6) Section 140 (distribution of proceeds), section 117 and this section apply to the enforcement of the security interest in the personal property. Otherwise, this Chapter does not apply to the enforcement of the security interest in the personal property. (a) the decision of the secured party (the first secured party) under paragraph 117(2)(b) does not limit the rights of any other secured party (the other secured party) who has a security interest in the personal property (whether granted before or after the first secured party’s security interest); and (b) the other secured party has standing in proceedings taken by (or on behalf of) the first secured party in enforcing the first secured party’s security interest under this section; and (c) the other secured party may apply to a court for the conduct of a judicially supervised sale for the purposes of enforcing the first secured party’s security interest under this section; and (8) The Minister may make an agreement with the appropriate Minister of a State or Territory in relation to the exercise or performance of a power, duty or function (not being a power, duty or function involving the exercise of judicial power) by an authority of the State or Territory for the purposes of the law that applies by virtue of subsection (4). (10) The Minister may make an agreement with the appropriate Minister of a State or Territory for the variation or revocation of an agreement made under this section in relation to the State. (1) This Chapter, except sections 117 and 118, applies in relation to a security interest in collateral to which the National Credit Code applies. (2) The regulations may provide that a specified provision of this Chapter is taken to have been complied with in specified circumstances if a specified provision of the National Credit Code has been complied with in those circumstances. (a) an obligation (the secured obligation) is secured by a security interest in collateral in the form of one of the following: > Note: This section does not apply in relation to collateral that is used predominantly for personal, domestic or household purposes (see subsection 109(5)). > Note: A secured party might be prevented from taking action under this subsection by a higher priority party (see subsection 121(3)). (3) A person who receives a notice under paragraph (2)(a) must pay, to the secured party, any amount that the person owes to the grantor on the collateral before the end of 5 business days after the later of: (4) The secured party must apply any amount received under paragraph (2)(b) or subsection (3) towards the secured obligation. (5) If any amount is received under paragraph (2)(b) or subsection (3) in the form of currency, then the amount must be distributed in accordance with section 140. (1) Unless section 144 applies, a secured party (the enforcing party) who proposes to take action under subsection 120(2) in relation to a security interest in collateral must give a written notice to any other secured party (a higher priority party) with a security interest in the collateral that has a higher priority. (ii) if a higher priority party has given a written notice to the enforcing party specifying a shorter period to apply for the purposes of this subsection—before the end of that period. (3) A higher priority party who is given a notice under subsection (1) may, before any action is taken under subsection 120(2), give a written notice to the enforcing party informing the enforcing party of the higher priority party’s proposal to take action under that subsection. If the higher priority party gives such a notice, the enforcing party is not entitled to take action under that subsection. (4) A secured party must give a written notice to the grantor of any action the secured party takes in accordance with subsection 120(2). (b) if the grantor has given a written notice to the secured party specifying a shorter period to apply for the purposes of this subsection—before the end of that period. This Part deals with the seizure and disposal or retention of collateral following default by a debtor under a security agreement. If a secured party proposes to dispose of, or retain, collateral, the party must give notice to the grantor and any other secured party with a security interest in the collateral that has a higher priority. A notice of disposal may be given in the approved form, while a notice of retention must be given in the approved form. A person may object if a secured party proposes to enforce a security interest by purchasing or retaining the collateral (see Division 5). A person exercising or discharging rights, duties and obligations arising under this Part must act honestly and in a commercially reasonable manner (see section 111). (1) A secured party may seize collateral, by any method permitted by law, if the debtor is in default under the security agreement. (2) For the purposes of this Act, unless subsection (3) applies, a secured party may seize intangible property only by giving a notice, stating that the giving of the notice constitutes seizure of the property, to the following persons: (b) if the intangible property is a licence—the parties to the security agreement together with the licensor or the licensor’s successor. (4) A secured party who seizes collateral under this section does not perfect the secured party’s security interest in the collateral. (3) To avoid doubt, this section applies whether the secured party has perfected the security interest only by possession or control, or by another method as well. (2) Before disposing of or taking action to retain the collateral, the secured party is, subject to the security agreement that covers the collateral, entitled to a reasonable period in which: (3) The secured party may delay disposing of, or taking action to retain, the whole or part of the collateral beyond the reasonable period mentioned in subsection (2). However, the delay must: (a) if the security agreement providing for the security interest allows for the delay—be in accordance with the security agreement; or > Note: This section does not apply in relation to collateral that is used predominantly for personal, domestic or household purposes (see subsection 109(5)). (2) A secured party who takes apparent possession of collateral may dispose of the collateral under section 128 on the grantor’s premises. However, the secured party must not cause the grantor any greater cost or inconvenience than is necessarily incidental to the disposal. (3) To avoid doubt, a secured party who takes apparent possession of collateral in accordance with this section does not perfect the secured party’s security interest in the collateral. (1) This section applies if, at any time while collateral is seized by a secured party (the enforcing party) (whether under section 123 or otherwise) for the purposes of enforcement, another secured party (the higher priority party) has a security interest in the collateral that has a higher priority under this Act. (2) The higher priority party may give a written notice to the enforcing party, requiring the enforcing party to give the higher priority party possession of the seized collateral. > Note: If a person has a perfected security interest in the collateral that ranks higher than that of the secured party, and the person does not give a notice under this section, the person retains a security interest in the collateral. (3) However, the higher priority party must not give a notice to the enforcing party under subsection (2) unless the higher priority party would be entitled to seize the collateral (in the higher priority party’s own right) in accordance with section 123, had the enforcing party not first seized the collateral. (4) An enforcing party who is given a notice under subsection (2) must comply with the notice before the end of the following period: (5) A higher priority party who is given possession of collateral under this section is taken to have complied with the requirements of subsection 123(2) (notice of seizure) in relation to the seizure of the collateral. (6) A higher priority party who is given possession of collateral under this section must, subject to subsections (7) and (8), pay the enforcing party the amount of any reasonable expenses paid or incurred by the enforcing party, in relation to the enforcement of the security interest in the collateral. (7) A higher priority party must pay an amount of expenses under subsection (6) only to the extent that, before the higher priority party disposes of the collateral and any proceeds of the collateral sufficient to meet the expenses, the enforcing party gives the higher priority party evidence showing that the enforcing party incurred the amount. (9) A higher priority party must pay an amount of expenses under subsection (6) before the end of 20 business days after the later of the following days: (b) the day the enforcing party gives the higher priority party evidence showing that the enforcing party incurred the amount. (11) The enforcing party may apply to a court to recover the amount of the debt, and the court may grant the application. (1) A secured party may dispose of collateral if the secured party has seized the collateral in the exercise of a right to seize the collateral on default by the debtor (whether under section 123 or otherwise). > Note 2: The person who takes the collateral as a result of the disposal does so free of certain security interests (see section 133). > Note 2: Paragraph (2)(b) does not apply in relation to collateral that is used predominantly for personal, domestic or household purposes (see subsection 109(5)). (3) For the purposes of this Act, if collateral is disposed of by lease or licence, the disposal occurs at the time the lease or licence is entered into. (4) The power to dispose of collateral by a lease or licence must be exercised in accordance with the terms and conditions of the security agreement. > Note: This section does not apply in relation to collateral that is used predominantly for personal, domestic or household purposes (see subsection 109(5)). (a) the secured party gives a notice under section 130 stating that the secured party proposes to purchase the collateral; and (1) Unless subsection (5) of this section or section 144 applies, a secured party who proposes to dispose of collateral on default by the debtor (whether or not under section 128) must give a notice, in accordance with this section, to: (c) state that the secured party proposes to dispose of the collateral, unless an obligation is performed, or an amount is paid, to satisfy the obligation secured by the security interest in the collateral, on or before the day specified in accordance with subsection (3); and (b) if the person has given a written notice to the secured party specifying a shorter period to apply for the purposes of this section—before the end of that period. (a) the secured party believes on reasonable grounds that the secured party was induced to enter into the relevant security agreement by fraud on the part of the debtor or the grantor; or (b) the secured party believes on reasonable grounds that the collateral might perish before the end of 10 business days after the day the collateral is seized; or (c) the secured party believes on reasonable grounds that there will be a material decline in the value of the collateral if it is not disposed of immediately after the day the collateral is seized; or (d) the secured party believes on reasonable grounds that the expense of preserving the collateral is disproportionately large in relation to its value; or A secured party who disposes of collateral under section 128 (other than by purchasing the collateral) owes a duty, to any other person with a security interest in the collateral, and to the grantor, immediately before the disposal, to exercise all reasonable care: (b) otherwise—to obtain the best price that is reasonably obtainable at the time of disposal, having regard to the circumstances existing at that time. (1) Unless section 144 applies, a secured party must, on request by any other person with a security interest in the collateral, or the grantor, give the person (or grantor) a written statement of account, if the first‑mentioned secured party disposes of collateral under section 128 (including by purchasing the collateral in accordance with section 129). (a) in the case of a disposal by a lease or licence—the total amount received, and expected to be received, during the period: (b) in any other case—the total amount received from the disposal of the collateral (or in the case of disposal by purchase, paid by the secured party) during the period: (4) A secured party who has not disposed of collateral before the end of 6 months after the day the collateral is seized must, in accordance with subsections (5) and (6), give a written statement of account for each period of 6 months after seizing the collateral, until the collateral is disposed of. (5) The statement of account for a 6 month period must be given to any other person with a security interest in the collateral, or the grantor, if the other person (or the grantor) requests the statement for that period. (1) If collateral has been disposed of under section 128 (including by a secured party purchasing the collateral), a person takes the collateral as a result of the disposal free of all of the following interests in the collateral: (c) all security interests in the collateral that have a lower priority than the security interest of that secured party. > Note: If a person has a perfected security interest in the collateral that ranks higher than that of the secured party, the person retains a security interest in the collateral. (2) Subsection (1) applies in relation to a disposal of collateral (other than a disposal by a secured party purchasing the collateral) even if the requirements of this Chapter have not been complied with. (1) A secured party may retain collateral if the secured party has seized the collateral in the exercise of a right to seize the collateral on default by the debtor (whether under section 123 or otherwise). > Note 1: This section does not apply in relation to collateral that is used predominantly for personal, domestic or household purposes (see subsection 109(5)). (1) A secured party (the retaining party) who proposes to retain collateral under section 134 must (unless section 144 applies) give a notice of the proposal, in accordance with this section, to: (b) if the security interest of the retaining party is not a purchase money security interest—a secured party who, at the time the retaining party gives the notice, has a registration that describes the collateral; and (c) if the security interest of the retaining party is a purchase money security interest—a secured party over whom (or which) the retaining party has priority under section 62 or 63, but only if, at the time the retaining party gives the notice, the secured party has a registration that describes the collateral. (b) if the person has given a written notice to the secured party specifying a shorter period to apply for the purposes of this section—before the end of that period. (c) state that the secured party proposes to retain the collateral, unless an obligation is performed, or an amount is paid, as mentioned in paragraph (d), on or before a specified day (being a day that is at least 10 business days after the day the notice is given); and (d) state the obligation to be performed, or the amount of the payment required, before the day specified in accordance with paragraph (c), to satisfy the obligation secured by the security interest in the collateral; and then, at the end of the day specified in accordance with paragraph 135(3)(c), the secured party is entitled to take steps to have title to the collateral pass to the secured party. (2) At the time the title to the collateral passes to the secured party, the secured party takes the collateral free of all of the following interests in the collateral: Acquiring collateral that has been retained free of interests if notices have not been given in accordance with section 135 (a) a secured party is required to give one or more notices in relation to the collateral in accordance with section 135; and (4) Subsection (3) applies in relation to a security interest referred to in paragraph (2)(c) whether or not a registration with respect to the security interest is effective. (5) If a secured party (the retaining secured party) takes collateral under this section free of the interests referred to in subsection (2): (a) the debt or other obligation secured by the security interest held by the retaining secured party is extinguished; but (b) paragraph (2)(c) does not have the effect that a debt or other obligation secured by another security interest in the collateral is extinguished, if the other security interest has a lower priority than the security interest of the retaining secured party. (2) Before the end of the day specified in accordance with subsection 130(3) or 135(3), the person may give the secured party a notice (the notice of objection) objecting to the purchase or retention. (3) The secured party must sell or lease the collateral in accordance with section 128 if the secured party is given a notice of objection in accordance with subsection (2). (1) A secured party who, in accordance with subsection 137(2), is given a notice of objection by a person (other than the grantor) may request the person to provide proof of that person’s interest. (2) The notice of objection is taken not to have been given by the person in accordance with subsection 137(2) if the person does not provide proof of the person’s interest before the end of 10 business days after the day the secured party’s request is made. (a) a river, lake, creek or pond, tidal waters or any other land that is submerged by water (whether permanently or intermittently or whether naturally or artificially); or (1) Without limiting section 123 (secured party may seize collateral), for the purposes of seizing collateral under that section that is crops, or the proceeds of crops, the secured party may: (2) The secured party may dispose of, or retain, collateral that is crops, or the proceeds of crops, after they have been taken, cut, gathered or harvested, subject to Divisions 2, 3, 4 and 5 (seizure, disposal or retention of collateral and objections). (3) For the purposes of exercising a power under subsection (1) or (2), or performing any related function under Division 2, 3 or 4, the secured party may enter the land on which, or the water source in which, the crops are, or were, growing. (4) However, the secured party may exercise the power to enter land or a water source under subsection (3) for a purpose mentioned in subsection (1) or (2) only to the same extent as the grantor would be entitled to enter the land or water source for the same purpose. (1) Without limiting section 123 (secured party may seize collateral), for the purposes of seizing collateral under that section that is livestock, or the proceeds of livestock, the secured party may: Note: A security interest may attach to a livestock product (for example, the wool of a sheep) as original collateral as mentioned in subsection 84A(2), or as proceeds. (2) The secured party may dispose of, or retain, collateral that is livestock, or the proceeds of livestock, after it has been taken, slaughtered or extracted, subject to Divisions 2, 3, 4 and 5 (seizure, disposal or retention of collateral and objections). (3) For the purposes of exercising a power under subsection (1) or (2), or performing any related function under Division 2, 3 or 4, the secured party may enter the land on which, or the water source in which, the livestock or proceeds is located. A person exercising or discharging rights, duties and obligations arising under this Part must act honestly and in a commercially reasonable manner (see section 111). (1) This section applies if any amount, personal property or proceeds (within the ordinary meaning of that term) of collateral is received by or on behalf of a secured party as a result of enforcing a security interest in collateral (whether or not under section 120 or 128). (1A) This section does not prevent the operation of another law of the Commonwealth, or a law of a State or Territory, to the extent that the law requires the amount, personal property or proceeds to be applied towards one or more obligations to persons that do not hold security interests (or any other interests) in the collateral before being applied towards any (or all) of the obligations mentioned in subsection (2). > Note: Example: This section does not prevent the operation of section 561 of the Corporations Act 2001, which gives priority to the satisfaction of certain unsecured obligations over the claims of a secured party holding a circulating security interest in a debtor’s property. (a) obligations to persons holding interests (other than security interests) in the collateral that have a higher priority (whether under this Act or otherwise) than the interest of the secured party; Note: The interests referred to in this paragraph might be interests to which this Act would otherwise not apply (see subsection 8(2)). (b) reasonable expenses incurred in relation to the enforcement of security interests against the collateral, to the extent that the expenses are secured by the security interests; Note: Reasonable expenses in relation to the enforcement of a security interest are taken to be secured by the security interest unless the parties agree otherwise (see subsection 18(5)). (c) obligations to persons holding security interests in the collateral that have a higher priority (whether under this Act or otherwise) than the interest of the secured party; (e) obligations to persons holding interests or security interests in the collateral that have a lower priority (whether under this Act or otherwise) than the interest of the secured party; (3) An amount, personal property or proceeds must be applied against interests to which paragraph (2)(a), (c) or (e) applies in the order of their priority (whether under this Act or otherwise). (4) This section applies in relation to a security interest in collateral even if a person takes the collateral free of the security interest under section 133. (5) An amount paid, or personal property or proceeds applied, in accordance with subsection (2) discharges an obligation secured by an interest in the collateral to the extent of the amount paid or the value of the proceeds or property applied. (6) To avoid doubt, any amount paid by the higher priority party to an enforcing party in accordance with section 127 is, for the purposes of this section, an expense incurred by the higher priority party in relation to the enforcement of the security interest in the collateral. (7) A secured party is not liable to an action, suit or proceeding in relation to an application of proceeds in accordance with this section if: A secured party who is entitled to dispose of, or retain, collateral under section 128 or 134 may take any steps necessary to reflect the transfer of title resulting from the disposal or retention that the person whose title to the collateral is extinguished because of the disposal or retention could take to reflect a transfer of title to the collateral. (1) At any time before a secured party disposes of collateral under section 128, any other person with a security interest in the collateral, or the grantor, may redeem the collateral: (a) by paying the amounts required to discharge the obligations, or by performing the obligations, secured by security interests in the collateral; and (b) by paying the amount of any expenses in relation to the enforcement of the security interest, the payment of which is secured by the security interest. Note: Reasonable expenses in relation to the enforcement of a security interest are taken to be secured by a security interest unless the parties agree otherwise (see subsection 18(5)). (2) However, a person must not redeem collateral under subsection (1) if the person agrees in writing after the default not to do so. (1) At any time before a secured party disposes of or retains collateral (whether or not under this Chapter), a person may reinstate the security agreement by: (i) amounts in arrears (disregarding amounts in arrears as a result of an acceleration clause in the security agreement); (ii) the amount of any expenses, in relation to the enforcement of the security interest, the payment of which is secured by the security interest; and Note: Reasonable expenses in relation to the enforcement of a security interest are taken to be secured by a security interest unless the parties agree otherwise (see subsection 18(5)). (b) remedying any other default as a result of which the secured party proposes to dispose of, or retain, the collateral. (b) for the grantor—after the debtor defaults, the grantor waives in writing the grantor’s right to receive the notice; or (c) for a person other than the grantor—the person (at any time) waives in writing the person’s right to receive the notice; or (d) in any case—on an ex parte application in relation to the person, a court is satisfied that a notice is not required for any other reason. This Chapter provides for the establishment and maintenance of a register with respect to personal property securities and certain prescribed personal property. Registrations consist of financing statements, and are amended by the registration of financing change statements. Part 5.3 deals with the registration of these statements, including the data to be included and the issue of verification statements confirming their registration. Part 5.4 contains rules about the timing of registrations and when a registration becomes ineffective, including the defects that make a registration ineffective. Part 5.5A is about conditions on access to data through the register. In addition, the Part enables the provision, through the register (as a portal), of non‑registered data about personal property from third parties. Part 5.8 provides for fees for registration and searching the register, the review of registration decisions and annual reports. The Registrar of Personal Property Securities is required to establish and maintain the register, and ensure that it is kept operational. However, the Registrar can refuse access to the register, and suspend its operation, in certain circumstances. (6) If the Registrar refuses access to the register, or otherwise suspends the operation of the register in whole or in part, under subsection (5), the Registrar must publish a notice giving details of the refusal or other suspension of operation (including the period of refusal or suspension): (a) data in registered financing statements (as amended by any registered financing change statements) with respect to security interests; (b) data (if any) prescribed by regulations made for the purposes of this paragraph in relation to registrations, or possible registrations; (c) data in registered financing statements (as amended by any registered financing change statements) with respect to personal property, being personal property that is prescribed by regulations made for the purposes of this paragraph. > Note 1: If personal property is prescribed by regulations for the purposes of paragraph (c), this Act might not otherwise apply to interests in that property (see subsection 8(2)). > Note 2: Access to non‑registered data held by third parties may be provided to persons accessing the register (see Part 5.5A). A person may apply to the Registrar to register a financing statement, or a financing change statement, with respect to a security interest or certain personal property. A registration may perfect a security interest, which may give the secured party an advantage under this Act in enforcing the interest. A person must not make an application with respect to a security interest unless the person believes on reasonable grounds that the security interest is, or will be, held by a person stated in the application to be a secured party. This Part also deals with verification statements, which verify the registration of financing statements and financing change statements. The Registrar is responsible for giving verification statements to secured parties, who must give notice of the statements to grantors. (2) A person may apply to the Registrar to register a financing change statement to amend a registered financing statement. (3) The Registrar must register the financing statement or financing change statement in accordance with the application, but only if: > Note 1: Section 161 authorises the description of collateral by a registration before or after a security agreement is made covering the collateral, or a security interest has attached to the collateral. > Note 2: The Registrar must give a verification statement to each secured party after the registration of a financing statement or a financing change statement (see section 156). > Note 3: Application may be made to the Administrative Review Tribunal for review of certain decisions of the Registrar about registration (see section 191). > Note 4: The requirement to pay a fee is satisfied if an arrangement for its payment has been approved under subsection 190(4). (1) A person must not apply to register a financing statement, or a financing change statement, that describes collateral, unless the person believes on reasonable grounds that the person described in the statement as the secured party is, or will become, a secured party in relation to the collateral (otherwise than by virtue of the registration itself). > Note: Example 1: A person applies to register a financing statement that describes collateral as “all present and after‑acquired property” of the grantor described in the statement. It is sufficient to comply with this subsection if the applicant believes on reasonable grounds that the secured party described in the statement will take a security interest in a particular class of items of personal property held (or later acquired) by the grantor (see paragraph (b) of the definition of description in section 10). > Note: Example 2: A person applies to register a financing statement that describes collateral as “fruit”. It is sufficient to comply with this subsection if the applicant believes on reasonable grounds that the secured party described in the statement will take a security interest in apples (see paragraph (b) of the definition of description in section 10). (2) If a financing statement, or a financing change statement, that describes collateral has been registered on the application of a person, the person must, within the period covered by subsection (3), apply to register a financing change statement to amend the registration to end its effect with respect to the collateral, if: (a) the person described in the statement as the secured party has never, since the statement was registered, been a secured party in relation to the collateral (other than by virtue of the registration itself); and (b) there are no reasonable grounds (or there are no longer any reasonable grounds) for the belief mentioned in subsection (1). (a) if there never have been, since the statement was registered, reasonable grounds for the belief mentioned in subsection (1)—the day of the registration time, or the amendment time, for the financing statement or financing change statement; or (b) if there are no longer any reasonable grounds for that belief—the day when there stopped being reasonable grounds for the belief. (a) compliance with subsection (1) or (2) is taken to be an obligation imposed on a person who applies, or is required to apply, for the registration of a financing statement or a financing change statement; and (b) any person with an interest in personal property described in the financing statement or financing change statement is taken to be a person to whom that obligation is owed; and (6) However, if a person applies for a registration of a financing statement or a financing change statement in contravention of subsection (1), and the statement is registered accordingly, the contravention does not affect the validity or effectiveness of the registration. > Note 1: For when personal property is located in Australia, see section 235\. For when bodies corporate, bodies politic or individuals are located in Australia, see section 235. (1) A financing statement with respect to a security interest (including such a financing statement as amended by the registration of a financing change statement) consists of data that complies with the following table: <table cellspacing="0" cellpadding="0" style="margin-left:0.25pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:343.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Financing statements with respect to security interests</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Data about:</span></p></td><td style="width:222.75pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Details of data</span></p></td></tr></thead><tbody><tr><td style="width:24.9pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:74.25pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The secured party</span></p></td><td style="width:222.75pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The details prescribed by the regulations, in relation to each secured party, of:</span></p><p class="Tablea"><span>(a) the secured party; or</span></p><p class="Tablea"><span>(b) a person nominated by the secured party who has authority to act on behalf of the secured party.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The grantor</span></p></td><td style="width:222.75pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Whichever of the following is applicable:</span></p><p class="Tablea"><span>(a) if the collateral is consumer property, and is required by the regulations to be described by serial number—no grantor’s details;</span></p><p class="Tablea"><span>(b) if the collateral is consumer property, and is not required by the regulations to be described by serial number—the grantor’s name and date of birth, as evidenced in accordance with the regulations, and no other details;</span></p><p class="Tablea"><span>(c) in any other case—the grantor’s details as prescribed by the regulations.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Giving of notices</span></p></td><td style="width:222.75pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The following:</span></p><p class="Tablea"><span>(a) an address (including an email address or fax number) for the giving of notices to the secured party (or secured parties) relating to the registration;</span></p><p class="Tablea"><span>(b) details of any identifier provided for the giving of notices to the secured party (or secured parties).</span></p><p class="notemargin"><span>Note:</span><span style="width:15.45pt; text-indent:0pt; display:inline-block"> </span><span>For identifiers, see section</span><span> </span><span>289.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>4</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The collateral and proceeds</span></p></td><td style="width:222.75pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A collateral description in accordance with all of the following rules:</span></p><p class="Tablea"><span>(a) the collateral must be described as one of the following:</span></p><p class="Tablei"><span>(i) consumer property;</span></p><p class="Tablei"><span>(ii) commercial property;</span></p><p class="Tablea"><span>(b) the collateral may or must be described by serial number, if allowed or required by the regulations;</span></p><p class="Tablea"><span>(c) the collateral must belong to</span><span style="font-style:italic"> </span><span>a single class of collateral prescribed by the regulations;</span></p><p class="Tablea"><span>(d) any description of proceeds must comply with the regulations.</span></p><p class="notemargin"><span>Note:</span><span style="width:15.45pt; text-indent:0pt; display:inline-block"> </span><span>2 or more types of collateral that belong to different classes prescribed by the regulations must be described in separate registrations. However, 2 or more registrations can be effected through a single application.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>5</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The end time for registration</span></p></td><td style="width:222.75pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>For all the collateral described in the statement, the following data:</span></p><p class="Tablea"><span>(a) for collateral other than consumer property or property described by a serial number:</span></p><p class="Tablei"><span>(i) no stated end time; or</span></p><p class="Tablei"><span>(ii) an end time for the registration no later than the time (the </span><span style="font-weight:bold; font-style:italic">default time</span><span>) that is the end of the day 25 years after the registration time; or</span></p><p class="Tablei"><span>(iii) if the registration is amended to include or change (but not omit) an end time—an amended end time for the registration no later than the time (the </span><span style="font-weight:bold; font-style:italic">default time</span><span>) that is the end of the day 25 years after the amendment time for that amendment;</span></p><p class="Tablea"><span>(b) for consumer property, or property described by a serial number:</span></p><p class="Tablei"><span>(i) an end time for the registration no later than the time (the </span><span style="font-weight:bold; font-style:italic">default time</span><span>) that is the end of the day 7 years after the registration time; or</span></p><p class="Tablei"><span>(ii) if the registration is amended to change the end time—an amended end time for the registration no later than the time (the </span><span style="font-weight:bold; font-style:italic">default time</span><span>) that is the end of the day 7</span><span> </span><span>years after the amendment time for that amendment.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>6</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Subordination</span></p></td><td style="width:222.75pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>An indication of whether the security interest is (or is to be) subordinated to any other security interest. However, this indication need not be included.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>7</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Security interest</span></p></td><td style="width:222.75pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>An indication of whether the security interest is, or is to be, a purchase money security interest (to any extent) if the security interest is in respect of a class of collateral prescribed by the regulations for the purposes of this item.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>8</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Any matter prescribed by the regulations</span></p></td><td style="width:222.75pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Details of the matter prescribed by the regulations, whether or not the matter also comes under any of the other items in this table.</span></p></td></tr></tbody></table> ``` (2) If a person applies to register a financing statement (or a financing change statement) that would otherwise result in the statement of an end time in a financing statement not complying with item 5 of the table in subsection (1), the financing statement is taken to provide for the relevant default time mentioned in that item as the stated end time. (3) A statement of end time does not comply with item 5 of the table in subsection (1) if it states an end time earlier than the registration time or amendment time in relation to the financing statement or financing change statement that provided for that end time. A financing statement with respect to personal property prescribed by regulations made for the purposes of paragraph 148(c) (including such a financing statement as amended by the registration of a financing change statement) consists of data that complies with the following table: <table cellspacing="0" cellpadding="0" style="margin-left:0.25pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:343.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Financing statements with respect to prescribed property</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Data about:</span></p></td><td style="width:222.75pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Details of data</span></p></td></tr></thead><tbody><tr><td style="width:24.9pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:74.25pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The person who owns or has an interest in the property</span></p></td><td style="width:222.75pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Details of the person, as prescribed by the regulations.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span>The property</span></p></td><td style="width:222.75pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span>Details relating to the property in accordance with the following rules:</span></p><p class="Tablea" style="page-break-after:avoid"><span>(a) the property must be of a single class, described in the registration;</span></p><p class="Tablea" style="page-break-after:avoid"><span>(b) a statement must be included of the reason why the property is registered.</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:74.25pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Any matter prescribed by the regulations</span></p></td><td style="width:222.75pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Details of the matter prescribed by the regulations, whether or not the matter also comes under any of the other items in this table.</span></p></td></tr></tbody></table> ``` (a) verifying the registration of a financing statement or a financing change statement (each of which is a registration event) with respect to a security interest, other than a financing change statement registered under section 185 (removal of old data) or 186 (incorrectly removed data); and (b) including other data (if any), including third party data (see section 176C), approved by the Registrar for that form in relation to the registration event, a secured party, a grantor, or collateral. (1) The Registrar must ensure that a verification statement in relation to a registration event is given to the following persons: > Note: This section does not apply in relation to a registration event if the Registrar publishes a verification statement in relation to the event under section 158. (2) If a registration event involves the amendment of a registration to change an address (including an email address or a fax number) for the giving of notices to a secured party, the Registrar must ensure that the verification statement is given to the secured party at both the previously registered address and the address as changed. (3) If a registration event involves the amendment of a registration to omit a secured party, the Registrar must ensure that the verification statement in relation to the event is given to the secured party at the previously registered address for the secured party. (1) A person (the statement holder) who is, under section 156, given a verification statement in relation to a registration event concerning a registration, must ensure that a notice of the statement, in the approved form, is given to the following persons as soon as reasonably practicable after the time of the registration event: > Note: This section does not apply in relation to a registration event if the Registrar publishes a verification statement in relation to the event under section 158. (a) the collateral to which the registration event relates is (immediately before or after the event) described in the registration as commercial property; and (b) the person has, in writing, waived the right under this section to receive a notice in relation to registration events to which paragraph (a) applies. (4) If the statement holder contravenes a requirement under subsection (1) to ensure that a notice is given to an individual, the contravention constitutes an act or practice involving interference with the privacy of the individual for the purposes of section 13 of the Privacy Act 1988. > Note 2: If a statement holder fails to discharge an obligation under this section, an action for damages may be available under section 271. (1) The Registrar may publish, in a way prescribed by the regulations, a single verification statement in relation to a number of registration events if: (b) the Registrar considers that it would be inconvenient for verification statements to be given to each registered (or formerly registered) secured party. (2) Sections 156 and 157 do not apply in relation to a registration event if the Registrar publishes a verification statement in relation to the event under this section. This Part provides for the time at which a description of collateral is registered. The precise timing of a registration may be significant in determining the priority to be given to a security interest in the collateral (see section 55). This Part also deals with when a registration is effective and registration defects that may cause it to become ineffective. A registration is only ineffective because of a defect if there is a seriously misleading defect in data relating to the registration, or one of a number of particular defects set out in section 165 exists. If a security interest in certain property becomes unperfected, the secured party may be obliged to take steps to end the effect of the registration. (1) A description of collateral starts to be registered in a registration with respect to a security interest, in relation to a particular secured party, at the moment (the registration time) when the description becomes available for search in the register in relation to that secured party. > Note 2: A registration may stop being effective even if it is available for search in the register (for example, because of a defect—see section 164). > Note 3: If 2 or more registrations describe the same collateral in relation to the same secured party, there may be different registration times for the collateral in relation to each of the registrations. (2) The amendment time for an amendment to a registration is the moment when the amended registration becomes available for search in the register. A financing statement, or a financing change statement, may be registered to reflect the transfer of a security interest, or of collateral, before or after the transfer. (1) A registration with respect to a security interest that describes particular collateral, in relation to a secured party, is effective with respect to that collateral from the registration time for the description of the collateral until the earliest of the following times: (c) the time when the description of the collateral in the registration stops being available for search in the register (by reference to that time) in respect of the secured party. (1) A registration with respect to a security interest that describes particular collateral is ineffective because of a defect in the register if, and only if, there exists: (a) a seriously misleading defect in any data relating to the registration, other than a defect of a kind prescribed by the regulations; or (2) In order to establish that a defect is seriously misleading, it is not necessary to prove that any person was actually misled by it. (3) A registration that describes particular collateral is not ineffective only because the registration is ineffective with respect to other collateral described in the registration. For the purposes of paragraph 164(1)(b), a defect in a registration that describes particular collateral exists at a particular time if any of the following circumstances exist: (a) in a case in which the collateral is required by the regulations to be described by serial number in the register—no search of the register by reference to that time, and by reference only to the serial number of the collateral, is capable of disclosing the registration; (b) in a case in which the collateral is not required by the regulations to be described by serial number in the register—no search of the register by reference to that time, and by reference only to the grantor’s details (required to be included in the registered financing statement under section 153), is capable of disclosing the registration; (c) if the registered financing statement (as amended, if at all) indicates that a security interest in the collateral is a purchase money security interest (to any extent)—the security interest is not a purchase money security interest (to any extent) in the collateral; (d) in any case—circumstances in relation to the data related to the registration that are prescribed by the regulations. (a) one of the following defects in a registration that describes particular collateral arises at a particular time (the defect time): (ii) a defect mentioned in paragraph 165(b), other than a defect resulting from a change of the grantor in relation to the collateral; and (b) the defect does not arise only because of an irregularity, omission or error in a financing statement or a financing change statement. > Note: Example: A defect mentioned in paragraph 165(a) may occur if there is a change in the serial number under which collateral is required to be described in the register. For example, a patent may be required to be described by serial number (a Patent Application Number or a Patent Number). The Patent Application Number may be changed to a Patent Number when the patent is registered on the patents register. > Note: A change of the grantor may occur if the collateral described in the registration is transferred. In this case, the secured party’s security interest may be temporarily perfected for a certain period (see section 34). (2) Despite sections 164 and 165, the defect does not make the registration ineffective for the period starting at the defect time and ending at the earliest of the following times: (3) However, the registration becomes ineffective with respect to the collateral under sections 164 and 165 because of the defect immediately after the earliest time mentioned in subsection (2), unless, at or before that time, the registration is amended to correct the defect. (b) a security interest in the collateral that was perfected by the registration becomes unperfected at a particular time (the unperfection time); and (2) The secured party must, before the end of 5 business days after the day the unperfection time occurs, apply to register a financing change statement under section 150 amending the registration to end its effect. > Note 2: If the secured party fails to discharge the obligation under this section, an action for damages may be available under section 271. (3) For the purposes of this section, collateral is registered with a serial number at a particular time only if a search of the register by reference to that time and by reference only to the serial number of the collateral is capable of disclosing the registration. (1) The Registrar may give a secured party in respect of a registration with respect to a security interest a written notice requiring the secured party to pay the fee (determined under section 190) stated in the notice within 28 days after the notice is given in order to maintain the effectiveness of the registration. (2) If the fee is not paid within 28 days after the notice is given, the Registrar may register a financing change statement amending the registration to end its effect. > Note 1: The Registrar must give a verification statement to each secured party after the registration of a financing change statement (see section 156). > Note 2: Application may be made to the Administrative Review Tribunal for review of certain decisions of the Registrar about registration (see section 191). > Note 3: The requirement to pay a fee is satisfied if an arrangement for its payment has been approved under subsection 190(4). Anyone may access the register to search the register for data with respect to a security interest or personal property. Searches can only be undertaken by reference to certain criteria, for example the details of a grantor, or a serial number. A search by reference to an individual grantor’s details, and the use of data obtained by a search, is only authorised if the search is undertaken for a purpose stated in this Part. A civil penalty applies in respect of unauthorised searches, and damages may be available (under section 271). In addition, an unauthorised search may be investigated under the Privacy Act 1988. (1) A person may apply to the Registrar for access to the register to search for data in relation to a security interest or personal property (or both). (b) if, in the application, the person requests a written search result in relation to the data—ensure that the person is able to obtain a written search result in relation to the data, in the appropriate form under section 174. > Note 1: Application may be made to the Administrative Review Tribunal for review of the Registrar’s decision under this section to refuse to give a person access to the register to search for data (see section 191). > Note 2: The requirement to pay a fee is satisfied if an arrangement for its payment has been approved under subsection 190(4). Note: If a registration is no longer effective, details of the registration can still be found by searching the register by reference to an earlier time when the registration was still effective (see paragraph (d)). However, data removed from the register may not be available for search by reference to an earlier time (see Part 5.7). (2) The Registrar must ensure that the way in which the results of a search are worked out in response to an application for the search is determined in accordance with any regulations made for the purposes of this subsection. (1) This section applies if a person proposes to access the register to search for data by reference to the details of a grantor (other than that person) who is an individual. (2) The following table sets out which persons (searchers) may access the register to search for data, and for what purpose: <table cellspacing="0" cellpadding="0" style="margin-left:0.25pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:343.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Individual grantor details—permitted searches</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Searchers</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Purpose</span></p></td></tr></thead><tbody><tr><td style="width:21.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:127.1pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A person (the </span><span style="font-weight:bold; font-style:italic">first person</span><span>), or another person with the first person’s consent</span></p></td><td style="width:173.65pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>To disclose any registration in which the first person is registered as a grantor or a secured party.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A secured party in relation to a registration</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A purpose that relates to a security interest attached to collateral described in the registration.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A grantor in relation to a registration</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A purpose that relates to a security interest attached to the collateral described in the registration.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>4</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A person</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>To disclose any registration in which the person is registered as a secured party.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>5</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A person</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>To disclose whether collateral to which a security interest is attached is described in a registration.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>6</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A person</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>To disclose whether or not personal property is described in a registration, if:</span></p><p class="Tablea"><span>(a) the property is to be purchased or dealt with by the person; or</span></p><p class="Tablea"><span>(b) the person has an interest in the property.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>7</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A person</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>To establish whether to provide credit to, or obtain a guarantee or an indemnity from, a person named in the search application or a person with an interest in the personal property described in the application.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>8</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A person</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>To establish whether to provide credit to, or obtain a personal guarantee or an indemnity from an associate (within the meaning of section</span><span> </span><span>11 or subsection</span><span> </span><span>12(2) of the </span><span style="font-style:italic">Corporations Act 2001</span><span>)</span><span style="font-style:italic"> </span><span>of a body corporate named in the search application or of a body corporate with an interest in the personal property described in the application.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>9</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A person</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>To establish whether to invest in, with, or through, a person named in the search application.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>10</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A person</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>To establish whether to invest in, with, or through, an associate (within the meaning of section</span><span> </span><span>11 or subsection</span><span> </span><span>12(2) of the </span><span style="font-style:italic">Corporations Act 2001</span><span>)</span><span style="font-style:italic"> </span><span>of a body corporate named in the search application or of a body corporate with an interest in the personal property described in the application.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>11</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The Registrar</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A purpose that relates to the administration of this Act.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>12</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A person who has taken control of the property of an individual who is insolvent under administration, within the meaning of the </span><span style="font-style:italic">Corporations Act 2001</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A purpose that relates to the searcher’s control of the property.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>13</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>An Official Receiver in Bankruptcy within the meaning of the </span><span style="font-style:italic">Bankruptcy Act 1966</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A purpose that relates to the exercise of a power, or the performance of a function, of that Official Receiver in Bankruptcy.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>14</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The legal personal representative of an individual (including a deceased individual)</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A purpose that relates to the exercise of a power, or the performance of a function, as legal personal representative.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>15</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A government entity within the meaning of the </span><span style="font-style:italic">A New Tax System (Australian Business Number) Act 1999</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A purpose that relates to the exercise of a power, or the performance of a function, of that entity, unless the purpose is covered by another purpose listed in this table.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>16</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A government entity within the meaning of the </span><span style="font-style:italic">A New Tax System (Australian Business Number) Act 1999</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A purpose that relates to the maintenance of the law, including the prevention, detection, investigation or prosecution of contraventions of laws (whether the penalty for contravention is criminal or civil).</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>17</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The holder of a lien or charge, or a creditor</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A purpose that relates to the enforcement of the lien or charge, or the creditor’s rights, as the case may be.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>18</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A bailiff, or sheriff, of a court of the Commonwealth, a State or a Territory</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A purpose that relates to the enforcement of a court order or warrant.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>19</span></p></td><td style="width:127.1pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A person</span></p></td><td style="width:173.65pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>To advise another person in connection with any of the purposes referred to in this table.</span></p></td></tr></tbody></table> ``` (3) A searcher mentioned in an item in the table in subsection (2) must not, otherwise than for the purpose specified in the item: (b) use data obtained as a result of accessing the register, unless the searcher has also obtained the data lawfully from another source. (a) compliance with subsection (3) is taken to be an obligation imposed on a person who accesses the register to search for data, or uses data obtained as a result of accessing the register to search for data; and (a) a person obtains access to the register and searches the register for data (whether or not the access is obtained as a result of an application under section 170); and (b) as a result of the search, the person obtains personal information about an individual within the meaning of that Act. (2) If the search, or the use of the personal information, is unauthorised under subsection (3) or (4), the search or use constitutes an act or practice involving interference with the privacy of the individual for the purposes of section 13 of the Privacy Act 1988. (c) access to the data for a search of that kind is prohibited by regulations made for the purposes of paragraph 170(3)(d). (4) The use of the personal information is unauthorised (unless the data has been obtained lawfully from another source) if: (c) access to the data for a search of that kind is prohibited by regulations made for the purposes of paragraph 170(3)(d). (1) A written search result in the appropriate form (see subsection (3)) is admissible as evidence in a court or tribunal and is, in the absence of evidence to the contrary, proof of the matters stated in the search result. (b) the time of the registration of a financing statement, any financing change statement and the end time for a registration; (4) The Registrar may include, or may authorise to be included, in a search result, any data, including third party data (see section 176C), determined by the Registrar in relation to a secured party, a grantor or personal property. (5) If a search result is covered by paragraph (b) of the definition of writing in section 10, evidence of the search result may be given by the production of a recording of the search result mentioned in that paragraph. (6) The Registrar may, by written instrument, authorise an officer or agency for the purposes of subparagraph (3)(b)(i) or (ii). On application by a person in the approved form, accompanied by the fee (if any) determined under section 190, the Registrar may give the person: (a) a copy of any registered financing statement (as amended by any registered financing change statement) in relation to which the person is registered as a secured party; or > Note 1: Application may be made to the Administrative Review Tribunal for review of the Registrar’s decision under this section to refuse to give a person a copy of a registered financing statement or verification statement (see section 191). > Note 2: The requirement to pay a fee is satisfied if an arrangement for its payment has been approved under subsection 190(4). (1) On application by a person in the approved form, accompanied by the fee (if any) determined under section 190, the Registrar may give the person a report of matters determined under subsection (3) relating to registered data in relation to the person. > Note 1: Application may be made to the Administrative Review Tribunal for review of the Registrar’s decision under this section to refuse to give a person a report (see section 191). > Note 2: The requirement to pay a fee is satisfied if an arrangement for its payment has been approved under subsection 190(4). (2) The Registrar may, at the Registrar’s initiative, give a person a report of matters relating to registered data in relation to the person (whether or not the matters are determined under subsection (3)). (3) The Registrar may, by legislative instrument, determine matters that may be the subject of reports under this section. (4) For the purposes of the administration of this Act, the Registrar may prepare a report of any matter relating to registered data. Access to registered data and third party data through the register may be provided subject to conditions, including conditions about the subsequent use of the data. Damages may be available (under section 271) in respect of a contravention of conditions of access. The Registrar may arrange with a third party (prescribed by the regulations) under this Part for the provision of access to non‑registered data, held by the third party, through the register (as a portal). For example, the Registrar may arrange with a prescribed third party to provide users of the register with data held by the third party that relates to motor vehicles. As a result, third party data concerning a motor vehicle may be provided on a verification statement or search result that relates to that vehicle, whether or not the data is specifically requested. (2) The person may be required to comply with conditions (registered data conditions) in relation to registered data received as a result of the application, as part of the approved form for the application. (b) in the case of an application for access to the register to search for data—the person is applying for access to the register to search for registered data; or (c) in the case of an application for a copy of a registered financing statement—the applicant also applies for a copy of a verification statement in relation to the financing statement. (a) compliance with the registered data conditions as required under subsection (2) of this section is taken to be an obligation imposed on the person by this Act; and (a) both the applicant and the principal may be required, by the approved form for the application, to comply with the registered data conditions; and (b) an obligation is taken to be imposed under subsection (5) on both the applicant and the principal, in each of their personal capacities, to comply with the registered data conditions. (1) The Registrar may make an arrangement with a person (the third party) prescribed by regulations made for the purposes of this section to enable: (a) data (third party data) held by the third party with respect to personal property to be included in verification statements; and (b) access to the register to be given to applicants under section 170 (search—general) to search for third party data; and (d) applications for registration under section 150, for access to the register under section 170 or for copies of registered financing statements or verification statements under section 175 to be subject to conditions (third party data conditions) relating to third party data obtained as a result of such applications. > Note: Example: An arrangement between the Registrar and a third party to enable third party data relating to motor vehicles to be included in verification statements and search results. (2) Third party data does not include personal information, within the meaning of the Privacy Act 1988, about an individual. (4) A person may be required to comply with third party data conditions, as part of the approved form for application, if the person applies: (b) in the case of an application for access to the register to search for data—the person is applying for access to the register to search for the third party data; or (c) in the case of an application for a copy of a registered financing statement—the applicant also applies for a copy of a verification statement in relation to the financing statement. (a) compliance with the third party data conditions as required under subsection (4) of this section is taken to be an obligation imposed on the person by this Act; and (7) If a person (the applicant) makes an application mentioned in subsection (4) on behalf of another person (the principal): (a) both the applicant and the principal may be required, by the approved form for the application, to comply with the third party data conditions; and (b) an obligation is taken to be imposed under subsection (6) on both the applicant and the principal, in each of their personal capacities, to comply with the third party data conditions. A person with an interest in collateral may require changes to the registration, by way of an amendment demand given to the secured party. (b) the particular collateral in which the person has an interest does not secure any obligation owed by a debtor to the secured party. An amendment demand, if not voluntarily complied with, may be pursued by an administrative process activated by the Registrar, or by an application to a court. The secured party may also apply to a court to oppose an amendment demand. (1) A person with an interest (including a security interest) in collateral described in a registration with respect to a security interest may give a demand (an amendment demand), in writing, to the secured party for a financing change statement to be registered to amend the registration as authorised by the following table: > Note: If the secured party does not comply with the amendment demand, the demand may be enforced under Subdivision A (administrative process) or Subdivision B (judicial process) of Division 2. <table cellspacing="0" cellpadding="0" style="margin-left:0.25pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:343.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Authorised amendments</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:155.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">When amendment is authorised</span></p></td><td style="width:145.3pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">What amendment is authorised</span></p></td></tr></thead><tbody><tr><td style="width:21.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:155.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>No collateral described in the registration secures any obligation (including a payment) owed by a debtor to the secured party.</span></p></td><td style="width:145.3pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Amendment to end effective registration (including an amendment to remove the registration).</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:155.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The particular collateral in which the person has an interest does not secure any obligation (including a payment) owed by a debtor to the secured party.</span></p></td><td style="width:145.3pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Amendment to omit the collateral.</span></p></td></tr></tbody></table> ``` (2) Data removed from the register because of an amendment in compliance with the amendment demand must not be made available for search in the register by reference to any time before (or after) the time of removal, if the Registrar so decides for the purposes of this subsection. > Note 1: Application may be made to the Administrative Review Tribunal for review of the Registrar’s decision that the removed data is not to be made available for search in the register (see section 191). (a) at the time the security interest attached to the collateral, the grantor intended to use predominantly for personal, domestic or household purposes; or (b) an application has not been made to register a financing change statement in compliance with the demand before the end of 5 business days after the day the demand is given to the secured party; and (c) there are no proceedings currently before a court (including a court of appeal), in relation to an application under section 182, that relate to the amendment demanded. (b) proceedings come before a court (including a court of appeal), in relation to an application under section 182, that relate to the amendment demanded. (3) This Division does not apply in relation to a security interest if the security agreement providing for the interest is an instrument or other document: (a) by which a person issues or guarantees, or provides for the issue or guarantee of, an obligation secured by a security interest; and (b) in which another person is appointed as trustee for the person to whom the obligation secured by the security interest is owed. (1) The Registrar may give the secured party a notice (an amendment notice), in accordance with subsection (5), of the amendment demanded. (2) An amendment notice may be given at the initiative of the Registrar, if the Registrar suspects on reasonable grounds that the amendment demanded is authorised under section 178. (3) The person who gave the amendment demand to the secured party may give a statement in the approved form to the Registrar: > Note: The provision of false or misleading information in the statement may be an offence against Part 7.4 of the Criminal Code. (4) An amendment notice must be given in response to a statement under subsection (3) as soon as practicable after the statement is given (unless an amendment notice has already been given at the initiative of the Registrar). (ii) invites the secured party to submit a response to the amendment demand in writing to the Registrar before the end of 5 business days after the day the notice is given (or an extended period approved by the Registrar); and > Note: The provision of false or misleading information in any response to the invitation may be an offence against Part 7.4 of the Criminal Code. (1) If an amendment notice is given to a secured party under section 180, after the end of the period covered by subsection (3), the Registrar must (at his or her initiative) register a financing change statement amending the registration (including an amendment to remove the registration) in accordance with the amendment demand, unless the Registrar suspects on reasonable grounds that the amendment is not authorised under section 178. (2) However, the Registrar may register such a financing change statement before the end of the period covered by subsection (3) if: (b) a longer period approved by the Registrar (in relation to the particular amendment demand, or to a class of amendment demands) after the amendment notice is given to the secured party. (4) In making a decision about whether to register a financing change statement amending the registration in accordance with the amendment demand, the Registrar must consider: (5) Data removed from the register because of an amendment under this section must not be made available for search in the register by reference to any time before (or after) the time of removal, if the Registrar so decides for the purposes of this subsection. > Note 1: The provision of false or misleading information in any response to the invitation may be an offence against Part 7.4 of the Criminal Code. > Note 2: The Registrar must give a verification statement to each secured party after the registration of a financing change statement (see section 156). > Note 3: Application may be made to the Administrative Review Tribunal for review of certain decisions of the Registrar about registration (see section 191). > Note 4: This section stops applying if proceedings come before a court under section 182 in relation to the amendment demanded (see subsection 179(2)). (2) The person who gave the amendment demand cannot make an application under this section before the end of 5 business days after the day the demand is given to the secured party. (3) A person with an interest (including a security interest) in the collateral described in the registration has the right to appear before the court on an application under this section. (a) if the court considers the amendment demanded to be authorised under section 178—an order requiring the Registrar to register a financing change statement amending the registration (including an amendment to remove the registration); (i) an order restraining the Registrar from registering a financing change statement amending the registration at the Registrar’s initiative (under section 181); (ii) an order restraining the person who gave the amendment demand from making such further amendment demands as the court specifies; (iii) an order restraining the Registrar from giving the secured party amendment notices under section 180 in relation to such further amendment demands as the court specifies; (5) The Registrar must comply with a court order to register a financing change statement as soon as reasonably practicable after receiving the order. > Note: The Registrar must give a verification statement to each secured party after the registration of a financing change statement (see section 156). (6) Data removed from the register because of an amendment under this section must not be made available for search in the register by reference to any time before (or after) the time of removal, if the Registrar so decides. (1) The Registrar may (at his or her initiative) register a financing change statement to remove data (including an entire registration) from the register if the Registrar is satisfied that: (a) the application to register the data was frivolous or vexatious, the data is offensive, or the retention of the data in the register is contrary to the public interest; or > Note 1: The Registrar must give a verification statement to each secured party after the data is removed (see section 156). > Note 2: Application may be made to the Administrative Review Tribunal for review of the Registrar’s decision to remove data from the register under paragraph (a), (b) or (c) (see section 191). (2) Data removed from the register under this section must not be made available for search in the register by reference to any time before (or after) the time of removal: (a) in relation to data removed under paragraph (1)(a), (b) or (c)—if the Registrar so decides for the purposes of this paragraph; and > Note: Application may be made to the Administrative Review Tribunal for review of the Registrar’s decision under paragraph (a) (see section 191). (3) If subsection (2) applies in relation to data removed from the register, this Act otherwise applies as if the data is not, and never has been, included in the register. The Registrar may (at his or her initiative) register a financing change statement to remove data (including an entire registration) with respect to a security interest from the register to reflect the fact that the registration has been ineffective under section 163 for 7 years or more. (1) The Registrar may (at his or her initiative) register a financing change statement to restore data to the register (including an entire registration) if it appears to the Registrar that the data was incorrectly removed from the register under this Act. (2) If data is restored to the register under subsection (1), for the purposes of this Act the data is taken never to have been removed from the register. The removal of data from the register under this Act does not prevent the Registrar from keeping a record of the removed data in whatever form the Registrar considers appropriate. (1) The Registrar may (at his or her initiative) register a financing change statement to amend a registration to correct an error or omission made by the Registrar. (2) If a registration is corrected under subsection (1), this Act applies as if the error or omission had never been made. > Note 1: The Registrar must give a verification statement to each secured party after the registration of a financing change statement (see section 156). > Note 2: Application may be made to the Administrative Review Tribunal for review of the Registrar’s decision to register a financing change statement (see section 191). This Part provides for fees for registration and searching the register, the review of registration decisions and the obligation of the Registrar to prepare annual reports on the operation of this Act. (2) The Minister may, by a legislative instrument made under subsection (1), determine the kinds of arrangements for the payment of fees under the instrument that may be approved under subsection (4). (3) If this Act requires the payment of a determined fee for a particular purpose, without limiting subsection (6), that requirement is satisfied if an arrangement for its payment has been approved under subsection (4). (4) The Registrar may approve an arrangement (of a kind determined under subsection (2)) in relation to the payment of fees by a person for the purposes of this section on application by the person in the approved form, accompanied by the fee (if any) determined under subsection (1). (6) The amount of a fee, except a fee to maintain a registration (determined for the purposes of section 168), is a debt due to the Commonwealth, and may be recovered by the Commonwealth by application to a court. > Note 1: If a fee to maintain a registration is not paid within 28 days, the Registrar may end the effective registration of the collateral (see section 168). An application may be made to the Administrative Review Tribunal for review of the following decisions made by the Registrar: (c) a decision to register a financing change statement to amend the register to end the effect of a registration, under subsection 150(2); (e) a decision to refuse to give a person a copy of a registered financing statement in relation to which the person is registered as a secured party, or of a verification statement, under section 175; (f) a decision to refuse to give a person a report relating to registered data in relation to the person, under subsection 176(1); (h) a decision to refuse to register a financing change statement in accordance with an amendment demand, under subsection 181(1); (i) a decision to register a financing change statement to remove data from the register, under paragraph 184(1)(a), (b) or (c); (j) a decision that data removed from the register is not to be made available for search in the register, under subsection 178(2) or 181(5) or paragraph 184(2)(a); (k) a decision to register a financing change statement to restore incorrectly removed data to the register, under section 186; (l) a decision to register a financing change statement to amend a registration to correct an error or omission made by the Registrar, under section 188; (m) a decision to register a financing change statement to remove migrated data from the register, under subsection 334(2). (1) The Registrar must, as soon as practicable after the end of each financial year, prepare and give to the Minister, for presentation to the Parliament, a report on the operation of this Act during that financial year. (a) details of each occasion on which access to the register was refused, or the operation of the register was otherwise suspended, during the financial year under subsection 147(5); and (3) The office of the Registrar of Personal Property Securities is not a public office for the purposes of the Remuneration Tribunal Act 1973. (2) The Registrar has power to do all things necessary or convenient to be done for or in connection with the performance of his or her functions. (2) If the Registrar believes on reasonable grounds that a person has information that is relevant to an investigation under subsection (1), the Registrar may, by written notice given to the person, require the person to give any such information to the Registrar, within the period and in the way specified in the notice. (1) The Minister may, by written instrument, appoint a person engaged under the Public Service Act 1999 to act as the Registrar: (a) during a vacancy in the office of Registrar (whether or not an appointment has previously been made to the office); or > Note: The Registrar may determine a particular person or a class of persons under paragraph (b), and may apply the determination in relation to particular matters or classes of matters (see subsection 33(3A) of the Acts Interpretation Act 1901). (2) A delegate must, if required by the instrument of delegation, perform a delegated function, or exercise a delegated power, under the direction or supervision of: (2) The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day. (2) The appointment of the Registrar is terminated if the Registrar stops being engaged under the Public Service Act 1999 for any reason. (3) The office of Deputy Registrar of Personal Property Securities is not a public office for the purposes of the Remuneration Tribunal Act 1973. (1) Subject to any direction by the Registrar, a Deputy Registrar has all the functions and powers of the Registrar, except the powers of delegation under section 197. (2) A function or power of the Registrar, when performed or exercised by a Deputy Registrar, is taken to have been performed or exercised by the Registrar. (3) The performance of a function, or the exercise of a power, of the Registrar by a Deputy Registrar does not prevent the performance of the function, or the exercise of the power, by the Registrar. (4) If the performance (or exercise) of a function or power by the Registrar is dependent on the opinion, belief or state of mind of the Registrar in relation to a matter, that function or power may be performed (or exercised) by a Deputy Registrar on his or her opinion, belief or state of mind in relation to that matter. (5) If the operation of a provision of this Act or another Act is dependent on the opinion, belief or state of mind of the Registrar in relation to a matter, that provision may operate on the opinion, belief or state of mind of a Deputy Registrar in relation to that matter. (2) The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day. (2) The appointment of a Deputy Registrar is terminated if the Deputy Registrar stops being engaged under the Public Service Act 1999 for any reason. Part 6.3 applies Parts 4 and 6 of the Regulatory Powers Act, which deal with proceedings for contravention of a civil penalty provision and enforceable undertakings. This Part is about judicial proceedings in a court with respect to matters arising under this Act or in relation to a security agreement or a security interest. Jurisdiction is conferred on the Federal Court, the Federal Circuit and Family Court of Australia (Division 1), the Federal Circuit and Family Court of Australia (Division 2) and courts of States and Territories. PPS matters can be transferred between courts in accordance with procedures set out in this Part. (b) otherwise arising in relation to this Act, other than a matter in respect of which the Federal Court or the Federal Circuit and Family Court of Australia (Division 2) has jurisdiction under the Administrative Decisions (Judicial Review) Act 1977; or (4) Without limiting subsection (3), this Part does not limit the operation of subsection 39(2) of the Judiciary Act 1903 in relation to matters arising under this Act. Jurisdiction is conferred on a court mentioned in an item in the following table with respect to a PPS matter, subject to the limits on the court’s jurisdiction (if any) specified in the item: <table cellspacing="0" cellpadding="0" style="margin-left:0.25pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:343.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Jurisdiction of courts</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Item</span></p></td><td style="width:143.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Court on which jurisdiction is conferred</span></p></td><td style="width:156.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-weight:bold">Limits of jurisdiction</span></p></td></tr></thead><tbody><tr><td style="width:21.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:143.9pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The Federal Court</span></p></td><td style="width:156.85pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>No specified limits.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1A</span></p></td><td style="width:143.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The Federal Circuit and Family Court of Australia (Division</span><span> </span><span>1)</span></p></td><td style="width:156.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>No specified limits.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:143.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The Federal Circuit and Family Court of Australia (Division</span><span> </span><span>2)</span></p></td><td style="width:156.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The court does not have jurisdiction to award an amount for loss or damage that exceeds:</span></p><p class="Tablea"><span>(a) $750,000; or</span></p><p class="Tablea"><span>(b) if another amount is prescribed by the regulations—that other amount.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:143.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>A superior court, or lower court, of a State or Territory</span></p><p class="Tablea" style="margin-left:0pt; text-indent:0pt"><span></span></p></td><td style="width:156.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The court’s general jurisdictional limits, including (but not limited to) limits as to locality and subject matter, to the extent that the Constitution permits.</span></p></td></tr></tbody></table> ``` <table cellspacing="0" cellpadding="0" style="margin-left:0.25pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:343.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Cross</span><span>‑</span><span>jurisdictional appeals</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Item</span></p></td><td style="width:155.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Unless expressly provided by a law of the Commonwealth, a State or a Territory, an appeal with respect to a PPS matter does not lie from a decision of ...</span></p></td><td style="width:145.3pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>to any of the following courts:</span></p></td></tr></thead><tbody><tr><td style="width:21.15pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:155.45pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span>the Federal Court</span></p></td><td style="width:145.3pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea" style="page-break-after:avoid"><span>(a) the Federal Circuit and Family Court of Australia (Division</span><span> </span><span>1);</span></p><p class="Tablea" style="page-break-after:avoid"><span>(b) the Federal Circuit and Family Court of Australia (Division</span><span> </span><span>2);</span></p><p class="Tablea" style="page-break-after:avoid"><span>(c) a court of a State;</span></p><p class="Tablea" style="page-break-after:avoid"><span>(d) a court of a Territory.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:155.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>the Federal Circuit and Family Court of Australia (Division</span><span> </span><span>1)</span></p></td><td style="width:145.3pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea" style="page-break-after:avoid"><span>(a) the Federal Court;</span></p><p class="Tablea" style="page-break-after:avoid"><span>(b) the Federal Circuit and Family Court of Australia (Division</span><span> </span><span>2);</span></p><p class="Tablea" style="page-break-after:avoid"><span>(c) a court of a State;</span></p><p class="Tablea" style="page-break-after:avoid"><span>(d) a court of a Territory.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:155.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>the Federal Circuit and Family Court of Australia (Division</span><span> </span><span>2)</span></p></td><td style="width:145.3pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) a court of a State;</span></p><p class="Tablea"><span>(b) a court of a Territory.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>4</span></p></td><td style="width:155.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>a court of a State (other than a State Family Court)</span></p></td><td style="width:145.3pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) the Federal Court;</span></p><p class="Tablea"><span>(b) the Federal Circuit and Family Court of Australia (Division</span><span> </span><span>1);</span></p><p class="Tablea"><span>(c) the Federal Circuit and Family Court of Australia (Division</span><span> </span><span>2);</span></p><p class="Tablea"><span>(d) a court of another State;</span></p><p class="Tablea"><span>(e) a court of a Territory;</span></p><p class="Tablea"><span>(f) a State Family Court of the same State.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>5</span></p></td><td style="width:155.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>a court of the Australian Capital Territory</span></p></td><td style="width:145.3pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) the Federal Court;</span></p><p class="Tablea"><span>(b) the Federal Circuit and Family Court of Australia (Division</span><span> </span><span>1);</span></p><p class="Tablea"><span>(c) the Federal Circuit and Family Court of Australia (Division</span><span> </span><span>2);</span></p><p class="Tablea"><span>(d) a court of a State;</span></p><p class="Tablea"><span>(e) a court of another Territory.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>6</span></p></td><td style="width:155.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>a court of the Northern Territory</span></p></td><td style="width:145.3pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) the Federal Court;</span></p><p class="Tablea"><span>(b) the Federal Circuit and Family Court of Australia (Division</span><span> </span><span>1);</span></p><p class="Tablea"><span>(c) the Federal Circuit and Family Court of Australia (Division</span><span> </span><span>2);</span></p><p class="Tablea"><span>(d) a court of a State;</span></p><p class="Tablea"><span>(e) a court of another Territory.</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>7</span></p></td><td style="width:155.45pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>a court of an external Territory</span></p></td><td style="width:145.3pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) the Federal Circuit and Family Court of Australia (Division</span><span> </span><span>1);</span></p><p class="Tablea"><span>(b) Federal Circuit and Family Court of Australia (Division</span><span> </span><span>2);</span></p><p class="Tablea"><span>(c) a court of a State;</span></p><p class="Tablea"><span>(d) a court of another Territory (whether internal or external).</span></p></td></tr><tr><td style="width:21.15pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>8</span></p></td><td style="width:155.45pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>a State Family Court</span></p></td><td style="width:145.3pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tablea"><span>(a) the Federal Court;</span></p><p class="Tablea"><span>(b) the Federal Circuit and Family Court of Australia (Division</span><span> </span><span>2);</span></p><p class="Tablea"><span>(c) the Supreme Court of the same State;</span></p><p class="Tablea"><span>(d) a court of another State;</span></p><p class="Tablea"><span>(e) a court of a Territory.</span></p></td></tr></tbody></table> ``` (a) a proceeding with respect to a PPS matter is pending, or has come, before a court (the transferring court) on which jurisdiction is conferred under this Part in relation to the matter; (b) jurisdiction is also conferred on another court (the receiving court) under this Part with respect to either of the following (the transfer matter): (c) the receiving court has the power to grant the remedies sought before the transferring court in relation to the transfer matter. (2) This Division does not apply to a transfer between the courts mentioned in an item in the following table, except as provided by paragraph 211(2)(b): <table cellspacing="0" cellpadding="0" style="margin-left:0.25pt; border-collapse:collapse"><thead><tr><td colspan="3" style="width:343.6pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Transfers to which other legislation applies</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Item</span></p></td><td style="width:137.55pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Transferring court</span></p></td><td style="width:159.55pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Receiving court</span></p></td></tr></thead><tbody><tr><td style="width:24.9pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>1</span></p></td><td style="width:137.55pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The Federal Court</span></p></td><td style="width:159.55pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The Federal Court</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>2</span></p></td><td style="width:137.55pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The Federal Court</span></p></td><td style="width:159.55pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The Federal Circuit and Family Court of Australia (Division</span><span> </span><span>2)</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>3</span></p></td><td style="width:137.55pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The Federal Circuit and Family Court of Australia (Division</span><span> </span><span>1)</span></p></td><td style="width:159.55pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The Federal Circuit and Family Court of Australia (Division</span><span> </span><span>2)</span></p></td></tr><tr><td style="width:24.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>4</span></p></td><td style="width:137.55pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The Federal Circuit and Family Court of Australia (Division</span><span> </span><span>2)</span></p></td><td style="width:159.55pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The Federal Court or the Federal Circuit and Family Court of Australia (Division</span><span> </span><span>1)</span></p></td></tr></tbody></table> ``` > Note 1: Paragraph 211(2)(b) gives the Federal Circuit and Family Court of Australia (Division 2) the power to transfer a matter to the Federal Court with a recommendation that the Federal Court transfer the matter to a superior court other than the Federal Court. (d) for a transfer mentioned in item 4—sections 149 and 153 of the Federal Circuit and Family Court of Australia Act 2021. (1) If section 212 (which deals with the criteria for transfers) is satisfied, the transferring court may transfer to the receiving court: (b) if the transferring court considers it necessary or convenient—any related application (or all related applications) in the proceeding. (2) However, if the transferring court is a lower court, and the transferring court considers that section 212 is satisfied in relation to the transfer of a matter mentioned in subsection (1) of this section to a receiving court that is a superior court other than the relevant superior court: (ii) give the relevant superior court a recommendation that the matter be transferred to that receiving court by the relevant superior court. (1) The transferring court may make a transfer under section 211 only if it appears to the transferring court, taking into account the considerations covered by subsection (2), that: (a) the transfer matter arises out of, or is related to, another proceeding pending, or that has come, before a receiving court; or (e) the suitability (taking into account the considerations mentioned in paragraphs (a) to (d) and any other consideration) of having the transfer matter determined by the receiving court. (a) the Registrar (or other proper officer) of the transferring court must give the Registrar (or other proper officer) of the other court all documents filed in the transferring court in respect of the proceeding or application, as the case may be; and (1) Subject to any applicable rules of court, a court must, in dealing with a PPS matter transferred to the court under section 211, apply rules of evidence and procedure that: (2) If a proceeding with respect to a PPS matter is transferred under section 211 from a transferring court to another court, the other court must deal with the proceeding as if, subject to any order of the transferring court, the steps that had been taken for the purposes of the proceeding in the transferring court (including the making of an order), or similar steps, had been taken in the other court. (1) This section applies if a proceeding with respect to a PPS matter in a transferring court is transferred to another court under section 211. (2) A person who is entitled to practise as a legal practitioner (however described) in the transferring court has the same entitlements to practise in relation to the matters covered by subsection (3) in the other court that the person would have if the other court were a federal court exercising federal jurisdiction. (b) any other proceeding out of which the PPS matter arises or to which the PPS matter is related, if the other proceeding is to be determined together with the PPS matter. (c) without limiting paragraph (b), the Registrar may appear and be represented by a legal practitioner (however described). (1) This section applies if the Registrar considers it to be in the public interest for a person to bring and carry on a proceeding in a court for the recovery of damages with respect to a PPS matter. (2) The Registrar may, on behalf of the Commonwealth, cause the proceeding to be begun and carried on in the person’s name. (3) If the person is not a constitutional corporation, the Registrar must obtain the person’s written consent to the exercise of the Registrar’s power under subsection (2). This Part applies Part 4 of the Regulatory Powers Act to enable the Registrar to enforce civil penalty provisions, and Part 6 of the Regulatory Powers Act to enable the Registrar to accept an enforceable undertaking. On application by the Registrar, a relevant court can order the payment of a civil penalty for a breach of a civil penalty provision. The Registrar may accept a written undertaking for the payment of a specified amount to the Commonwealth within a specified period. The undertaking is given by a person who has taken action that contravenes a civil penalty provision. > Note: Part 4 of the Regulatory Powers Act allows a civil penalty provision to be enforced by obtaining an order for a person to pay a pecuniary penalty for the contravention of the provision. (2) For the purposes of Part 4 of the Regulatory Powers Act, the Registrar is an authorised applicant in relation to the civil penalty provisions of this Act. (3) For the purposes of Part 4 of the Regulatory Powers Act, each of the following courts is a relevant court in relation to the civil penalty provisions of this Act: (4) Part 4 of the Regulatory Powers Act, as that Part applies in relation to the civil penalty provisions of this Act, extends to Norfolk Island and such other external Territories (if any) as are prescribed by the regulations for the purposes of section 7. > Note: Part 6 of the Regulatory Powers Act creates a framework for accepting and enforcing undertakings relating to compliance with provisions. (2) For the purposes of Part 6 of the Regulatory Powers Act, the Registrar is an authorised person in relation to the civil penalty provisions of this Act. (3) For the purposes of Part 6 of the Regulatory Powers Act, each of the following courts is a relevant court in relation to the civil penalty provisions of this Act: (4) Part 6 of the Regulatory Powers Act, as that Part applies in relation to the civil penalty provisions of this Act, extends to Norfolk Island and such other external Territories (if any) as are prescribed by the regulations for the purposes of section 7. In court proceedings, this Part describes which law will govern the validity, perfection and effect of perfection or non‑perfection of a security interest. The Commonwealth may provide that a particular law governs a security interest and parties can agree that the law of the Commonwealth governs a security interest. The rules for determining the governing law in relation to a security interest differ depending on the type of interests. For example, for a security interest in goods, the question of the governing law may be dependent on the location of the goods. However, for certain intangible property and financial property this will generally be determined by the location of the grantor. (1) In proceedings in an Australian court, the law of the jurisdiction specified by this Part in relation to a security interest governs the validity, perfection and effect of perfection or non‑perfection of the security interest. (2) However, this Part does not affect the law that governs contractual obligations (including any obligations arising under a security agreement). (1) For the purposes of this Act, personal property (including chattel paper, an investment instrument and a negotiable instrument) is located in the particular jurisdiction in which the personal property is situated. (a) an investment instrument that is not evidenced by a certificate is located in the jurisdiction the law of which governs the transfer of the investment instrument; and (b) a negotiable instrument that is evidenced by an electronic record is located in the jurisdiction the law of which governs the negotiable instrument; and (c) chattel paper that is evidenced by an electronic record is located in the jurisdiction the law of which governs the chattel paper. (a) the jurisdiction in which personal property is located under subsection (1), or in which an individual is located under subsection (5), is the jurisdiction of the State or Territory in which the property, or the individual’s principal place of residence, is situated (as the case may be); and (b) a reference to the law of that jurisdiction is a reference to the law of that State or Territory, and to the law of the Commonwealth as it applies in that State or Territory. (7) For the purposes of this Act, in the application of this section in relation to a foreign country that is divided into territorial units that have their own rules of law about security interests (distinct from those that apply to the foreign country generally): (a) the jurisdiction in which personal property is located under subsection (1), or in which an individual is located under subsection (5), is the jurisdiction of the territorial unit in which the property, or the individual’s principal place of residence, is situated; and (b) a reference to the law of that jurisdiction is a reference to the law of that territorial unit, and to the law of the foreign country as it applies in that territorial unit. Despite any other provision of this Part, a law of the Commonwealth may provide that that law, or any other law of the Commonwealth, governs a security interest. (1) Despite sections 238, subsections 239(1) and (2) and section 240, the law of the Commonwealth (other than the law relating to conflict of laws) governs a security interest if: (b) the security agreement that provides for the security interest expressly provides that the law of the Commonwealth, or that law as it applies in a particular State or Territory, governs the security interest. (2) However, a security agreement may not provide for the law of the Commonwealth, or that law as it applies in a particular State or Territory, to govern a security interest in the following intangible property: > Note 2: The parties to a security agreement may provide that the law of the Commonwealth governs a security interest in an ADI account if it would not be manifestly contrary to public policy (see subsection 239(5)). (1) The validity of a security interest in goods is governed by the law of the jurisdiction (other than the law relating to conflict of laws) in which the goods are located when the security interest attaches, under that law, to the goods. > Note 1: Under section 237, the parties to a security agreement may expressly provide for the law of the Commonwealth to apply instead. (1A) At a particular time, the perfection, and the effect of perfection or non‑perfection, of a security interest in goods is governed by the law of the jurisdiction (other than the law relating to the conflict of laws) in which the goods are located at that time. (2) Despite subsections (1) and (1A), the validity, perfection, and the effect of perfection or non‑perfection, of a security interest in goods is governed by the law of a particular jurisdiction (the destination jurisdiction), other than the law relating to the conflict of laws, if: (a) at the time (the attachment time) the security interest attaches, under that law, to the goods, it was reasonable to believe that the goods would be moved to the destination jurisdiction; and (3) Despite subsections (1) to (2A), the validity, perfection, and the effect of perfection or non‑perfection, of a security interest in goods is governed by the law of a jurisdiction (including the law relating to conflict of laws) if: (4) Despite subsections (1A) to (3), at a particular time, the perfection, and the effect of perfection or non‑perfection, of a security interest in goods is governed by the law of a country if: (a) the goods are entered in a register of ships maintained by the country containing the names and particulars of ships; and (1) The validity of a security interest in intangible property is governed by the law of the jurisdiction (other than the law relating to conflict of laws) in which the grantor is located when the security interest attaches, under that law, to the property. (2) At a particular time, the perfection, and the effect of perfection or non‑perfection, of a security interest in intangible property is governed by the law of the jurisdiction (other than the law relating to conflict of laws) in which the grantor is located at that time. (a) subject to paragraph (c), the validity of the security interest is governed by the law of the jurisdiction (other than the law relating to conflict of laws) in which the grantor is located when the security interest attaches, under that law, to the property or licence; and (b) subject to paragraph (c), at a particular time, the perfection, and the effect of perfection or non‑perfection, of the security interest is governed by the law of the jurisdiction (other than the law relating to conflict of laws) in which the grantor is located at that time; and (c) the following matters are governed by the law of the jurisdiction (other than the law relating to conflict of laws) by or under which the property or licence is granted, if that law provides for the public registration or recording of the security interest, or of a notice relating to the security interest: (i) whether a successor in title to the grantor’s interest in the property or licence takes it free of a security interest; (4) Despite subsections (1) and (2), a security interest in an ADI account is governed by the law of the jurisdiction (other than the law relating to conflict of laws) that governs the ADI account. (5) However, the parties to a security agreement may agree in writing that the law of another jurisdiction governs the security interest in the ADI account if: (6) This section does not apply to a right evidenced by a letter of credit that states that the letter of credit must be presented on claiming payment or requiring the performance of an obligation. > Note 3: Under section 237, the parties to a security agreement may expressly provide for the law of the Commonwealth to apply instead. (1) The validity of a security interest in financial property, or property covered by subsection (2), is governed by the law of the jurisdiction (other than the law relating to conflict of laws) in which the grantor is located when the security interest attaches, under that law, to the property. (2) This subsection covers property that is a right evidenced by a letter of credit that states that the letter of credit must be presented on claiming payment or requiring the performance of an obligation. (ii) the secured party has possession or control of the property sufficient to perfect the security interest under this Act. (4) At a particular time, the perfection, and the effect of perfection or non‑perfection, of a security interest in financial property, or property covered by subsection (2), is governed by the law of the jurisdiction (other than the law relating to conflict of laws) in which the grantor is located at that time. (5) However, at a particular time, the perfection, and the effect of perfection or non‑perfection, of a security interest mentioned in subsection (4) is governed by the law of Australia if, at that time: (b) the secured party has possession or control of the property sufficient to perfect the security interest under this Act. (6) Despite subsections (1) to (5), a security interest in a non‑negotiable document of title is governed by the law of the jurisdiction (other than the law relating to conflict of laws) in which the goods to which the document of title relates are located when the security interest attaches, under that law, to the document of title. (7) Despite subsections (1) to (5), a security interest in a negotiable instrument that is not evidenced by a certificate is governed by the law of the jurisdiction (other than the law relating to conflict of laws) that governs the negotiable instrument. > Note 1: For the priority of a security interests in financial property if there is no foreign register, see section 77. (1) The validity of a security interest in proceeds is governed by the law of the jurisdiction (other than the law relating to conflict of laws) that governed the validity of the security interest in the collateral that gave rise to the proceeds. (2) The perfection, and the effect of perfection or non‑perfection, of a security interest in proceeds is governed by the law of the jurisdiction (other than the law relating to conflict of laws) that governed the perfection, and the effect of perfection or non‑perfection, of the security interest in the collateral that gave rise to the proceeds. (4) However, this section does not apply in relation to proceeds that are an account unless the account arises from the dealing that gave rise to the proceeds. > Note: If this section does not apply in relation to proceeds that are an account, the law governing the validity and the perfection of a security interest consisting of a transfer of the account is determined by the law of the jurisdiction in which the grantor is located (see section 239 (governing laws—intangible property)). This Part is about the constitutional operation of this Act in the States and Territories, and outside Australia, as follows: (a) this Act operates in any State that has given the Commonwealth power to legislate accordingly for the purposes of paragraph 51(xxxvii) of the Constitution; A security interest in collateral in relation to which this Act operates under this Part has priority over a security interest in the same collateral in relation to which this Act does not operate under this Part. (1) It is the Commonwealth Parliament’s intention that this Act should operate in a referring State to the extent that it can in accordance with: (a) the legislative powers that the Commonwealth Parliament has under section 51 of the Constitution (other than paragraph 51(xxxvii)); and (b) the legislative powers that the Commonwealth Parliament has because of a reference or adoption by the Parliament of the referring State under paragraph 51(xxxvii) of the Constitution. (2) It is the Commonwealth Parliament’s intention that this Act should operate in a non‑referring State to the extent that it can in accordance with the Commonwealth Parliament’s legislative powers under section 51 of the Constitution (other than paragraph 51(xxxvii)), including (but not limited to) the powers relating to the matters mentioned in sections 246 to 250. (3) It is the Commonwealth Parliament’s intention that this Act should operate in a Territory to the extent that it can in accordance with the Commonwealth Parliament’s legislative powers under: > Note: This Act extends to Norfolk Island, but only extends to other external Territories if regulations are made to provide for that extension (see section 7). (4) Despite subsection 22(3) of the Acts Interpretation Act 1901, this Act as applying in a Territory is a law of the Commonwealth. (5) It is the Commonwealth Parliament’s intention that this Act should operate outside Australia to the extent that it can in accordance with the Commonwealth Parliament’s legislative powers under: (b) the other legislative powers that the Commonwealth Parliament has under section 51 of the Constitution (other than paragraph 51(xxxvii)). > Note 1: For the application of Australian and foreign law in relation to a security interest, see section 6 and Part 7.2. (1) A State is a referring State if, for the purposes of paragraph 51(xxxvii) of the Constitution, the Parliament of the State has, before the registration commencement time: (a) the reference to the Commonwealth of a matter covered by subsection (3) or (4) is to terminate in particular circumstances; or (c) any or all of the State’s amendment references have not commenced in relation to a particular kind (or kinds) of personal property (or so commence at or after the registration commencement time); or (i) if, and to the extent that, the matter is not otherwise included in the legislative powers of the Commonwealth Parliament (otherwise than by a reference under paragraph 51(xxxvii) of the Constitution); or (3) This subsection covers the matters to which the referred provisions relate, to the extent of making laws with respect to those matters by including the referred provisions in the relevant version of this Act. (4) This subsection covers the referred PPS matters (as defined by section 245), to the extent of making laws with respect to those matters by making express amendments of this Act in relation to each of the following kinds of personal property: (a) in the case where the Parliament of the State has referred to the Commonwealth Parliament the matters covered by subsection (3)—that reference terminates; or (6) A State also stops being a referring State if the State’s amendment reference in relation to personal property (other than fixtures or water rights): (7) However, a State does not stop being a referring State only because the State’s amendment reference in relation to fixtures or transferable water rights (or each of them): > amendment reference of a State means a reference by the Parliament of the State to the Parliament of the Commonwealth of the referred PPS matters in relation to personal property covered by paragraph (4)(a), (b) or (c). > express amendment means the direct amendment of this Act, but does not include the enactment by a Commonwealth Act of a provision that has, or will have, substantive effect otherwise than as part of the text of this Act. > referral law, of a State, means the law of the State that refers the matters covered by subsection (4) to the Parliament of the Commonwealth. > referred provisions means the provisions of the relevant version of this Act, to the extent to which they deal with matters that are included in the legislative powers of the Parliaments of the States. (a) if, at the time the State’s referral law was enacted, this Act had not been enacted—this Act as originally enacted; or (i) by the Personal Property Securities (Consequential Amendments) Act 2009 and the Personal Property Securities (Corporations and Other Amendments) Act 2010; or (ii) by the Personal Property Securities (Consequential Amendments) Act 2009, the Personal Property Securities (Corporations and Other Amendments) Act 2010 and the Personal Property Securities (Corporations and Other Amendments) Act 2011; or > transferable water rights, in relation to a State, means any water rights that are transferable under the general law or a law of the State by the holder of the right (whether or not the right is exclusive, and whether or not a transfer is restricted or requires consent). > water rights, in relation to a State, means any rights, entitlements or authorities, whether or not exclusive, that are granted by or under the general law or a law of the State in relation to the control, use or flow of water, but does not include any right, entitlement or authority that is: (1) In this Act, referred PPS matters, in relation to personal property covered by paragraph 244(4)(a), (b) or (c), means: (i) the recording of security interests, or information with respect to security interests, in the personal property in a register; (ii) the recording in such a register of any other information with respect to the personal property (whether or not there are any security interests in the personal property); (iii) the enforcement of security interests in the personal property (including priorities to be given as between security interests, and as between security interests and other interests, in the personal property). (2) However, referred PPS matters does not include the matter of making provision with respect to personal property or interests in personal property in a manner that excludes or limits the operation of a law of a State to the extent that the law makes provision with respect to: (a) the creation, holding, transfer, assignment, disposal or forfeiture of a right, entitlement or authority that is granted by or under a law of the State; or (b) limitations, restrictions or prohibitions concerning the kinds of interests that may be created or held in, or the kinds of persons or bodies that may create or hold interests in, a right, entitlement or authority that is granted by or under a law of the State; or (i) the forfeiture of property or interests in property (or the disposal of forfeited property or interests) in connection with the enforcement of the general law or any law of the State; (ii) the transfer, by operation of that law of the State, of property or interests in property from any specified person or body to any other specified person or body (whether or not for valuable consideration or a fee or other reward). (1) This Act operates in a non‑referring State in relation to a security interest, or another interest, in personal property: (b) without limiting paragraph (a), to the extent that Chapter 5 (Personal Property Securities Register) applies in relation to the personal property under section 250. (2) To avoid doubt, subsection (1) applies to a non‑referring State at a particular time even if no State is a referring State at that time. (3) Unless the contrary intention appears, a word or phrase used in sections 247 to 250 that is used in the Constitution has the same meaning as it has in the Constitution. (2) This Act operates in a non‑referring State, in relation to an interest (other than a security interest) in personal property, while the interest is held by a person covered by subsection (3). (b) an Official Receiver of the estate of a bankrupt, or a registered trustee of a bankrupt, within the meaning of the Bankruptcy Act 1966; (1) This Act operates in a non‑referring State in relation to a security interest, or another interest, in personal property, if the interest arises in the course of any of the following activities: (2) However, this Act stops operating under subsection (1) in a non‑referring State in relation to a security interest, or another interest, in personal property, if, after the interest arises: (1) This Act operates in a non‑referring State in relation to a security interest, or another interest, in personal property, if the interest includes an interest in any of the following: (2) Without limiting subsection (1), this Act also has the effect it would have if this Act operated in a non‑referring State in relation to a security interest, or another interest, in personal property, to the extent only that the interest were in any of the things mentioned in that subsection. Chapter 5 of this Act (Personal Property Securities Register) operates in a non‑referring State in relation to personal property. A person to whom personal property is transferred takes the property free of a security interest in the property at a particular time (the relevant time) if: (b) if this Act had so operated, the person would have taken the property free of the security interest under this Act (other than this section); and A security interest in collateral in relation to which this Act operates under this Part has priority over a security interest in the same collateral in relation to which this Act does not operate under this Part. A provision of this Act does not apply to the extent that the operation of the provision would give, or result in the giving of, preference (within the meaning of section 99 of the Constitution) to one State or part of a State over another State or part of a State. (1) A provision of this Act does not apply to the extent that the operation of the provision would result in an acquisition of property from a person otherwise than on just terms. This Act is not intended to exclude or limit the operation of any other law if that other law is capable of operating concurrently with this Act. However this Act prevails over other laws in relation to certain requirements relating to the registration and form of security interests, and their assignment, attachment and perfection. (1) This Act is not intended to exclude or limit the operation of any of the following laws (a concurrent law), to the extent that the law is capable of operating concurrently with this Act: (2) Without limiting subsection (1), this Act is not intended to exclude or limit the concurrent operation of a concurrent law, to the extent that the law has the effect of: (a) providing for whether a matter or other thing that is created, arises or is provided for under the concurrent law constitutes personal property; or (b) subject to section 258, prohibiting or limiting a person creating, acquiring or dealing with personal property or a security interest in personal property; or (i) prohibiting or limiting the right of a person to hold, transfer or assign a security interest in personal property; or (ii) imposing limitations or additional obligations or requirements in relation to the enforcement of a security interest in personal property; or (d) subject to sections 261 and 264, requiring or enabling a person to register a security interest (within the meaning of section 261); or Note 1: Section 261 provides that a failure to register the security interest under the law does not limit the effect of the security interest or a security agreement for the security interest. Note 2: Section 264 provides that, to the extent that the law would restrict or otherwise affect the operation of section 19 (attachment) or 21 (perfection) of this Act, the operation of the law is excluded. (e) subject to section 262, requiring or enabling a person to register the assignment of a security interest (within the meaning of that section); or Note: Section 262 provides that a failure to register the assignment under the law does not limit the effect of the assignment, the security interest or a security agreement for the security interest. (f) subject to section 263, requiring a security agreement for a security interest, or for an assignment of a security interest (within the meaning of that section) to be in a particular form, or to be witnessed or executed in a particular way; or Note: Section 263 provides that a failure to comply with such a requirement does not limit the effect of the security agreement, the security interest or the assignment. (g) operating to extinguish (however described) a security interest in circumstances other than those provided under this Act; or Note: The following provisions of this Act expressly allow for the operation (or the limited operation) of State and Territory laws: (3) To avoid doubt, this section does not apply to a law of a State or Territory, or the general law, to the extent that there is a direct inconsistency between this Act and that law. (a) provide that a provision of this Act (or an instrument made under this Act) does not apply to a matter that is dealt with by a law (the specified law) of the Commonwealth, a State or a Territory specified by the regulations; or (b) modify the operation of this Act (or an instrument made under this Act) so that no inconsistency arises between the operation of a provision of this Act or the instrument and the operation of a law (the specified law) of the Commonwealth, a State, or a Territory specified by the regulations. (2) Without limiting subsection (1), regulations made for the purposes of that subsection may provide that a provision of this Act (or an instrument made under this Act): (b) does not prohibit an act to the extent to which the prohibition would otherwise give rise to an inconsistency with the specified law; or (c) does not require a person to do an act to the extent to which the requirement would otherwise give rise to an inconsistency with the specified law; or (d) does not authorise a person to do an act to the extent to which the conferral of that authority on the person would otherwise give rise to an inconsistency with the specified law; or (e) does not impose an obligation on a person to the extent to which complying with that obligation would require the person to not comply with an obligation imposed on the person under the specified law; or (f) authorises a person to do something for the purposes of this Act (or an instrument made under this Act) that the person: > Note: Certain rights, entitlements and authorities under Commonwealth, State and Territory law, as declared by the relevant law, are excluded from the definitions of personal property and licence (in section 10). If there is any inconsistency between this Act and one of the following Acts (the other Act), the other Act prevails to the extent of the inconsistency: (1) This section sets out restrictions on the extent to which a security agreement is effective according to its terms under subsection 18(1). > Note: Division 4 restricts the operation of State and Territory laws in certain respects, for example by preventing formal requirements under those laws from affecting the validity of security interests. #### 258 When other laws prevail—personal property, security interests and matters excluded from State amendment referrals (1) This Act (apart from Division 4), or any instrument made under this Act, does not have an effect covered by subsection (2) to the extent to which that effect would give rise (apart from this subsection) to a direct inconsistency between this Act, or the instrument, and a law covered by subsection (3). > Note: Division 4 restricts the operation of State and Territory laws in certain respects, for example by preventing formal requirements under those laws from affecting the validity of security interests. (a) prohibiting or limiting a person creating, acquiring or dealing with personal property or a security interest in personal property; (i) prohibiting or limiting the right of a person to hold, transfer or assign a security interest in personal property; or (ii) imposing limitations or additional obligations or requirements in relation to the enforcement of a security interest in personal property. (5) Any provisions of this Act, or an instrument made under this Act, that would (apart from this subsection) operate, or purport to operate, to exclude or limit the operation of a law of a referring State do not operate to exclude or limit the operation of the law to the extent to which the law makes provision for a matter mentioned in paragraph 245(2)(a), (b) or (c). > Note: Subsection 245(2) provides exceptions to the scope of the matters (called PPS referred matters) in relation to which referring States have given an amendment reference to the Commonwealth (see subsection 244(4)). (1) This section applies if a law of a referring State, or of a Territory, declares a matter to be an excluded matter for the purposes of this section in relation to: (2) This Act (and any instrument made under this Act), apart from Division 4 (when this Act prevails), does not apply in relation to the excluded matter to the extent provided by the declaration. (1) This section applies if a law (the applicable law) of a State or Territory has the effect of requiring or enabling a person to register a security interest. > Note: Example: A law of a State or Territory may have this effect by requiring a person to register any interest acquired by the person in a motor vehicle including, but not limited to, a security interest. (2) For the purposes of this section, a person registers a security interest under an applicable law if, under (or in accordance with) that law, the person registers, or otherwise discloses, any of the following: (a) affect the validity, priority or enforceability of the security interest, or of a security agreement providing for the security interest; or > Note: In other respects this Act is not intended to exclude or limit the concurrent operation of the applicable law (see section 254). (1) This section applies if a law (the applicable law) of a State or Territory has the effect of requiring or enabling a person to register the assignment of a security interest. (2) For the purposes of this section, a person registers the assignment of a security interest under an applicable law if, under (or in accordance with) that law, the person registers, or otherwise discloses, any of the following in relation to a security interest that is (or is to be) assigned, however the assignment is described in that law: (3) An assignment of a security interest mentioned in this section includes (but is not limited to) the following, however described in the applicable law: (c) the devolution of the security interest from a deceased person to another person upon the death of the deceased person. (b) affect the validity, priority or enforceability of the security interest, or of a security agreement providing for the security interest; or (c) otherwise limit the effect of the assignment, the security interest or of a security agreement providing for the security interest. > Note: In other respects this Act is not intended to exclude or limit the concurrent operation of the applicable law (see section 254). (a) relates (whether expressly or by implication) to a security agreement for a security interest in collateral, or for an assignment (however described) of a security interest in collateral; and > Note: Example: A law of a State or Territory requires a security agreement to be in a particular form if the law requires the instrument evidencing the agreement to use a particular form of words, or to be executed on paper of a particular sort. (2) An assignment of a security interest mentioned in this section includes (but is not limited to) the following, however described in the applicable law: > Note: In other respects this Act is not intended to exclude or limit the concurrent operation of the applicable law (see section 254). To the extent that a law of a State or Territory would have the effect of restricting or otherwise affecting the operation of the following provisions, the operation of the law is excluded by force of this section: > Note: Example: If a law of a State or Territory would have the effect of requiring a security interest to be registered under the law before it is taken to attach, or to be perfected, under this Act, the operation of the law is excluded by force of this section. In the event of the bankruptcy of an individual grantor, or the winding up or the entry into administration of a body corporate grantor, a secured party’s unperfected security interest vests in the grantor. However, some security interests are unaffected by this rule. Some secured parties are entitled to damages or compensation in relation to the vesting of unperfected interests under this Part. (ii) an administrator of a company or a body corporate is appointed (whether under section 436A, 436B or 436C of the Corporations Act 2001, under that section as it is applied by force of a law of a State or Territory, or otherwise); (iii) a company or a body corporate executes a deed of company arrangement (whether under Division 10 of Part 5.3A of the Corporations Act 2001, under that Division as it is applied by force of a law of a State or Territory, or otherwise); (iiia) a restructuring practitioner for a company or a body corporate is appointed (whether under section 453B of the Corporations Act 2001, under that section as it is applied by force of a law of a State or Territory, or otherwise); (iiib) a company or a body corporate makes a restructuring plan (whether under Division 3 of Part 5.3B of the Corporations Act 2001, under that Division as it is applied by force of a law of a State or Territory, or otherwise); (iiic) Division 6, or Subdivision C of Division 9, of Part 7.3B of the Corporations Act 2001 begins to apply to a body corporate; (b) a security interest granted by the body corporate, company or bankrupt is unperfected at whichever of the following times applies: (i) in the case of a company or body corporate that is being wound up—when, on a day, the event occurs by virtue of which the winding up is taken to have begun or commenced on that day (whether under section 513A or 513B of the Corporations Act 2001, under either section as applied by force of a law of a State or Territory, or otherwise); (ii) in the case of a company or a body corporate to which subparagraph (a)(ii) or (iii) applies—when, on a day, the event occurs by virtue of which the day is the section 513C day for the company or body, within the meaning of the Corporations Act 2001 (including that Act as it is applied by force of a law of a State or Territory, or otherwise); (iia) in the case of a company or a body corporate to which subparagraph (a)(iiia) or (iiib) applies—when, on a day, the event occurs by virtue of which the day is the section 513CA day for the company or body, within the meaning of the Corporations Act 2001 (including that Act as it is applied by force of a law of a State or Territory, or otherwise); (iib) in the case of a body corporate to which subparagraph (a)(iiic) applies—when the body corporate begins to be under statutory management under Part 7.3B of the Corporations Act 2001; (iii) in the case of a bankrupt—when a sequestration order is made against the bankrupt under the Bankruptcy Act 1966, or when he or she becomes a bankrupt by force of section 55, 56E or 57 of that Act. (2) The security interest held by the secured party vests in the grantor immediately before the event mentioned in paragraph (1)(a) occurs. (a) the person acquires the personal property for new value from a secured party, from a person on behalf of a secured party, or from a receiver in the exercise of powers: (b) at the time the person acquires the property, the person has no actual or constructive knowledge of the following (as the case requires): (b) the security interest is in personal property that is an asset of a sub‑fund of the CCIV (within the meaning of that Act); and (b) before the time (the critical time) mentioned in paragraph 267(1)(b), the grantor enters into a security agreement with the secured party that provides for the secured party to take a security interest in collateral from the grantor; and (ii) if the security interest is perfected, it is perfected only by a registration for which the registration time is after the critical time. (a) the person acquires the personal property for new value from a secured party, from a person on behalf of a secured party, or from a receiver in the exercise of powers: (b) at the time the person acquires the property, the person has no actual or constructive knowledge of the following (as the case requires): (1) Subsection 267(2) and section 267A (security interests vested in grantor) do not apply to the following security interests: (a) a security interest provided for by any of the following transactions, if the interest does not secure the payment or performance of an obligation: (aa) a security interest for which perfection, and the effect of perfection or non‑perfection, is governed by the law of a foreign jurisdiction at the time mentioned in paragraph 267(1)(b); (i) for the postponement or subordination of the obligor’s debt to the junior creditor, to the obligor’s debt to the senior creditor; and (ii) in the event of the obligor’s debt to the junior creditor being discharged (whether wholly or partly) by the obligor transferring personal property to the junior creditor—for the junior creditor to transfer the property, or proceeds of the property, to the senior creditor to the value of the amount owed by the obligor to the senior creditor; and (iii) in the event that the property or proceeds are not transferred—for the junior creditor to hold the property or proceeds on trust for the senior creditor to that value; and (iv) in the event of such a trust arising—for a security interest to be granted by the junior creditor to the senior creditor over the personal property or proceeds securing payment of the obligor’s debt to the senior creditor; (d) the security interest is a security interest granted under the agreement, in the circumstances described in subparagraph (c)(iv). (1) This section applies if either of the following security interests is vested in the grantor under section 267 or 267A: (a) is taken to have suffered damage immediately before the time the security interest vests in the grantor under section 267 or 267A (as the case requires); and (ii) the sum of the market value of the leased, bailed or consigned property immediately before the time mentioned in paragraph 267(1)(b), and the amount of any other damage or loss resulting from the termination of the lease, bailment or consignment. > Note: The lessor, bailor or consignor may be able to prove the amount of compensation in proceedings related to the bankruptcy or winding‑up of the grantor. has a right to recover damages for any loss or damage that was reasonably foreseeable as likely to result from the failure. Despite section 271, none of the following persons is liable to an action, suit or proceeding for damages for, or in respect of, anything done honestly, or honestly omitted to be done, in the exercise, or purported exercise, of any power conferred by this Act or the regulations: (e) a Minister of a State or Territory, or another authority of a State or Territory, in relation to the exercise or performance of a power, duty or function pursuant to an agreement made for the purposes of section 118 (proceeding as if personal property were land); The fact that title to collateral is in a secured party rather than a grantor does not affect the application of any provision of this Act relating to rights, duties, obligations and remedies. This Part enables an interested person to request a secured party who holds a security interest in collateral to provide information about the interest. (1) An interested person mentioned in subsection (9) may request a secured party who holds a security interest in collateral to send or make available to the interested person, or any other person, any of the following: (b) a statement in writing setting out the amount or the obligation that is secured by the security interest and the terms of payment or performance of the obligation, as at the day specified in the request; (c) a written approval or correction of an itemised list of personal property attached to the request indicating in which items of property the security interest is granted, as at the day specified in the request; (2) A request made under subsection (1) must specify an address to which the information requested under that subsection must be sent or at which the information must be made available. (3) A request made in accordance with paragraph (1)(b), (c) or (d) must not specify a day later than 20 business days after the day the request is made. (4) Subject to subsections (5) and (6), a person who receives a request made under subsection (1) must respond to the request. > Note 1: A person who receives a request but who no longer has a security interest in collateral must respond to the request in accordance with section 276. > Note 3: A person who responds to a request might be prevented from denying the accuracy etc. of information provided (see section 283). (5) A secured party is not required to respond to a request made under subsection (1) if the information requested under that subsection must be, or has already been, made available to the person who made the request, under any of the following: (a) subject to subsection (7), the secured party and the debtor have agreed (the confidentiality agreement) in writing that neither the secured party nor the debtor will disclose information of the kind mentioned in subsection (1); or (a) the confidentiality agreement is made after the security agreement that provides for the security interest is made; or (ii) all of the grantor’s present and after‑acquired property except for an item or class of personal property described in the security agreement; (10) A secured party who receives a request made under subsection (1) that purports to be made by an interested person may act as if the person is entitled to make the request, unless the secured party has actual knowledge that the person is not entitled to make it. (b) the person (the previously secured party) to whom the request was made no longer has a security interest in the collateral. (2) The previously secured party must respond to the request by sending, or making available, to the person making the request the name and address of: (1) A person required to respond to a request under section 275 or 276 must respond before the end of 10 business days after the day the request is received. (2) Subsection (1) does not apply if the person has been exempted from responding to the request, or the time for responding to the request has been extended, under section 278. (2) On application by the person for an order under paragraph (1)(a), the court may make the order if it is satisfied that, in the circumstances, it would be unreasonable for the person to respond to the request. (3) On application by the person for an order under paragraph (1)(b), the court may make the order if it is satisfied that, in the circumstances, it would be unreasonable for the person to respond to the request: (1) A person required to respond to a request under section 275 or 276 may charge the person making the request a fee for providing information in response to the request. (3) Despite subsection (1), a grantor mentioned in paragraph 275(9)(a), or the grantor’s authorised representative, who has requested information under section 275, is entitled to be provided information free of charge unless: (a) that information has already been provided to the grantor or the authorised representative under section 275 or 276 in response to a request; and (4) The grantor or the authorised representative is also entitled to be provided information free of charge, despite subsection (3), if there has been a material change in the information since the information was last provided to the grantor or the authorised representative. (c) an order under section 281 that the person charge a nil amount, or provide the information free of charge, has not been made. (1) A person who makes a request under section 275 may apply to a court for an order under this section if the person required to respond to the request has: (1) A person (the interested person) who has requested information under section 275 may apply to a court for an order if: (a) the person required to respond to the request imposes a fee under subsection 279(1) for providing the information; and (ii) if the interested person is a grantor or the grantor’s authorised representative—believes that the information has not already been provided to the grantor or the authorised representative in response to a request made under section 275 within the previous 6 months; or (iii) if the interested person is a grantor or the grantor’s authorised representative—believes that there has been a material change in the information since the information was last provided to the grantor or the authorised representative. (2) If the court is satisfied that the fee imposed under subsection 279(1) exceeds the reasonable marginal costs of providing the information, the court may, on application by the interested person, make an order: (a) the information has not already been provided to the grantor or the grantor’s authorised representative in response to a request made under section 275 within the previous 6 months; or (b) there has been a material change in the information since the information was last provided to the grantor or the authorised representative; (4) If the court makes an order under this section, it may also make any other consequential orders that it considers appropriate. If a person fails to comply with a court order made under section 280 or 281, the court may, on the application of the person who made the request under section 275: (a) make an order extinguishing the security interest to which the request relates, together with an order requiring the Registrar to register a financing change statement amending the registration accordingly; or (1) For the purposes of this Act, a person who responds to a request made under section 275 is prevented from denying any of the things mentioned in subsection (2) of this section to any of the following persons to the extent that that person relies on the response: (a) that a copy of a security agreement provided in response to a request made in accordance with paragraph 275(1)(a) is a true copy of the security agreement; (b) if the person corrected information in response to a request made in accordance with paragraph 275(1)(b), (c) or (d): A notice or any other document required or permitted to be given to any person for the purposes of this Act must be in writing. > Note: Writing may include the display or representation of words or data by any form of communication, if recorded in a certain way (see section 10). A notice or document required or permitted to be given, for the purposes of this Act, to a person registered as a secured party must be given to the person, by one of the following methods, at the address specified in the registration for the giving of notices to the person: (2) The notice or document may be given to each of the secured parties by giving a single notice in accordance with section 287. Despite anything in this Part, a notice or document is, for the purposes of this Act, taken not to have been given to a person registered as a secured party if: If a notice or document is required or permitted to be given to a person for the purposes of this Act and the person is deceased, a copy of the notice or document must be given to: (1) Despite anything in this Part, if a notice or other document is required or permitted by this Act to be given to a person, a court may, on application by a person who is required or permitted to give the notice or document, make an order: (1) On application, a court may make an order extending the number of business days in a period specified in the following provisions if the court is satisfied that it is just and equitable to do so: (a) whether the need to extend the period arises as a result of an accident, inadvertence or some other sufficient cause; (1) In this Act, a reference to a particular time is a reference to that time by legal time in the Australian Capital Territory. (2) To avoid doubt, a reference to a particular time includes a reference to a particular time by reference to the end of a period. The Part also defines constructive knowledge and provides specific rules about knowledge requirements relating to bodies corporate and other entities and transfers between persons who have close associations with each other. In a proceeding in Australia under this Act, the onus of proving the following facts lies with the person asserting those facts: (c) the fact that a person takes personal property free of a security interest, except in relation to sections 43 and 47; (f) the fact that a person who purchases collateral pays at least the market value of the collateral at the time of the purchase; (g) the fact that a person acquires personal property without actual or constructive knowledge as mentioned in paragraph 267(3)(b); (h) the fact that a fee referred to in subsection 279(1) does not exceed the reasonable marginal costs of providing information; (i) the fact that information has been provided to a grantor or the grantor’s authorised representative under section 275 or 276 in response to a request made within the previous 6 months; (j) the fact that there has not been a material change in information provided to a grantor or the grantor’s authorised representative since the information was last provided to the grantor or the authorised representative; (k) the fact that the fee imposed under subsection 279(1) exceeds the reasonable marginal costs of providing information; (i) information has not been provided to the a grantor or a grantor’s authorised representative in response to a request made under section 275 within the previous 6 months; or (ii) there has been a material change in information since the information was last provided to a grantor or a grantor’s authorised representative. For the purposes of this Act, a person (the first person) has constructive knowledge of a circumstance if the first person would have had actual knowledge of the circumstance if the first person had: (a) made the inquiries that would ordinarily have been made by an honest and prudent person in the first person’s situation; or (b) made the inquiries that would be made by an honest and prudent person with the first person’s actual knowledge in the first person’s situation. (1) If it is necessary to establish that a body corporate has actual or constructive knowledge of a particular circumstance, it is sufficient to show: (a) that a director, employee or agent of the body corporate, being a director, employee or agent who is responsible for acting on behalf of the body corporate in relation to such a circumstance, had that knowledge; or (ii) if the director, employee or agent had exercised reasonable care, the circumstance would have been brought to the attention of a director, employee or agent of the body corporate who is responsible for acting on behalf of the body corporate in relation to such a circumstance. (2) If it is necessary to establish that a person other than a body corporate has actual or constructive knowledge of a particular circumstance, it is sufficient to show: (a) that an employee or agent of the person, being an employee or agent who is responsible for acting on behalf of the person in relation to such a circumstance, had that knowledge; or (ii) if the employee or agent had exercised reasonable care, the circumstance would have been brought to the attention of an employee or agent of the person who is responsible for acting on behalf of the person in relation to such a circumstance. (ii) the transferee is an associated entity (within the meaning of the Corporations Act 2001) of the transferor, or the transferor is such an associated entity of the transferee; (iii) the transferee is a director or officer (within the meaning of the Corporations Act 2001) of the transferor, or the transferor is such a director or officer of the transferee. (a) the transferee had actual or constructive knowledge that the acquisition constituted a breach of the security agreement that provides for a security interest in the personal property; A person does not have notice, or actual or constructive knowledge, about the existence or contents of a registration merely because data in the registration is available for search in the register. This Part enables the Registrar to approve forms for the purposes of this Act. Broad parameters are set out for what may be required by an approved form, including the way in which the form must be given to another person. (b) include the information, statements, explanations or other matters required by the form approved for the purposes of paragraph (a); and > Note: Writing may include the display or representation of words or data by any form of communication, if recorded in a certain way (see section 10). (4) Without limiting subsection (2), a form approved under subsection (3) may specify a requirement that the applicant comply with registered data conditions (see section 176B) or third party data conditions (see section 176C), or both, for applications under any of the following sections: (5) A form approved under subsection (3) may provide for a matter by applying, adopting or incorporating, with or without modification, any matter contained in an instrument or other writing as in force or existing from time to time, despite section 46AA of the Acts Interpretation Act 1901. This Chapter deals with the way this Act will apply when the positive rules established by this Act begin to operate. It also provides for some other matters that will have less relevance over time (fixed and floating charges, in Part 9.5), or a once‑only application (the review in Part 9.6). Part 9.3 deals with the initial application of this Act. Generally speaking, the Act starts to apply at the registration commencement time, which is 1 February 2012 (the first day of the month that is 26 months after this Act was given the Royal Assent), or another time determined by the Minister. Part 9.4 contains provisions that relate to transitional security interests. These are interests in existence at the registration commencement time or arising afterwards under security agreements made before the registration commencement time. Part 9.4 also deals with the migration of data from existing Commonwealth, State and Territory registers onto the Personal Property Securities Register. (a) the start of the first day of the month that is 25 months after the month in which this Act is given the Royal Assent; or > Note: Example: If this Act were given the Royal Assent on 10 December 2009, the migration time under paragraph (a) would be the start of 1 January 2012. (a) the start of the first day of the month that is 26 months after the month in which this Act is given the Royal Assent; or > Note: Example: If this Act were given the Royal Assent on 10 December 2009, the registration commencement time under paragraph (a) would be the start of 1 February 2012. (3) The Minister may only determine a time for the purposes of paragraph (2)(b) that is on a day that is at least 28 days after the day on which the migration time occurs. (4) If the Minister determines other times for both the migration time and the registration commencement time, the Minister may, after the migration time, make a further determination for the purposes of paragraph (2)(b) that has the effect of providing for a later registration commencement time. > Note: The registration commencement time determined by the further determination must be at least 28 days after the day on which the migration time occurs. (5) The Minister may, by written instrument, determine a time for the purposes of paragraph (1)(b) or (2)(b) (including a determination mentioned in subsection (4)). (6) A determination made under subsection (5) is a legislative instrument, but section 42 (disallowance) of the Legislation Act 2003 does not apply to the determination. > transitional security agreement means a security agreement that is in force immediately before the registration commencement time, and that continues in force at and after that time. (a) in the case of a security interest arising before the registration commencement time—this Act would have applied in relation to the security interest immediately before the registration commencement time, but for section 310; or (i) the transitional security agreement as in force immediately before the registration commencement time provides for the granting of the security interest; and > Note: Section 310 provides that this Act only starts to apply to security interests at the registration commencement time. This Act starts to apply to the following at the registration commencement time (26 months after the Act is given the Royal Assent, or another time determined by the Minister): Subject to this Part and Part 9.4, this Act starts to apply at the registration commencement time in relation to the following matters: (b) a security interest (other than a transitional security interest) arising at or after the registration commencement time; (e) an interest in personal property (other than a security interest) arising at or after the registration commencement time; (g) personal property, if data in relation to the property is given to the Registrar as mentioned in section 330 or 331 (data in transitional registers). Despite section 20, a transitional security interest is enforceable against a third party in respect of particular personal property if it would have been so enforceable under the law that applied to the enforceability of security interests immediately before the registration commencement time, and as if this Act had not been enacted (whether the security interest arises before, at or after the registration commencement time). Section 73 (priority between security interests and declared statutory interests) applies in relation to an interest in collateral only if the interest is created, arises or is provided for under one of the following at or after the registration commencement time: Section 106 applies in relation to security interests in intellectual property licences only if the security interests are provided for by security agreements made at or after the registration commencement time. Chapter 4 (enforcement of security interests) applies only in relation to security interests provided for by security agreements made at or after the registration commencement time. (1) A person may only apply to the Registrar for the registration of a financing statement or a financing change statement at or after the registration commencement time. (2) The Registrar may only register a financing statement or a financing change statement (whether on application by a person or at the Registrar’s initiative) at or after the registration commencement time. > Note: However, the Registrar may, before the registration commencement time, register a financing statement or a financing change statement under Division 6 (migrated security interests) or Division 7 (preparatory registration) of Part 9.4. Part 7.2 (Australian laws and those of other jurisdictions) applies only in relation to security interests in collateral (other than transitional security interests) that arise at or after the registration commencement time. (1) Section 251 (personal property taken free of security interest when Act starts to operate) applies only in relation to security interests in collateral (other than transitional security interests) that arise at or after the registration commencement time. (2) Section 252 (priority between non‑constitutional security interests and constitutional security interests) applies only in relation to security interests in collateral, in relation to which this Act does not operate, that arise at or after the registration commencement time. (a) in the case of a reference to a charge, a fixed charge or a floating charge in a law of the Commonwealth (whether the law is made before, at or after the registration commencement time)—in relation to a security interest (other than a transitional security interest) arising at or after the registration commencement time; or (b) in the case of a reference to a charge, a fixed charge or a floating charge in a security agreement—in relation to a security agreement made at or after the registration commencement time. This Part applies to transitional security interests, which are security interests provided for by security agreements (transitional security agreements) in force immediately before the registration commencement time. A transitional security interest may arise before, at or after the registration commencement time. The registration commencement time is 1 February 2012 (the first day of the month that is 26 months after this Act was given the Royal Assent), or another time determined by the Minister. Division 2 is about the attachment, perfection and priority of transitional security interests. Transitional security interests are declared to be perfected until the end of the month that is 24 months after the registration commencement time, or until they are earlier perfected by other means (for example, by registration). Division 6 is about the migration of data about personal property from Commonwealth, State and Territory registers onto the Personal Property Securities Register. The Registrar may register migrated data about transitional security interests with effect from the registration commencement time. Such transitional security interests are known as migrated security interests. Division 7 provides for preparatory registration with respect to transitional security interests in anticipation of the commencement of the Personal Property Securities Register. Other data may also be registered under this Division before the registration commencement time. Transitional security interests that are registered in this way are perfected under Division 2 from immediately before the registration commencement time.