22AReferences to charges and fixed and floating charges

22A References to charges and fixed and floating charges

22A References to charges and fixed and floating charges

(1) This clause applies in relation to a reference in an Act or statutory rule to a charge, a fixed charge, or a floating charge, over property, but only to the extent that:

(a) the charge referred to has attached to personal property, and

(b) title to the personal property to which the charge has attached is in the grantor, and

(c) the charge is a security interest to which the PPS Act applies.

(2) However, this clause does not apply to:

(a) a reference to a charge, a fixed charge, or a floating charge, if the charge referred to is a perfected security interest that is provided for by a transfer of an account or chattel paper, or

(b) any other reference (or any reference belonging to a class) prescribed by the regulations.

(3) On and from the registration commencement time:

(a) a reference to a charge over property is taken to be a reference to a security interest that has attached to:

(i) a circulating asset, or

(ii) personal property that is not a circulating asset, and

(b) a reference to a fixed charge over property is taken to be a reference to a security interest that has attached to personal property that is not a circulating asset, and

(c) a reference to a floating charge over property is taken to be a reference to a security interest that has attached to a circulating asset.

(4) Any word or expression used in this clause that is defined in the PPS Act has the same meaning as in that Act.