In this Act:
"circulating security interest" means a security interest that is:
(a) a PPSA security interest, if:
(i) the security interest has attached to a circulating asset within the meaning of the Personal Property Securities Act 2009 ; and
(ii) the grantor (within the meaning of that Act) has title to the asset; or
(b) a floating charge.
Note: Security interests are either PPSA security interests, or charges, liens or pledges (see section 51A).