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