Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 153

Financing statements with respect to security interests

  (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:

 

Financing statements with respect to security interests

Item

Data about:

Details of data

1

The secured party

The details prescribed by the regulations, in relation to each secured party, of:

(a) the secured party; or

(b) a person nominated by the secured party who has authority to act on behalf of the secured party.

2

The grantor

Whichever of the following is applicable:

(a) if the collateral is consumer property, and is required by the regulations to be described by serial number--no grantor's details;

(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;

(c) in any other case--the grantor's details as prescribed by the regulations.

3

Giving of notices

The following:

(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;

(b) details of any identifier provided for the giving of notices to the secured party (or secured parties).

Note:   For identifiers, see section   289.

4

The collateral and proceeds

A collateral description in accordance with all of the following rules:

(a) the collateral must be described as one of the following:

(i) consumer property;

(ii) commercial property;

(b) the collateral may or must be described by serial number, if allowed or required by the regulations;

(c) the collateral must belong to a single class of collateral prescribed by the regulations;

(d) any description of proceeds must comply with the regulations.

Note:   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.

5

The end time for registration

For all the collateral described in the statement, the following data:

(a) for collateral other than consumer property or property described by a serial number:

(i) no stated end time; or

(ii) an end time for the registration no later than the time (the default time ) that is the end of the day 25 years after the registration time; or

(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 default time ) that is the end of the day 25 years after the amendment time for that amendment;

(b) for consumer property, or property described by a serial number:

(i) an end time for the registration no later than the time (the default time ) that is the end of the day 7 years after the registration time; or

(ii) if the registration is amended to change the end time--an amended end time for the registration no later than the time (the default time ) that is the end of the day 7   years after the amendment time for that amendment.

6

Subordination

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.

7

Security interest

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.

8

Any matter prescribed by the regulations

Details of the matter prescribed by the regulations, whether or not the matter also comes under any of the other items in this 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.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback