This Part   is about how Australian laws interact with foreign laws.

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.