(1) This section applies in relation to a reference to a charge, a fixed charge, or a floating charge, over property in a law of the Commonwealth, or in a security agreement, 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 this Act applies.
(2) This section does not apply in relation to:
(a) paragraphs 12(2)(a) and (b), or subsection 19(4); or
(b) 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.
(3) A reference to a charge over property is taken to be a reference to a security interest that has attached to:
(a) a circulating asset; or
(b) personal property that is not a circulating asset.
(4) 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.
(5) 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.