Commonwealth Numbered Acts

PERSONAL PROPERTY SECURITIES ACT 2009 (NO. 130, 2009) - SECT 339

             (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.

             (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.