Commonwealth Numbered Acts

PERSONAL PROPERTY SECURITIES ACT 2009 (NO. 130, 2009) - SECT 8

             (1)  This Act does not apply to any of the following interests (except as provided by subsection (2) or (3)):

                     (a)  the interest of a seller who has shipped goods to a buyer under a negotiable bill of lading, or its equivalent, to the order of the seller, or to the order of an agent of the seller, unless the parties have otherwise evidenced an intention to create or provide for a security interest in the goods;

                     (b)  a lien, charge, or any other interest in personal property, that is created, arises or is provided for under a law of the Commonwealth (other than this Act), a State or a Territory, unless the person who owns the property in which the interest is granted agrees to the interest;

                     (c)  a lien, charge, or any other interest in personal property, that is created, arises or is provided for by operation of the general law;

                     (d)  any right of set‑off or right of combination of accounts;

                     (e)  any right or interest held by a person, or any interest provided for by any transaction, under any of the following (as defined in section 5 of the Payment Systems and Netting Act 1998 ):

                              (i)  an approved netting arrangement;

                             (ii)  a close‑out netting contract;

                            (iii)  a market netting contract;

                      (f)  an interest provided for by any of the following transactions:

                              (i)  the creation or transfer of an interest in land;

                             (ii)  the creation of an interest in a right to payment, or the creation or transfer (including a successive transfer) of a right to payment, in connection with an interest in land, if the writing evidencing the creation or transfer specifically identifies that land;

                            (iii)  a transfer (including a successive transfer) of an unearned right to payment under a contract to a person who is to perform the transferor's obligations under the contract;

                            (iv)  a transfer of present or future remuneration (including wages, salary, commission, allowances or bonuses) payable to an individual as an employee or a contractor;

                             (v)  a transfer of an interest or claim in, or under, a contract of annuity or policy of insurance;

                            (vi)  an assignment of an account made solely to facilitate the collection of the account on behalf of the person making the assignment;

                           (vii)  without limiting subparagraph (vi), an assignment of an account, if the assignee's sole purpose in acquiring the account is to collect it;

                           (viii)  an assignment of an account or negotiable instrument to satisfy (either wholly or partly) a pre‑existing indebtedness;

                            (ix)  a sale of an account or chattel paper as part of a sale of business, unless the seller remains in apparent control (within the ordinary meaning of that term) of the business after the sale;

                             (x)  an assignment of the beneficial interest in an account where, after the assignment, the assignee holds the account on trust for the assignor;

                     (g)  the following interests in property created under the Bankruptcy Act 1966 :

                              (i)  the interest of the Official Trustee or a registered trustee who has taken control (within the meaning of section 50 of that Act) of a debtor's or grantor's property under that section;

                             (ii)  the interest of the Official Trustee or a registered trustee in property of a debtor or grantor that has vested in the Official Trustee or the registered trustee under section 58 of that Act;

                            (iii)  a charge created under section 139ZN of that Act;

                            (iv)  a charge created under section 139ZR of that Act;

                             (v)  an interest created under a personal insolvency agreement under Part X of that Act;

                     (h)  a trust over some or all of an amount provided by way of financial accommodation, if the person to whom the financial accommodation is provided is required to use the amount in accordance with a condition under which the financial accommodation is provided;

                      (i)  a right entitlement or authority, whether or not exclusive, that is granted by or under the general law or a law of the Commonwealth, a State or a Territory in relation to the control, use or flow of water;

                      (j)  an interest in a fixture;

                     (k)  a particular right, licence or authority (the statutory right ) granted by or under a law of the Commonwealth, a State or a Territory, if, at the time when the statutory right is granted, or at any time afterwards, a provision of that law declares that kind of statutory right not to be personal property for the purposes of this Act (no matter whether the provision remains in force);

Note:       Personal property does not include such a statutory right if it has been declared by such a law not to be personal property for the purposes of this Act (see section 10).

                      (l)  an interest of a kind prescribed by the regulations for the purposes of this section.

Exceptions to subsection (1)

             (2)  The following table has effect:

             (3)  The regulations may provide that, despite subsection (1), this Act applies in relation to a kind of interest prescribed by the regulations for the purposes of this subsection.

Transfer and assignments of interests and rights

             (4)  To avoid doubt, the interest provided for by a transfer or assignment of an interest or right (see paragraph (1)(f)) is the interest that the transferee has to claim against the transferor.