Queensland Numbered Acts

PERSONAL PROPERTY SECURITIES (ANCILLARY PROVISIONS) ACT 2010 No. 44 - SECT 5

(1) This section applies to a reference in an Act or other document to a charge, fixed charge or floating charge over property, but only to the extent that--

(a) the charge referred to is attached to personal property; and

(b) title in the personal property to which the charge is attached is in the grantor; and

(c) the charge is a security interest to which the PPS Act applies.

(2) However, this section does not apply to--

(a) 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; or

(b) any other reference, or class of reference, prescribed under a regulation, to a charge, fixed charge or floating charge.

(3) On and from the registration commencement time--

(a) a reference to a charge over property is taken to be a reference to a security interest that is attached to--

(i) a circulating asset; or

(ii) personal property that is not a circulating asset; and

(b) a reference to a fixed charge over property is taken to be a reference to a security interest that is attached to personal property that is not a circulating asset; and

(c) a reference to a floating charge over property is taken to be a reference to a security interest that is attached to a circulating asset.