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Personal Property Securities Act 2009 (Cth)

The Personal Property Securities Act 2009 (Cth) is currently targeted to commence on 1 February 2012. The PPSA provides, among other things, for “security interests”, (interests in personal property provided for by a transaction that secures payment or the performance of an obligation), and “collateral”, (personal property affected by a security interest). The PPSA creates a Register of Personal Property Securities, whereby secured parties may give notice of security interests. The PPSA changes the previous legal position on traditional securities, eg mortgages and charges, and extends to retention of title, bailment and lease arrangements.
The Act can be seen at: http://www.austlii.edu.au/au/legis/cth/consol_act/ppsa2009356/