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CORPORATIONS ACT 2001

CHAPTER 1 - INTRODUCTORY  

PART 1.2 - INTERPRETATION  

Division 6A - Security interests    View history reference

SECTION 51F  MEANING OF PPSA RETENTION OF TITLE PROPERTY  

 View history reference

Definition

51F(1)  

Property is PPSA retention of title property (short for Personal Property Securities Act retention of title property) of a corporation if:


(a) the property is personal property; and


(b) the property is used or occupied by, or is in the possession of, the corporation; and


(c) the corporation does not have title to the property; and


(d) a PPSA security interest is attached to the property, within the meaning of the Personal Property Securities Act 2009; and


(e) the corporation is the grantor in relation to the PPSA security interest, within the meaning of that Act.

Examples: The following personal property is PPSA retention of title property if a PPSA security interest attaches to the property by virtue of the transaction concerned, and the grantor is a corporation:

(a) property that is the subject of an agreement to sell subject to retention of title, or a hire purchase agreement, that secures the payment or performance of an obligation (see subsection 12(2) of the Personal Property Securities Act 2009);
(b) property that is the subject of a lease, or a consignment agreement, that secures the payment or performance of an obligation (see subsection 12(2) of the Personal Property Securities Act 2009);
(c) goods that are the subject of a commercial consignment (see subsection 12(3) of the Personal Property Securities Act 2009);
(d) goods that are leased or bailed under a PPS lease (see subsection 12(3) of the Personal Property Securities Act 2009).

References to property of a corporation

51F(2)  

A reference in this Act to the property of a corporation does not include a reference to any PPSA retention of title property of the corporation, unless provided otherwise expressly or by necessary implication.

Note: See also the definition of property in section 9.


 



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