Interests in personal property that arise by operation of the general law – constructive and resulting trusts, marshalling rights, subrogation rights, etc: rights that do not arise by virtue of a consensual transaction but which arise by operation of the general law (often on the grounds of restitution), are very unlikely to be regulated as security interests under the PPSA¹. It is often difficult to determine the points in time at which these interests arise, and significant prejudice and windfalls would arise from treating these interests as security interests and subjecting them to registration, perfection and the priority consequences that follow under the PPSA.