Chapter 29
Summary of Key Changes to the Previous Law
- 29.1 Summary of key changes to the previous law
- 29.2 Security agreements are not available from the PPS Register
- 29.3 Super-priority security interests – PMSIs and security interests perfected by control
- 29.4 Secured parties can perfect to defeat existing security interests of which they have knowledge – knowledge is generally not relevant to priority disputes between security interests
- 29.5 45 day window to register security interests changes to 20 business days
- 29.6 Security interests over ADI accounts
- 29.7 Following collateral upon transfers
- 29.8 Extinguishment rules upon transfers of collateral
- 29.9 Security interests automatically attach to proceeds generated upon disposals of original collateral
- 29.10 Restrictive covenants against the sale of collateral or the grant of further security
- 29.11 Receivables financing
- 29.12 Tacking of further advances is permitted
- 29.13 Conflicts of laws rules
- 29 14 Serial numbered property
- 29.15 15 business day “silent equipment PMSI” risk
- 29.16 Receivers, controllers or secured parties can sell leased or retention of title property if the lease or retention of title transaction is unperfected, or trumped for priority
- 29.17 Circulating security interests (floating charges) attach immediately to after-acquired property without appropriation
29.12 Tacking of further advances is permitted
The PPSA abolishes the principles relating to tacking further advances for personal property security interests.
Security interests under the PPSA have the same priority in relation to all advances secured by them1. There are some very minor exceptions where the priority of advances remains relevant.
Notes
1 PPSA section 58 (link)
Back To Top 