- 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
Summary of key changes to the previous law
The PPSA effects many significant changes to Australian finance law and practice relevant to personal property. This chapter summarises those changes.
Most of the points below have been covered in the discussion in earlier chapters. The purpose of this chapter is to provide a quick summary of how the PPSA will change the landscape in Australian finance law and practice.
Some aspects of the PPSA simply re-package and codify existing law without effecting any significant changes. This chapter summarises the actual changes and new rules which the PPSA implements.
Hopefully this chapter will be useful for anyone who wishes to obtain a quick overview of how the PPSA will change Australian finance law from early 2012.
The discussion in this chapter is not designed to be comprehensive, and is no substitute for detailed consideration of the relevant PPSA issues in the particular contexts in which they arise.
