Personal Property Securities Amendment Act 2001

1: Title
1: This Act is the Personal Property Securities Amendment Act 2001.
2: In this Act, the Personal Property Securities Act 1999 the principal Act
2: Commencement
This Act comes into force on a date to be appointed by the Governor-General by Order in Council.
3: New
sections 9 9A The principal Act is amended by repealing section 9
9: Part 5 Part 5
9A: Part 6 Part 6
4: Interpretation
Section 57 finance company section 2(1) of the Motor Vehicle Dealers Act 1975 manufacturer wholesaler
a: a person who engages in the business of selling new motor vehicles to dealers, or to other persons who engage in that business; or
b: a person who engages in the business of selling secondhand motor vehicles to dealers.
5: New
section 59 The principal Act is amended by repealing section 59
59: Reimbursement of secured party by dealer
1: A dealer must pay to a secured party the relevant amount referred to in subsection (2)
a: the dealer sold or leased a motor vehicle that, immediately before its sale or lease, was subject to the secured party's security interest that was perfected by registration; and
b: the buyer or lessee of the motor vehicle takes the motor vehicle free of the security interest under section 58
c: the secured party has served a claim for payment on the dealer.
2: The dealer must, within 7 working days of the date on which the secured party served a claim for payment on the dealer, pay to the secured party the lesser of the following amounts:
a: the amount outstanding in respect of the debt or other obligation secured by the secured party's security interest in the motor vehicle:
b: the payment received or to be received by the dealer from the sale or the lease of the motor vehicle.
6: New
section 61 The principal Act is amended by repealing section 61
61: Procedure for making claims for reimbursement
Every claim for payment made by a secured party under section 59 or section 60
a: a printed search result issued by the register under section 175
b: a statutory declaration by the secured party or, if the secured party is a company, by any director or other officer authorised in writing for the purpose, declaring—
i: the amount of the debt or other pecuniary obligation secured by the security interest; and
ii: the amount received by the secured party in satisfaction of that debt or other obligation; and
iii: the amount outstanding in respect of that debt or other obligation at the date when the declaration is made; and
iv: the amount recoverable from the buyer or lessee of the vehicle under section 65
7: New
section 71 The principal Act is amended by repealing section 71
71: Security agreement may provide for future advances
A security agreement may provide for future advances.
8: New
section 106 The principal Act is amended by repealing section 106
106: Part not to apply to receivers
This Part does not apply to a receiver within the meaning of section 2(1) of the Receiverships Act 1993
9: New
section 107 The principal Act is amended by repealing section 107
107: When contracting out of certain provisions in this Part permitted
1: The parties to a security agreement may contract out of sections 108, 109, 111(1), 112, 114(1)(a), 117(1)(c), 120(1), 122, 133, and 134
2: The parties to a security agreement may contract out of the debtor's right to—
a: receive a statement of account under section 116
b: recover surplus under section 119
c: receive notice of a secured party's proposal to retain collateral under section 120(2)
d: object to a secured party's proposal to retain collateral under section 121
e: not have goods damaged when a secured party removes an accession under section 125
f: not be reimbursed for damage caused when a secured party removes an accession under section 126
g: refuse permission to remove an accession under section 127
h: receive notice of the removal of an accession under section 129
i: apply to the Court for an order concerning the removal of an accession under section 131
j: redeem collateral under section 132
3: The parties to a security agreement may contract out of the secured party's right to apply to a court for an order in respect of the removal of an accession under section 128
10: Debtor may reinstate security agreement
Section 133 subsection (2)
2: Subsection (1)
11: Secured party may obtain court order in cases not involving security trust deed
Section 167(1) 1 or more none
12: New
section 199 The principal Act is amended by repealing section 199
199: Time of registration of certain prior security interests
For the purposes of this Act, the time of registration of a prior security interest that is deemed to be perfected by registration under this Act is—
a: the time that, under the relevant prior registration law, determined the priority of the security interest (where the prior security interest is deemed to be perfected by registration under section 195
b: the time that the security interest was created (where the prior security interest is deemed to be perfected by registration under section 196
13: New
Schedules 1 2 The principal Act is amended by repealing Schedules 1 2 Schedule
14: Schedules 3 4
1: Schedule 3 Statutes Amendment Act 1945 1945 : Section 5
2: Schedule 4 Motor Vehicle Securities (Fees) Regulations 1990, Motor Vehicle Securities (Fees) Regulations 1999 (SR 1999/148)