Personal Property Securities Amendment Act 2011

1: Title
This Act is the Personal Property Securities Amendment Act 2011.
2: Commencement
This Act comes into force on a date appointed by the Governor-General by Order in Council, and 1 or more orders may be made bringing different provisions into force on different dates. Section 2 brought into force 13 February 2012 clause 2 Personal Property Securities Amendment Act 2011 Commencement Order 2011 Section 2 brought into force 1 August 2012 clause 2 Personal Property Securities Amendment Act 2011 Commencement Order 2012 Section 2 brought into force 14 April 2014 clause 2 Personal Property Securities Amendment Act 2011 Commencement Order 2013 Section 2 brought into force 20 May 2021 clause 2 Personal Property Securities Amendment Act 2011 Commencement Order 2021
3: Principal Act amended
This Act amends the Personal Property Securities Act 1999 OIC SR 2011/389 2012-02-13 Personal Property Securities Act 1999 OIC LI 2021/83 2021-05-20 Personal Property Securities Act 1999 Brings into force section 167(1)﻿(b)﻿(iv) only (which is in section 5 below). OIC SR 2012/130 2012-08-01 Personal Property Securities Act 1999 Brings into force section 167A(1)﻿(b)﻿(ii) only (which is in section 5 below). OIC SR 2013/424 2014-04-14 Personal Property Securities Act 1999 Brings into force section 167A(1)﻿(b)﻿(i) only (which is in section 5 below).
4: Interpretation
Paragraph (b) of the definition of working day section 16 167A, 165,
5: New section 167A inserted
The following section is inserted after section 167
167A: Financing change statement consequential on sale effected by court under certain enactments
1: This section applies to any personal property (the personal property
a: falls within the collateral description included in a registered financing statement (the applicable financing statement
b: has been sold or disposed of under—
i: section 89, 91, or 93 of the District Courts Act 1947
ii: section 137(1), 138, or 141(3)﻿(b) of the Sentencing Act 2002
iii: section 100L(1)﻿(a) or 100P(1)
iv: a sale order issued under rule 17.63 of the High Court Rules
2: A court registrar may enter in the register a financing change statement that—
a: discharges the registration of the applicable financing statement if the collateral description in the applicable financing statement relates exclusively to the personal property; or
b: amends the applicable financing statement to exclude the personal property from the collateral description if the collateral description in the applicable financing statement does not relate exclusively to the personal property.
3: As soon as is reasonably practicable after the financing change statement is entered in the register, the Registrar must ensure that the secured party is given a notice stating that the financing change statement will be registered unless a court order, under subsection (4), cancelling that statement is served on the Registrar within 15 working days of the notice being given to the secured party.
4: The court on whose behalf the financing change statement was entered may, on application, order the cancellation of that statement on the ground that the statement would affect collateral that is not personal property within the meaning of subsection (1).
5: An order under subsection (4) may be made by the court registrar of the appropriate court and any order made by that registrar is subject to review by a Judge of the appropriate court.
6: If an order, under subsection (4), cancelling the financing change statement is served on the Registrar within the period of 15 working days referred to in the notice given under subsection (3), the financing change statement will not be registered and may be removed from the register by the Registrar.
7: If an order, under subsection (4), cancelling the financing change statement is not served on the Registrar within the period of 15 working days referred to in the notice given under subsection (3), the financing change statement will be registered in accordance with section 144
8: In this section, court registrar
a: means any registrar of the High Court or of a District Court as appropriate; and
b: includes any deputy registrar of the High Court or of a District Court as appropriate.