Document ID: chunk:federal_register_of_legislation:C2024C00373:section:5a
Version: federal_register_of_legislation:C2024C00373
Segment Type: section
Provision Reference: s 5A
Character Range: 20773–21474

5A  Security given over a person's right to require payment or performance of an obligation
  If a person owes payment or performance of an obligation to another person (an account holder):
 (a) the account holder may give security over the account holder's right to require the payment or performance of the obligation; and
 (b) the persons to whom security may be given include the person who owes the payment or the performance of the obligation to the account holder.
Example: A person holds an account with a bank. The person may give security to the bank over the person's right to require the bank to pay the person money from the account.

Part 2—Integrity of approved RTGS payment systems