Document ID: chunk:federal_register_of_legislation:C2016A00043:clause:1_5a
Version: federal_register_of_legislation:C2016A00043
Segment Type: clause
Provision Reference: sch 1 cl 5A
Character Range: 9830–10478

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.