Document ID: chunk:federal_register_of_legislation:C2024C00719:section:3:p2
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 3 (pt 2/3)
Character Range: 25826–28962

be kept electronically, for example in a form that is interactive and accessible over the internet.
      Summary
      Chapter 1 deals with some preliminary matters, including the general application of the Act (Part 1.2) and its interpretation (Part 1.3).
      Chapter 2 sets out general rules relating to security interests. These include the following:
             (a) general principles relating to security agreements, security interests, attachment and perfection (Part 2.2);
             (b) interpretation provisions about possession and control (Part 2.3);
             (c) rules about when attachment and perfection of security interests occurs in particular situations (Part 2.4);
             (d) the circumstances in which personal property is taken free of a security interest in the property (Part 2.5);
             (e) how to work out the priority between competing security interests (and in some cases, other sorts of interests) in personal property (Part 2.6);
             (f) rules about the transfer of interests in collateral (Part 2.7).
      Chapter 3 contains specific rules about the following:
             (a) agricultural interests (Part 3.2);
             (b) security interests in accessions to personal property and their priority (Part 3.3);
             (c) security interests in personal property that is processed or commingled and their priority (Part 3.4);
             (d) intellectual property and intellectual property licences (Part 3.5).
      Chapter 4 deals with how to enforce a security interest in personal property. Parties can contract out of some of the provisions of Chapter 4.
      Chapter 5 provides for the establishment and maintenance of a register with respect to personal property securities and certain prescribed personal property (the Register of Personal Property Securities).
      The Registrar of Personal Property Securities is responsible for maintaining the register. Chapter 5 also deals with how the register can be searched, and how certain non‑registered data can be provided through the register (as a portal).
      A search by reference to the details of an individual grantor must be made for an authorised purpose set out in the Act. A person who carries out an unauthorised search, or uses data from an unauthorised search, may be liable to pay compensation or a civil penalty (or both).
      Chapter 6 deals with the role of the courts in proceedings that relate to security interests in personal property. It confers jurisdiction on courts and provides rules for the transfer of proceedings between courts. It also describes the Registrar's role in judicial proceedings and applies Parts 4 and 6 of the Regulatory Powers Act to enable contraventions of civil penalty provisions to be enforced.
      Chapter 7 deals with how this Act interacts with foreign laws, the constitutional operation of this Act and the relationship between this Act and other Australian laws.
      Chapter 8 deals with the following:
             (a) rules about the vesting of certain unperfected interests (Part 8.2);
             (b) rights to damages and compensation