Document ID: chunk:federal_register_of_legislation:C2013C00609:clause:1_51f
Version: federal_register_of_legislation:C2013C00609
Segment Type: clause
Provision Reference: sch 1 cl 51F
Character Range: 20681–22590

51F  Meaning of PPSA retention of title property

Definition
 (1) Property is PPSA retention of title property (short for Personal Property Securities Act retention of title property) of a corporation if:
 (a) the property is personal property; and
 (b) the property is used or occupied by, or is in the possession of, the corporation; and
 (c) the corporation does not have title to the property; and
 (d) a PPSA security interest is attached to the property, within the meaning of the Personal Property Securities Act 2009; and
 (e) the corporation is the grantor in relation to the PPSA security interest, within the meaning of that Act.
Examples: The following personal property is PPSA retention of title property if a PPSA security interest attaches to the property by virtue of the transaction concerned, and the grantor is a corporation:
(a) property that is the subject of an agreement to sell subject to retention of title, or a hire purchase agreement, that secures the payment or performance of an obligation (see subsection 12(2) of the Personal Property Securities Act 2009);
(b) property that is the subject of a lease, or a consignment agreement, that secures the payment or performance of an obligation (see subsection 12(2) of the Personal Property Securities Act 2009);
(c) goods that are the subject of a commercial consignment (see subsection 12(3) of the Personal Property Securities Act 2009);
(d) goods that are leased or bailed under a PPS lease (see subsection 12(3) of the Personal Property Securities Act 2009).

References to property of a corporation
 (2) A reference in this Act to the property of a corporation does not include a reference to any PPSA retention of title property of the corporation, unless provided otherwise expressly or by necessary implication.
Note: See also the definition of property in section 9.

Part 2—Repeal of Chapter 2K (registration of charges)