Personal Property Securities Regulations 2010

Part 1—Preliminary

Division 1—Preliminary

1.1 Name of Regulations

These Regulations are the Personal Property Securities Regulations 2010.

Division 2—General application of the Act

1.3 Application of the Act to external Territories

For subsection 7(3) of the Act, the following are external Territories:

(a) the Territory of Christmas Island;

(b) the Territory of Cocos (Keeling) Islands.

1.4 Interests to which the Act does not apply

(1) For paragraph 8(1)(l) of the Act, the Act does not apply to a right or interest in personal property mentioned in section 260‑5 of Schedule 1 to the Taxation Administration Act 1953.

(2) For paragraph 8(1)(l) of the Act, the Act does not apply to an interest in an authority, lease, licence or permit of any kind that is created under the Offshore Minerals Act 1994 or the Offshore Petroleum and Greenhouse Gas Storage Act 2006.

(3) However, subregulation (1A) does not apply to an interest to which paragraph 8(1)(k) of the Act applies.

(4) For paragraph 8(1)(l) of the Act, the Act does not apply to an interest if the grantor of the interest is a company that is:

(a) incorporated under the Companies Act 1985 of the Territory of Norfolk Island; and

(b) not registered under Part 5B.2 of the Corporations Act 2001.

Note: For the definition of grantor, see section 10 of the Act.

(5) For item 6 of the table in subsection 8(2) of the Act, section 74 of the Act applies to an interest in personal property mentioned in the following provisions of the Act:

(a) paragraph 8(1)(b);

(b) paragraph 8(1)(c);

(d) subparagraph 8(1)(f)(iv).

1.5 Interests to which the Act applies

(1) For subsection 8(3) of the Act, the Act applies to:

(a) a mortgage‑backed security; and

(b) if transferred to a person in connection with the issue by the person of a mortgage‑backed security—a real property mortgage loan.

(2) In this regulation:

mortgage‑backed security has the meaning given by section 286 of the Duties Act 2001 (Qld).

Division 3—Definitions

1.6 Definitions

In these Regulations:

ACN (short for ‘Australian Company Number’) is the number given by ASIC to a company on registration under the Corporations Act 2001.

Act means the Personal Property Securities Act 2009.

agriculture means personal property that is crops or livestock.

aircraft means:

(a) a machine or craft that:

(i) can derive support in the atmosphere from the reactions of the air, other than the reactions of the air against the earth’s surface; and

(ii) has nationality and registration marks assigned to it under the Chicago Convention; or

(b) an aircraft engine; or

(d) a helicopter.

aircraft engine has the meaning given by the definition of ‘aircraft engines’ in the Aircraft Protocol.

Note: The Aircraft Protocol contains the following definition of ‘aircraft engines’:

“aircraft engines” means aircraft engines (other than those used in military, customs or police services) powered by jet propulsion or turbine or piston technology and:

(i) in the case of jet propulsion aircraft engines, have at least 1750 lb of thrust or its equivalent; and

(ii) in the case of turbine‑powered or piston‑powered aircraft engines, have at least 550 rated take‑off shaft horsepower or its equivalent,

together with all modules and other installed, incorporated or attached accessories, parts and equipment and all data, manuals and records relating thereto.

Aircraft Protocol means the Protocol on Matters Specific to Aircraft Equipment, done at Cape Town on 16 November 2001.

Note: The Aircraft Protocol is a Protocol to the Convention on International Interests in Mobile Equipment, done at Cape Town on 16 November 2001.

airframe has the meaning given by the definition of ‘airframes’ in the Aircraft Protocol.

Note: The Aircraft Protocol contains the following definition of ‘airframes’:

“airframes” means airframes (other than those used in military, customs or police services) that, when appropriate aircraft engines are installed thereon, are type certified by the competent aviation authority to transport:

(i) at least eight (8) persons including crew; or

(ii) goods in excess of 2750 kilograms,

together with all installed, incorporated or attached accessories, parts and equipment (other than aircraft engines), and all data, manuals and records relating thereto.

all present and after‑acquired property means:

(a) personal property over which the grantor has an interest at the registration time for the financing statement for a security interest or prescribed property; and

(b) personal property acquired after the registration time for the financing statement for the security interest or prescribed property.

all present and after‑acquired property, except means all present and after‑acquired property, except for an item or class of personal property stated in the financing statement for the interest.

AML‑CTF Act means the Anti‑Money Laundering and Counter‑Terrorist Financing Act 2006.

ARBN (short for ‘Australian Registered Body Number’) is the number given by ASIC to a registrable body on registration under Part 5B.2 of the Corporations Act 2001.

ARSN (short for ‘Australian Registered Scheme Number’) is the number given by ASIC to a registered scheme on registration under section 601EB of the Corporations Act 2001.

ASIC means the Australian Securities and Investments Commission.

Australian Business Register means the register established under section 24 of the A New Tax System (Australian Business Number) Act 1999.

Note: The Australian Business Register can be viewed at http://www.abr.business.gov.au.

chassis number, for a motor vehicle, means the numbers or letters, or both, that:

(a) are attached to or stamped on the vehicle’s chassis by the vehicle’s manufacturer; and

(b) appears to uniquely identify the vehicle.

Chicago Convention means the Convention on International Civil Aviation done at Chicago on 7 December 1944, as amended by the Protocols mentioned in subsection 3A(2) of the Air Navigation Act 1920.

helicopter has the meaning given by the definition of ‘helicopters’ in the Aircraft Protocol.

Note: The Aircraft Protocol contains the following definition of ‘helicopters’:

“helicopters” means heavier‑than‑air machines (other than those used in military, customs or police services) supported in flight chiefly by the reactions of the air on one or more power‑driven rotors on substantially vertical axes and which are type certified by the competent aviation authority to transport:

(i) at least five (5) persons including crew; or

(ii) goods in excess of 450 kilograms,

together with all installed, incorporated or attached accessories, parts and equipment (including rotors), and all data, manuals and records relating thereto.

hull identification number, for a watercraft, means a number that:

(a) is in a form and of a size, specified in one of the following Standards, published by the International Organization for Standardization:

(i) International Standard No ISO 10087:1995 (E), titled ‘Small craft—Hull identification—Coding system’;

(ii) International Standard No ISO 10087:2006, titled ‘Small craft—Craft identification—Coding system’; and

(b) is permanently attached to, and located in the positions on, the hull of a vessel specified by a Standard mentioned in paragraph (a); and

(i) a registration authority of a State or Territory; or

(ii) a person authorised by a registration authority of a State or Territory; or

(iii) the watercraft’s manufacturer; and

(d) appears to uniquely identify the watercraft.

manufacturer’s number, for an aircraft or motor vehicle, or an outboard motor to which regulation 9.1 applies, means the numbers or letters, or both, that:

(a) are permanently attached to or stamped on a permanent part of the aircraft, motor vehicle or outboard motor by its manufacturer; and

(b) appears to uniquely identify the aircraft, motor vehicle or outboard motor.

migrated security interest has the meaning given by section 332 of the Act.

National Names Index means the index of that title created by ASIC.

original registration time, for migrated data registered under section 333 of the Act, means the time at which the security interest or prescribed property was first registered on the transitional register.

outboard motor means an internal combustion engine that:

(a) has a propeller and a manufacturer’s number; and

(b) is designed to be attached to a boat or vessel; and

prescribed property means personal property mentioned in subregulation 5.3(1).

registered scheme has the meaning given by section 9 of the Corporations Act 2001.

registration time has the meaning given by subsection 160(1) of the Act.

responsible entity has the meaning given by section 9 of the Corporations Act 2001.

small aircraft means an aircraft other than an airframe, aircraft engine or helicopter.

vehicle identification number, for a motor vehicle, means a number allocated to the vehicle in accordance with national standards, as in force from time to time, made under the Motor Vehicle Standards Act 1989.

watercraft means a boat or vessel, other than a seaplane, that:

(a) is used, or intended to be used, in navigation by water or for any other purpose on water; and

(b) that has:

(i) a hull identification number; or

(ii) an official number, within the meaning of the Shipping Registration Regulations 2019, issued by the Registrar of Ships (within the meaning of the Shipping Registration Act 1981).

Note 1: For the meaning of watercraft, see also regulation 9.1.

Note 2: Several other words and expressions used in these Regulations have the meaning given by the Act, for example:

ABN
account
after‑acquired property
chattel paper
crops
financial property
goods
intangible property
intermediated security
investment instrument
livestock
National Credit Code
negotiable instrument
transitional register.

1.7 Meaning of motor vehicle

(1) For the definition of motor vehicle in section 10 of the Act, personal property described in subregulation (2) or (3) is a motor vehicle.

(2) The personal property:

(a) is built to be propelled, wholly on land, by a motor that forms part of the property; and

(b) is capable of a speed of at least 10 km/h; and

(ba) has one or more motors that have a total power greater than 200 W; and

(i) a vehicle identification number;

(ii) a chassis number;

(iii) the manufacturer’s number; and

(d) does not run on rails, tram lines or other fixed path.

(3) The personal property:

(a) is capable, when being towed by, or attached to, a motor vehicle, of travelling at a speed greater than 10 km/h; and

(b) is a piece of machinery or equipment that is equipped with wheels and designed to be attached to, or towed by, a motor vehicle; and

(i) a vehicle identification number;

(ii) a chassis number;

(iii) the manufacturer’s number.

1.8 Meaning of security interest

For paragraph 12(5)(b) of the Act, the extinguishment of a beneficial interest in an account or chattel paper is not a security interest.

1.9 Meaning of PPS lease

(1) For paragraph 13(2)(d) of the Act, a lease or bailment is not a PPS lease if it is part of a pooling arrangement.

(2) In subregulation (1):

pooling arrangement means an arrangement that includes one or more hire, lease or bailment arrangements, under which:

(a) goods are pooled for the collective use, from time to time, of the parties to one or more hire, lease or bailment arrangements; and

(b) none of the hire, lease or bailment arrangements, in substance, secures payment or performance of an obligation; and

(c) possession of the goods can be passed between multiple users, without the prior approval of the owner, whether or not the goods are passed subject to conditions; and

(d) like goods that are, by nature or usage of trade, the equivalent of the goods hired, leased or bailed under one of the hire, lease or bailment arrangements can be returned, in place of the goods originally hired, leased or bailed.

1.10 Meaning of investment instrument

For paragraph (i) of the definition of investment instrument in section 10 of the Act, the following financial products are prescribed:

(a) an Australian carbon credit unit, within the meaning of section 5 of the Carbon Credits (Carbon Farming Initiative) Act 2011;

(b) a carbon unit, within the meaning of section 5 of the Clean Energy Act 2011;

(c) each eligible international emissions unit mentioned in paragraphs (a), (b), (c) and (d) of the definition of eligible international emissions unit in section 4 of the Australian National Registry of Emissions Units Act 2011.

Part 2—General rules for security interests

2.1 Taking motor vehicles free of security interests

Incorrect or missing serial number

(1) For subsection 45(1) of the Act, a motor vehicle described in regulation 1.7 is prescribed.

(2) However, in the period that ends at the end of the month that is 24 months after the registration commencement time, a motor vehicle described in regulation 1.7 is taken not to be prescribed for subsection 45(1) of the Act if:

(a) it is subject to a transitional security interest; and

(b) before the registration commencement time, it was not possible to register the transitional security interest by serial number on a transitional register of a State or Territory that registered security interests in motor vehicles.

Taking from prescribed persons

(3) For subsection 45(3) of the Act, a motor vehicle described in regulation 1.7 is prescribed.

2.2 Taking motor vehicles from prescribed persons

For paragraph 45(3)(b) of the Act, the seller or lessor of a motor vehicle is in a prescribed class if the seller or lessor:

(a) holds a licence (however described) to deal or trade in that kind of motor vehicle; and

(b) the licence is issued by a licensing authority in the State or Territory where the sale or lease of the motor vehicle happens.

Part 4—Enforcement of security interests

4.1 Relationship with consumer credit legislation

For subsection 119(2) of the Act, a provision in Chapter 4 of the Act mentioned in an item of the table is taken to have been complied with, in the circumstances for the Act mentioned in the item, if a provision of the National Credit Code (the NCC) mentioned in the item has been complied with, in the circumstances for the NCC mentioned in the item.

Item	Provision of Act	Circumstances for Act	Provision of NCC	Circumstances for NCC
1	Section 130	At least 10 business days before collateral is to be disposed of, the secured party gives notice to the grantor and to any secured party with a higher priority	Section 102	Within 14 days after taking possession of collateral under a mortgage, the secured party provides a notice to the debtor, and does not sell the goods within 21 days after providing the notice
2	Sections 128 and 131	After seizing collateral, a secured party disposes of the collateral by sale, lease or licence, having first obtained the market value or, if the collateral does not have a market value, the best price reasonably available	Section 104	An outstanding obligation has not been paid within 21 days after receiving a notice under section 102 of the National Credit Code and the secured party sells the goods, in accordance with section 103, for at least the estimated value, to a nominated person or to another person for the best price reasonably available
3	Section 132	After the sale of mortgaged goods, a secured party, on request by the grantor, higher secured parties and the debtor, gives a notice that contains the following information: (a) the total amount received from the sale; (b) the enforcement expenses, amounts paid to other secured parties; (c) amounts paid to other secured parties; (d) the balance owing to the grantor or by the debtor to the secured party	Subsection 104(3)	After the sale of mortgaged goods, a secured party gives the mortgagor a notice that contains the following information: (a) the gross amount realised; (b) the net proceeds of the sale; (c) the amount required to pay out the credit contract; (d) any further recovery action that the secured party intends to take against the grantor; (e) any other information prescribed by these Regulations
4	Section 140	A secured party distributes funds received in the following order: (a) interests with a higher priority; (b) enforcement costs; (c) higher ranking security interests; (d) the secured interests of the enforcing party; (e) lower priority security interests; (f) the grantor	Section 105	A secured party deducts the following amounts from any money received from a sale: (a) the secured amount that is outstanding; (b) the amount payable to discharge any prior mortgage; (c) the amounts payable to discharge any subsequent mortgages of which the secured party has notice; (d) the secured party’s reasonable enforcement expenses

Part 5—Personal Property Securities Register

5.1 Access to register

For paragraph 147(4)(b) of the Act, the Registrar may suspend the operation of the register for up to 4 hours, after giving notice of the suspension in accordance with subsection 147(6) of the Act at least 7 days before the suspension.

5.2 Notification of suspension of access to register

For paragraph 147(6)(a) of the Act, the Registrar must publish the notice on a website maintained by the Registrar on the Internet.

5.3 What the register contains

(1) For paragraph 148(c) of the Act, the following types of personal property are prescribed:

(a) a motor vehicle that has been impounded, immobilised or forfeited, or is subject to an impoundment, immobilisation or forfeiture application, under a law that provides for impoundment, immobilisation or forfeiture of a motor vehicle because it is being used, or has been used, in the commission of certain offences;

(b) personal property that is subject to a notice or an order, or is confiscated or forfeited, under a provision of a proceeds of crime law;

(i) prevents or restricts a person dealing with the property; or

(ii) enforces another court order (however described); or

(iii) orders the sale or other disposal of all or part of the property;

(d) personal property that:

(i) is not mentioned in paragraph (a), (b) or (c); and

(ii) immediately before the registration commencement time, could have been registered on a transitional register maintained under a law of the Commonwealth, a State or a Territory.

Note: For subparagraph (d)(ii), transitional register has the meaning given by section 330 of the Act.

(2) In this regulation:

court order does not include an order made under a proceeds of crime law.

proceeds of crime law means:

(a) the Mutual Assistance in Criminal Matters Act 1987; or

(b) the Proceeds of Crime Act 1987; or

(d) a law of a State or Territory that is a corresponding law within the meaning given by section 338 of the Proceeds of Crime Act 2002.

5.4 Prohibited registration

(1) For paragraph 150(3)(d) of the Act, the following registrations are prohibited:

(a) a registration of a financing statement or a financing change statement for a motor vehicle mentioned in paragraph 5.3(1)(a), if the application for registration is made by a person other than:

(i) a police commissioner; or

(ii) a person authorised to register personal property on a transitional register; or

(iii) a person authorised by a relevant agency to register data in relation to prescribed property;

(b) a registration of a financing statement or a financing change statement for personal property mentioned in paragraph 5.3(1)(b), if the application for registration is made by a person other than:

(i) a proceeds of crime authorised person; or

(ii) a person authorised to register personal property on a transitional register; or

(iii) a person authorised by a relevant agency to register data in relation to prescribed property;

(c) a registration of a financing statement or a financing change statement for personal property that is subject to an order of a court or tribunal (however described) mentioned in paragraph 5.3(1)(c), if the application for registration is made by a person other than:

(i) the person who applied for the order; or

(ii) if the order was made on the court’s own initiative—the person in whose favour the order is made;

(d) a registration of a financing statement or a financing change statement for personal property that is mentioned in paragraph 5.3(1)(d), if the application for registration is made by a person other than:

(i) a person authorised to register personal property on a transitional register; or

(ii) a person authorised by a relevant agency to register data in relation to prescribed property;

(e) a registration of a financing statement or a financing change statement for property prescribed under paragraph 148(c) of the Act, if the registration is in relation to a security interest in the property.

(2) In this regulation:

court order does not include an order made under a proceeds of crime law.

police commissioner means:

(a) the Commissioner of the Australian Federal Police; or

(b) the head (however described) of the police force or service of a State or Territory.

proceeds of crime authorised person means:

(a) an appropriate officer under the Proceeds of Crime Act 1987; or

(b) an authorised officer under the Proceeds of Crime Act 2002; or

(c) an authorised person (however described) under a law of a State or Territory that is a corresponding law within the meaning of the Proceeds of Crime Act 2002, whose duties correspond to the duties of an authorised officer under that Act.

proceeds of crime law means:

(a) the Mutual Assistance in Criminal Matters Act 1987; or

(b) the Proceeds of Crime Act 1987; or

(d) a law of a State or Territory that is a corresponding law within the meaning of the Proceeds of Crime Act 2002.

relevant agency means an agency that administers:

(a) a law of the Commonwealth, a State or a Territory that establishes a transitional register; or

(b) any other law of the Commonwealth, a State or a Territory that provides for registration of personal property on a transitional register.

5.5 Financing statements

(1) Schedule 1 sets out matters prescribed for items of the table in subsection 153(1) of the Act.

(2) Schedule 2 sets out matters prescribed for items of the table in section 154 of the Act.

5.6 Verification statements—publication as alternative

(1) For subsection 158(1) of the Act, the Registrar may publish a verification statement by publishing the statement on a website maintained by the Registrar on the Internet.

(2) A statement published under subregulation (1) must not include the date of birth of a grantor.

5.7 Access to the register prohibited

(1) For paragraph 170(3)(d) of the Act, access to data on the register is prohibited if:

(a) a court has ordered that access to the data is not permitted; or

(b) the Registrar considers that it is in the public interest that access to the data should not be permitted.

(2) For paragraph (1)(b), the Registrar must take into account the following matters:

(a) whether it is necessary to prevent or lessen a serious and imminent threat to the life or health of the individual whose personal details are recorded in the financing statement or of another person;

(b) the interests of a person undertaking a search authorised by section 171 or 172 of the Act;

(c) the interests of the secured party in ensuring that notice of the security interest is accessible by authorised searchers;

(d) whether, in all the circumstances, the public interest in protecting the privacy of the individual grantor’s information outweighs the public interest in providing access to data.

5.8 Search—criteria

For subsection 171(2) of the Act, the method by which the results of a search are to be worked out must allow for case‑insensitive searching.

5.8A Access to third party data—third party

For subsection 176C(1) of the Act, Austroads Ltd (ABN 16 245 787 323) is a prescribed person.

Note: Under subsection 176C(1) of the Act, a prescribed person becomes a ‘third party’. The Registrar may make an arrangement with a third party so that actions mentioned in the subsection, relating to data held by the third party, may be taken.

5.9 Administrative process—statements in relation to amendment demand

For paragraph 180(3)(b) of the Act, the following statements must be made on the form:

(a) that the person has given an amendment demand to the secured party, as required by section 178 of the Act;

(b) that the amendment demand was given at least 5 business days before the day that the statement was given to the Registrar;

(i) no collateral described in the registration secures any obligation (including a payment) owed by a debtor to the secured party; or

(ii) the collateral in which the person has an interest does not secure any obligation (including a payment) owed by a debtor to the secured party;

(d) that:

(i) the approved form is accompanied by any written response to the amendment demand received from the secured party; or

(ii) no written response was received from the secured party;

(e) that there are no proceedings currently before a court (including a court of appeal) that relate to the amendment demanded;

(f) that the person will notify the Registrar if proceedings that relate to the amendment demanded come before a court (including a court of appeal);

(g) that the security agreement providing for the security interest is not an instrument or other document:

(i) by which a person issues or guarantees, or provides for the issue or guarantee of, an obligation secured by a security interest; or

(ii) in which another person is appointed as trustee for the person to whom the obligation secured by the security interest is owed;

(h) that the information contained in the form is correct.

5.10 Removal of data

(1) For paragraph 184(1)(c) of the Act, the Registrar may remove data from the register if the removal of the data is required by a court order.

(2) For subparagraph 184(1)(e)(ii) of the Act, removal of data is required urgently if a court order requires the data to be removed urgently.

Schedule 1—Financing statement matters for items of table in subsection 153(1) of Act

(subregulation 5.5(1))

Part 1—Matters for items 1 and 2

1.1 Definitions for Part 1

In this Part:

individual:

(a) includes a sole trader who has an ABN for the enterprise for which the security interest is granted or held; and

(b) does not include an individual who is a partner in a partnership or a trustee of a trust if the partnership or trust has an ABN for the enterprise for which the security interest is granted or held.

1.2 Individual secured party or grantor

(1) For items 1 and 2 of the table in subsection 153(1) of the Act, this clause applies if the secured party or grantor is an individual.

(2) The details mentioned in each item of the table, from the source mentioned for the item, are prescribed for the individual mentioned in the item.

(3) For subclause (2), the prescribed details are the details mentioned in the item of the table that:

(a) applies to the individual; and

(b) has the lowest item number.

(4) For a grantor, in addition to the details mentioned in each item of the table, the grantor’s date of birth is prescribed.

(5) The source for a grantor’s date of birth is the source in an item of the table that:

(a) includes details of dates of birth; and

(b) applies to the grantor; and

(6) Item 1 of the table applies only to a registration by the Registrar under subsection 333(2) of the Act.

Item	Individual	Details	Source
1	Individual whose details are recorded in a transitional register, for a migrated security interest	Individual’s surname and given names, as recorded on the transitional register	Transitional register
2	Individual grantor who is known to the secured party, because of the operation of the AML‑CTF Act	Individual’s surname and given names, as known to the secured party, because of the operation of the AML‑CTF Act	Current data known by the secured party, because of the operation of the AML‑CTF Act
3	Individual who holds a current driver’s licence	Individual’s surname and given names, as recorded on the individual’s driver’s licence	Current driver’s licence issued by a State or Territory licensing authority to the individual
4	Individual who holds a current proof of identity or current proof of age card	Individual’s surname and given names, as recorded on a proof of identity or proof of age card issued by a State or Territory body	Current proof of identity or current proof of age card issued by a State or Territory body to the individual
5	Individual who holds a current Australian passport	Individual’s surname and given names, as recorded on the individual’s current Australian passport	Current Australian passport issued to the individual
6	Individual who holds a current visa, issued by the Australian Government	Individual’s surname and given names, as recorded on the individual’s current Australian visa	Current Australian visa issued for the individual
7	Individual who holds a current passport other than an Australian passport	Individual’s surname and given names, as recorded on the individual’s current passport issued by the jurisdiction in which the individual ordinarily resides	Current passport issued by the jurisdiction in which the individual ordinarily resides
8	Any other individual	Individual’s surname and given names, as recorded on the individual’s birth certificate	Birth certificate issued for the individual

1.3 Body corporate secured party or grantor

(1) For items 1 and 2 of the table in subsection 153(1) of the Act, this clause applies if the secured party or grantor is a body corporate that:

(a) is a trustee and has an ARSN; or

(b) is not a trustee of a trust that has an ABN.

(2) The details mentioned in each item of the table, from the source mentioned for the item, are prescribed for the body corporate mentioned in the item.

(3) For subclause (2), the prescribed details are the details mentioned in the item of the table that:

(a) applies to the body corporate; and

(b) has the lowest item number.

(4) Item 1 of the table applies only to a registration by the Registrar under subsection 333(2) of the Act.

Item	Body corporate	Details	Source
1	Body corporate for which details have been included on the transitional register, for a migrated security interest	Body corporate number or name of body corporate, as recorded on the transitional register	Transitional register
2	Body corporate that is the responsible entity of a registered scheme, if the scheme has an ARSN	Registered scheme’s ARSN	National Names Index
3	Body corporate that has an ACN	ACN	National Names Index
4	Body corporate that has an ARBN	ARBN	National Names Index
5	Any other body corporate	Name of body corporate, as provided for in body corporate’s constitution or equivalent document	Body corporate’s constitution or equivalent document

1.4 Secured party or grantor is a partner

(1) For items 1 and 2 of the table in subsection 153(1) of the Act, this clause applies if the secured party or grantor is a partner in a partnership.

(2) The details mentioned in each item of the table, from the source mentioned for the item, are prescribed for the partner mentioned in the item.

(3) For subclause (2), the prescribed details are the details mentioned in the item of the table that:

(a) applies to the partner; and

(b) has the lowest item number.

(4) Item 1 of the table applies only to a registration by the Registrar under subsection 333(2) of the Act.

(5) Despite subclause (2), if an individual partner grants a security interest over the partner’s net interest in a partnership, the prescribed details are the details mentioned in the item of the table in clause 1.2 that:

(a) applies to the partner; and

(b) has the lowest item number.

(6) Despite item 3 of the table, if a body corporate is a partner in a partnership that does not have an ABN, the prescribed details are the details mentioned in the item of the table in clause 1.3 that:

(a) applies to the body corporate; and

(b) has the lowest item number.

Item	Partner	Details	Source
1	Partner of a partnership for which details of the partnership have been included on the transitional register, for a migrated security interest	ABN, name of partner or name that identifies partnership, as recorded on the transitional register	Transitional register
2	Partner of a partnership that holds or has an interest in collateral in the course of, or for, an enterprise that has been allocated an ABN	ABN	Australian Business Register
3	Partner in any other partnership	Details mentioned in the item in the table in clause 1.2 that applies to the partner	Source of the details mentioned in the item in the table in clause 1.2 that applies to the partner

1.5 Secured party or grantor is a trustee

(1) For items 1 and 2 of the table in subsection 153(1) of the Act, this clause applies if the secured party or grantor is:

(a) a body corporate that is a trustee of a trust that:

(i) has an ABN; and

(ii) does not have an ARSN; or

(b) any other trustee of a trust.

(2) The details mentioned in each item of the table, from the source mentioned for the item, are prescribed for the trustee mentioned in the item.

(3) For subclause (2), the prescribed details are:

(a) for a trustee that is an individual—the details mentioned in the item of the table in clause 1.2 that:

(i) applies to the trustee; and

(ii) has the lowest item number; and

(b) in any other case—the details mentioned in the item of the table that:

(i) applies to the trustee; and

(ii) has the lowest item number.

(4) In this clause:

trustee details means:

(a) the ABN allocated to the enterprise carried on by the trust; or

(b) the ACN or ARBN allocated to the trustee; or

(5) Item 1 of the table applies only to a registration by the Registrar under subsection 333(2) of the Act.

Item	Trustee	Details	Source
1	Trustee of a trust for which details have been included on the transitional register, for a migrated security interest	Trustee details, as recorded on the transitional register	Transitional register
2	Trustee of a trust that holds or has an interest in collateral in the course of, or for, an enterprise that has been allocated an ABN	ABN	Australian Business Register
3	Trustee of any other trust	Trustee details mentioned in paragraph (3)(a)	Source mentioned in paragraph (3)(a)

1.6 Body politic secured party or grantor

(1) For items 1 and 2 of the table in subsection 153(1) of the Act, this clause applies if the secured party or grantor is a body politic.

(2) The details mentioned in each item of the table, from the source mentioned for the item, are prescribed for the body politic mentioned in the item.

(3) For subclause (2), the prescribed details are the details mentioned in the item of the table that:

(a) applies to the body politic; and

(b) has the lowest item number.

(4) Item 1 of the table applies only to a registration by the Registrar under subsection 333(2) of the Act.

Item	Body politic	Details	Source
1	Body politic for which details have been included on the transitional register, for a migrated security interest	Body politic details, as recorded on the transitional register	Transitional register
2	Body politic that holds or has an interest in collateral in course of, or for, an enterprise that has been allocated an ABN	ABN	Australian Business Register
3	Body politic or has an interest in collateral, other than in the course of, or for, an enterprise that has been allocated an ABN	Name of body politic, in accordance with constitution of body politic	Constitution of body politic

Part 2—Matters for item 4

2.1 Application of Part 2—personal property that is intermediated security

For this Part, personal property that is intermediated security is to be treated as financial property.

2.2 Description by serial number

(1) For paragraph (b) of item 4 of the table in subsection 153(1) of the Act:

(a) the following classes of collateral, when described as consumer property, must be described by serial number:

(i) aircraft;

(ii) intangible property that is:

(A) a design; or

(B) a patent; or

(D) a trade mark; or

(E) a licence over any intangible property mentioned in sub‑subparagraphs (A) to (D).

(iii) motor vehicles;

(iv) watercraft; and

(b) aircraft that is an aircraft engine, airframe, helicopter or small aircraft, when described as commercial property, must be described by serial number; and

(i) motor vehicles;

(ii) watercraft;

(iii) intangible property that is:

(A) a design; or

(B) a patent; or

(D) a trade mark; or

(E) a licence over any intangible property mentioned in sub‑subparagraphs (A) to (D).

(2) If sub‑subparagraph (1)(a)(ii)(E) or (1)(c) (iii)(E) applies, the licence must be described by the serial number of the right for which the licence is given.

(3) For paragraph (b) of item 4 of the table in subsection 153(1) of the Act, a description of collateral by serial number must include the following information:

(a) for an aircraft that is an aircraft engine, airframe or helicopter:

(i) the manufacturer’s number; and

(ii) the manufacturer’s name; and

(iii) the manufacturer’s generic model designator;

(b) for a small aircraft—the nationality and registration marks assigned to it under the Chicago Convention;

(i) the vehicle identification number; or

(ii) if it has no vehicle identification number but has a chassis number—the chassis number; or

(iii) if it has no vehicle identification number or chassis number—the manufacturer’s number;

(d) for watercraft:

(i) the official number; or

(ii) if it does not have an official number—the hull identification number; or

(iii) if it is an outboard motor for regulation 1.6—the manufacturer’s number;

(e) for a design:

(i) the design number issued by IP Australia; or

(ii) if it does not have a design number—the design application number issued by IP Australia;

(f) for a patent:

(i) the patent number issued by IP Australia; or

(ii) if it does not have a patent number—the patent application number issued by IP Australia; or

(iii) if it does not have a patent number or a patent application number—a PCT number;

(g) for a plant breeder’s right:

(i) the plant breeder’s right number issued by IP Australia; or

(ii) if it does not have a plant breeder’s right number—the plant breeder’s right application number issued by IP Australia;

(h) for a trade mark:

(i) the trade mark number issued by IP Australia; or

(ii) if it does not have a trade mark number—the trade mark application number issued by IP Australia.

(4) In this clause:

PCT number means:

(a) an international application number, issued under paragraph 30(2)(b) of the Patent Cooperation Treaty done at Washington 19 June 1970, amended on 2 October 1979 and modified on 3 February 1984 and 3 October 2001; or

(b) if there is no international application number—an international publication number issued by the World Intellectual Property Organization.

2.3 Classes of collateral

(1) For paragraph (c) of item 4 of the table in subsection 153(1) of the Act, the following classes of collateral are prescribed:

(a) agriculture;

(b) aircraft;

(d) all present and after‑acquired property, except;

(e) financial property;

(f) intangible property;

(g) motor vehicles;

(h) other goods;

(i) watercraft.

(2) In paragraph (1)(h):

other goods means personal property that is goods, other than agriculture, aircraft, motor vehicles and watercraft.

2.4 Description of proceeds

For paragraph (d) of item 4 of the table in subsection 153(1) of the Act, a description of proceeds must describe proceeds:

(a) as all present and after‑acquired property; or

(b) for a particular item of personal property—in a way that identifies the item, including identifying a class to which the item belongs; or

(c) for a class of personal property—in a way that identifies the class, including identifying the class by identifying a larger class of personal property that wholly includes the class.

Part 3—Matters for item 7

3.1 Purchase money security interest

For item 7 of the table in subsection 153(1) of the Act, property is in a prescribed class of collateral if the collateral can be subject to a purchase money security interest under section 14 of the Act.

Part 4—Matters for item 8

4.1 Prescribed matters—financing statement

For item 8 of the table in subsection 153(1) of the Act, for collateral, the details mentioned in each item of the table, about the subject mentioned for the item, for the purpose mentioned in the item.

Item	Subject	Purpose	Details
1	Inventory	Determining whether collateral may include inventory, for Part 9.5 of the Act	For collateral that is commercial property—whether or not the collateral may include inventory
2	Control	Determining whether collateral may be subject to control, for Part 9.5 of the Act	For collateral that is commercial property—whether or not the collateral may be subject to control
3	Transitional security interest	Indicating whether a security interest is a transitional security interest	If a security interest is a transitional security interest for section 308 of the Act—a statement that the security interest is a transitional security interest
4	Migrated security interest	Indicating whether a registration is a migrated registration	If collateral is subject to a migrated security interest: (a) a statement that the security interest is a migrated security interest; and (b) the name of the transitional register in which the data about the transitional security interest was held; and (c) when the migrated data was registered in the transitional register
5	Data from Australian Business Register or National Names Index	Recording details from Australian Business Register or National Names Index	If an ABN, ACN, ARSN or ARBN is entered in a financing statement and a verification of these numbers is undertaken with the Australian Business Register or the National Names Index—the entity name or other data attached to those identifier numbers obtained from the Australian Business Register or the National Names Index

Note: For the application of item 4, section 333 of the Act.

Schedule 2—Financing statement matters for table in section 154 of Act

(subregulation 5.5(2))

Part 1—Preliminary

1.1 Definitions for Schedule 2

In this Schedule:

individual:

(a) includes a sole trader who has an ABN for the enterprise that holds or has an interest in the prescribed property; and

(b) does not include an individual who is a partner in a partnership or a trustee of a trust if the partnership or trust has an ABN for the enterprise that holds or has an interest in the prescribed property.

Part 2—Matters for item 1

2.1 Individuals

(1) For item 1 of the table in section 154 of the Act, this clause applies if an individual holds or has an interest in prescribed property.

(2) The details mentioned in each item of the table, from the source mentioned for the item, are prescribed for the individual mentioned in the item.

(3) For subclause (2), the prescribed details are the details mentioned in the item of the table that:

(a) applies to the individual; and

(b) has the lowest item number.

(4) For an individual who is the owner of prescribed property, in addition to the details mentioned in each item of the table, the individual’s date of birth is prescribed.

(5) The source for the individual’s date of birth is the source in an item of the table that:

(a) includes details of dates of birth; and

(b) applies to the individual; and

Item	Individual	Details	Source
1	Individual whose details are recorded in a transitional register, for migrated data	Individual’s surname and given names, as recorded on the transitional register	Transitional register
2	Individual whose property is subject to a court order	Individual’s surname and given names, as recorded on the court order	Court order
3	Individual who holds a current driver’s licence	Individual’s surname and given names, as recorded on the individual’s current driver’s licence	Current driver’s licence issued by a State or Territory licensing authority to the individual
4	Individual who holds a current proof of identity or current proof of age card	Individual’s surname and given names, as recorded on a proof of identity or proof or age card issued by a State or Territory body	Current proof of identity or current proof or age card issued by a State or Territory body to the individual
5	Individual who holds a current Australian passport	Individual’s surname and given names, as recorded on the individual’s current Australian passport	Current Australian passport issued to the individual
6	Individual who holds a current visa issued by the Australian Government	Individual’s surname and given names, as recorded on the individual’s current Australian visa	Current Australian visa issued for the individual
7	Individual who holds a current passport other than an Australian passport	Individual’s surname and given names, as recorded on the individual’s current passport issued by the jurisdiction in which the individual ordinarily resides	Current passport issued by the jurisdiction in which the individual ordinarily resides
8	Any other individual	Individual’s surname and given names, as recorded on the individual’s birth certificate	Birth certificate issued for the individual

2.2 Bodies corporate

(1) For item 1 of the table in section 154 of the Act, this clause applies if the secured party or grantor is a body corporate that:

(a) is a trustee and has an ARSN; or

(b) is not a trustee.

(2) The details mentioned in each item of the table, from the source mentioned for the item, are prescribed for the body corporate mentioned in the item.

(3) For subclause (2), the prescribed details are the details mentioned in the item of the table that:

(a) applies to the body corporate; and

(b) has the lowest item number.

Item	Body corporate	Details	Source
1	Body corporate for which details have been included on the transitional register, for migrated data	Body corporate number or name of body corporate, as recorded on the transitional register	Transitional register
2	Body corporate that is the responsible entity of a registered scheme, if the scheme has an ARSN	Registered scheme’s ARSN	National Names Index
3	Body corporate that has an ACN	ACN	National Names Index
4	Body corporate that has an ARBN	ARBN	National Names Index
5	Any other body corporate	Name of the body, as provided for in body’s constitution or equivalent document	Body’s constitution or equivalent document

2.3 Partners

(1) For item 1 of the table in section 154 of the Act, this clause applies if a partner in a partnership holds or has an interest in prescribed property for the partnership.

(2) The details mentioned in each item of the table, from the source mentioned for the item, are prescribed for the partner mentioned in the item.

(3) For subclause (2), the prescribed details are the details mentioned in the item of the table that:

(a) applies to the partner; and

(b) has the lowest item number.

Item	Partner	Details	Source
1	Partner of a partnership for which details of the partnership have been included on the transitional register, for migrated data	ABN, name of partner or name that identifies partnership, as recorded on the transitional register	Transitional register
2	Partner of a partnership that holds or has an interest in the prescribed property in the course of, or for, an enterprise that has been allocated an ABN	ABN	Australian Business Register
3	Partner in any other partnership	Details mentioned in the item in the table in clause 2.1 that applies to the partner	Source of the details mentioned in the item in the table in clause 2.1 that applies to the partner

2.4 Trustees

(1) For item 1 of the table in section 154 of the Act, this clause applies if the secured party or grantor is:

(a) a body corporate that is a trustee of a trust that:

(i) has an ABN; and

(ii) does not have an ARSN; or

(b) any other trustee of a trust.

(2) The details mentioned in each item of the table, from the source mentioned for the item, are prescribed for the trustee mentioned in the item.

(3) For subclause (2), the prescribed details are:

(a) for a trustee that is an individual—the details mentioned in the item of the table in clause 2.1 that:

(i) applies to the trustee; and

(ii) has the lowest item number; and

(b) in any other case—the details mentioned in the item of the table that:

(i) applies to the trustee; and

(ii) has the lowest item number.

(4) In this clause:

trustee details means:

(a) the ABN allocated to the enterprise carried on by the trust; or

(b) the ACN or ARBN allocated to the trustee; or

Item	Trustee	Details	Source
1	Trustee of a trust for which details of the trust have been included on the transitional register, for migrated data	Trustee details, as recorded on the transitional register	Transitional register
2	Trustee of a trust that holds or has an interest in the prescribed property in the course of, or for, an enterprise that has been allocated an ABN	ABN	Australian Business Register
3	Trustee of any other trust	Trustee details mentioned in paragraph (3)(a)	Source mentioned in paragraph (3)(a)

2.5 Bodies politic

(1) For item 1 of the table in section 154 of the Act, this clause applies if a body politic holds or has an interest in prescribed property.

(2) The details mentioned in each item of the table, from the source mentioned for the item, are prescribed for the body politic mentioned in the item.

(3) For subclause (2), the prescribed details are the details mentioned in the item of the table that:

(a) applies to the body politic; and

(b) has the lowest item number.

Item	Body politic	Details	Source
1	Body politic for which details have been included on the transitional register, for migrated data	Body politic details, as recorded on the transitional register	Transitional register
2	Body politic that holds prescribed property in course of, or for, an enterprise for which an ABN has been given	ABN	Australian Business Register
3	Body politic that holds prescribed property other than in course of, or for, an enterprise for which an ABN has been given	Name of body politic, as provided for in constitution of body politic	Constitution of body politic

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.

Endnote 2—Abbreviation key

ad = added or inserted	o = order(s)
am = amended	Ord = Ordinance
amdt = amendment	orig = original
c = clause(s)	par = paragraph(s)/subparagraph(s)
C[x] = Compilation No. x	/sub‑subparagraph(s)
Ch = Chapter(s)	pres = present
def = definition(s)	prev = previous
Dict = Dictionary	(prev…) = previously
disallowed = disallowed by Parliament	Pt = Part(s)
Div = Division(s)	r = regulation(s)/rule(s)
ed = editorial change	reloc = relocated
exp = expires/expired or ceases/ceased to have	renum = renumbered
effect	rep = repealed
F = Federal Register of Legislation	rs = repealed and substituted
gaz = gazette	s = section(s)/subsection(s)
LA = Legislation Act 2003	Sch = Schedule(s)
LIA = Legislative Instruments Act 2003	Sdiv = Subdivision(s)
(md) = misdescribed amendment can be given	SLI = Select Legislative Instrument
effect	SR = Statutory Rules
(md not incorp) = misdescribed amendment	Sub‑Ch = Sub‑Chapter(s)
cannot be given effect	SubPt = Subpart(s)
mod = modified/modification	underlining = whole or part not
No. = Number(s)	commenced or to be commenced

Endnote 3—Legislation history

Number and year	Registration	Commencement	Application, saving and transitional provisions
2010 No. 291	26 Nov 2010 (F2010L03071)	27 Nov 2010
2011 No. 176	5 Oct 2011 (F2011L02030)	6 Oct 2011	—
2011 No. 235	9 Dec 2011 (F2011L02612)	10 Dec 2011	—
2012 No. 121	28 June 2012 (F2012L01404)	1 July 2012	—
37, 2014	1 Apr 2014 (F2014L00375)	1 July 2014	—

Name	Registration	Commencement	Application, saving and transitional provisions
Shipping Registration (Repeal and Consequential Amendments) Regulations 2019	27 Feb 2019 (F2019L00210)	Sch 2 (item 2): 1 Apr 2019 (s 2(1) item 1)	—

Endnote 4—Amendment history

Provision affected	How affected
Part 1
Division 1
r 1.2....................	rep LA s 48D
Division 2
r. 1.4....................	am. 2011 Nos. 176 and 235; 2012 No. 121
Division 3
r. 1.6....................	am. 2011 No. 176; F2019L00210
r. 1.7....................	am. 2011 No. 176; No 37, 2014
r. 1.9....................	ad. 2011 No. 176
r. 1.10...................	ad. 2012 No. 121
Part 2
r. 2.1....................	rs. 2011 No. 176
Part 5
r. 5.8A..................	ad. 2011 No. 176
r. 5.9....................	am. 2011 No. 176
Part 7
r. 7.1....................	rs. 2011 No. 176
Part 9
Part 9...................	exp 1 Feb 2014 (r 9.3)
r 9.1....................	exp 1 Feb 2014 (r 9.3)
r 9.2....................	exp 1 Feb 2014 (r 9.3)
r 9.3....................	exp 1 Feb 2014 (r 9.3)
Schedule 1
Schedule 1................	am. 2011 No. 176; 2012 No. 121
Schedule 2
Schedule 2................	am. 2011 No. 176

Item	Matter
1	A compromise or arrangement, under Part 5.1 of the Corporations Act 2001, that provides for the transfer or cancellation of securities
2	A resolution, under section 601GC of the Corporations Act 2001, that provides for transfer or cancellation of interests in a registered managed investment scheme
3	A compulsory acquisition of securities under Part 6A.1 or 6A.2 of the Corporations Act 2001