Issue:
The Personal Property Securities Act 2009 (Cth)
("PPSA") does not apply to land. However, it does not
clearly deal with who has the best ownership of chattels located on
the land.
Example:
The "grey areas" are demonstrated in the following
scenarios:
Scenario 1:
Mr and Mrs Jones enter into a contract of sale to purchase a
house together with certain chattels. ABC Bank Pty Ltd has a
security interest over the current owner's personal property
that is registered on the Personal Property Securities
Register.
Who has the best claim to the chattels sold with the house?
Mrs and Mrs Jones or ABC Bank?
Scenario 2:
Dr Jones leases a commercial premises for his medical
practice. Dr Jones has decided to purchase an MRI to use in his
practice. Dr Jones approaches ABC Bank Pty Ltd who agrees to lend
Dr Jones the funds he requires to purchase the
MRI.
