Security Interests in Goods Act 2005 (NSW): March 2006

Security over Goods in New South Wales

New legislation is in place in New South Wales regulating security over ‘goods’ such as personal property, livestock, fish, crops and wool.

The Security Interests in Goods Act 2005 (NSW) became operational on 1 March 2006 and replaces the previous system established under the Bills of Sale Act 1898 (NSW) and the Liens on Crops and Wool and Stock Mortgages Act 1898 (NSW).

Key points to note in relation to the new system:

• Security over goods can continue to be registered on the General Register of Deeds. Bills of sale can now be registered for an unlimited period and no longer need to be renewed every five years.

• The new system regulates the priority of competing security interests in goods. The general rules of priority are (unless a deed of priority is in place):