In October 2011, Australia will adopt the Personal Property
Securities Act 2009 (Cth) (PPSA), which is
based on Canadian1 and New Zealand2
interpretations of the American Art 9 regime.3
The PPSA will overhaul the law relating to security interests in
personal property, particularly in relation to the determination of
priorities. It will establish a set of codified priority rules that
rely on the concepts of attachment, enforceability and perfection,
rather than legal title.4 The PPSA will also expand the
definition of "security interest" to include retention of
title (ROT) arrangements and PPS Leases.
This article will examine some areas of concern identified by
the writer having regard to the Canadian and NZ
experiences.5
