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ARTICLE · 12 JUNE 2008

A Revolution In Personal Property Securities Law

Clayton Utz
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The consultation draft of the Personal Property Securities Bill, released by the Attorney-General on 16 May 2008, will radically change the way in which security is taken over personal property in Australia.

AustraliaReal Estate and Construction
Angela Flannery
Angela Flannery
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The consultation draft of the Personal Property Securities Bill, released by the Attorney-General on 16 May 2008, will radically change the way in which security is taken over personal property in Australia.

Not only will a broader range of security interests require registration or perfection by other means but also the manner in which security is taken will change. Although the proposed transition period will mean that the new regime will not take effect until 2010 banks, financial institutions and others that take or grant personal property securities will need to start considering the impact of this legislation on their businesses now.

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