Glossary

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A writing which evidences both a monetary obligation and a security interest in, or lease of, specific goods; for example, a hire-purchase agreement. It would not include a negotiable instrument, an investment instrument, an investment entitlement or a document of title.

The Convention on International Civil Aviation signed on 7 December 1944 in Chicago. The Chicago Convention establishes rules on the allocation of nationality and registration marks for aircrafts.

Under this Convention, Australia is assigned the nationality mark 'VH'. An example of a nationality and registration mark for an Australian aircraft is 'VH-WOV'.

Circuit layout refers to the original layout designs for integrated circuits and computer chips. Circuit layout rights are intangible personal property.

For the purposes of Part 9.5, has the meaning given in section 340 of the PPS Act.

Personal property that is the subject of a security interest. By way of example, the motor vehicle that is provided as security for the loan given by a bank to finance its purchase.

The following classes of collateral are prescribed in the PPS Regulations:

  • agriculture
  • aircraft
  • all present and after-acquired property
  • all present and after-acquired property, except
  • financial property
  • intangible property
  • motor vehicles
  • other goods, and
  • watercraft.

Each registration must only relate to a single collateral class.

The description of the collateral being registered on the PPS Register.

A registration of a financing statement on the PPS Register. In addition to details about the collateral, the registration also includes:

  • details about the grantor (where relevant), or secured party
  • details about the address for service (address to which correspondence relating to the registration must be sent)
  • giving of notice identifier (see 'giving of notice identifier'), and
  • details about the security interest (for example, whether it is a purchase money security interest or whether it is subordinate to another interest).

A unique identification number allocated by the system to a collateral registration at the time of registration.

Personal property that is held in the course or furtherance, to any degree, of carrying on an enterprise. It does not include consumer property – see 'consumer property'.

See definition of 'commercial property' in section 10 of the PPS Act.

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