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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.
Personal property that has a security interest attached to it as a result of an agreement between a grantor and a secured party. For example, property that can be taken by a lender if a loan is not repaid.
When making a registration on the Personal Property Securities Register (PPSR), the collateral must be described by a 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.
A ‘commercial consignment’ is a consignment that meets additional defined criteria under the PPS Act. It is deemed to be a security interest even if it doesn’t meet the standard PPS Act definition of a security interest.
A consignment is traditionally recognised as an arrangement where a person (the consignor) delivers their property to another person (the consignee) so they can sell that property on their behalf. A consignment is considered to be a ‘commercial consignment’ if:
- the consignor still keeps an interest in the goods that they have delivered to the consignee; and
- they have delivered those goods for the purpose of sale, lease or other disposal; and
- the consignor and the consignee both deal in those types of goods in their ordinary course of business.
The two exceptions to this rule are consignments under which the goods are delivered to:
- an auctioneer for the purpose of sale; or
- a consignee, (for sale, lease or other disposal), if it is generally known to its creditors to be selling or leasing goods of others.