Ten years on, the Australians finally followed suit and enacted legislation in relation to personal property security similar to our own NZ Personal Property Securities Act 1999.

The key word is “similar”.

For example, if you wish to claim “super priority” for your PMSI security interest in Australia, you must specifically register as a PMSI in addition to complying with the timeline requirements under the Act.

The Act’s registration process allows a secured party to register an “all present and after acquired property” security interest against the proceeds of personal property as part of the registration of the primary security interest in such personal property.  In New Zealand accepted market practice is to separately register such a security interest in proceeds in order to protect a secured party’s rights in whatever form of personal property such proceeds may be.

The categories of goods required to be registered by serial number are different from the equivalent New Zealand ones, and depend on whether the property is commercial or consumer.  For instance serial number identification is mandatory for a security interest in a consumer motor vehicle but not compulsory for a commercial motor vehicle.

If the Act is relevant to your business dealings in Australia, you should seek the appropriate Australian legal advice.  kplegal is happy to assist in this regard.