Personal Property Security Law

This course concerns the system for creation and enforcement of security interests over personal property, and as such falls within the areas of banking, commercial, corporate and/or finance law. The course will focus on the Personal Property Securities Act (Cth) 2009, which implemented a new National system for attachment and perfection of security interests, with an online registration system providing rules for notice and priorities. This legislation effected a sea-change in the approach to familiar concepts of common law and equity such as title and charges, and the traditional understanding of 'security', as well as the method, and effect, of enforcement of security. The course involves complex problem-solving and builds on students existing knowledge of commercial law. The course may cover the following topics and will be taught comparatively in some aspects, drawing on New Zealand and Canadian case law: (i) The history and policy of personal property security legislation (ii) The interaction of PPSA with other Federal and State commercial, property ,and consumer law (iii) The concept and function of security (iv) Policy of registration (v) Validity of security agreements and the rights of the parties (vi) The impact of the PPSA on third parties (vii) PPSA and insolvency (viii) Priorities (ix) Default and enforcement The nature and mix of assessment tasks may vary from year to year according to the format in which the course is taught, and/or the teacher(s) involved.