The Australian PPS reforms: what will the new system look like?

Authors: Barns-Graham, Victoria; Gullifer, Louise

Source: Law and Financial Markets Review, Volume 4, Number 4, July 2010 , pp. 394-404(11)

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Abstract:

The Australian Personal Property Securities Act 2009 has transformed the landscape of personal property security law in Australia. This paper examines the shape which the reforms take. The new regime largely resembles those introduced in other jurisdictions where reform has been undertaken, both in its broad structure and in the detail; it introduces a unified, functional approach towards security interests in personal property, a “notice-filing” regime for registration and a single electronic register. This paper discusses the extent to which it also departs from both the style and the substance of other regimes. Although many of the differences are intentional, they may prove ill-advised. However, even if faults can be found with the new regime, there is no doubt that it represents a significant improvement on what came before.

Document Type: Research article

DOI: http://dx.doi.org/10.5235/175214410791942850

Publication date: 2010-07-01

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Law and Financial Markets Review is a new, independent, English language journal devoted to providing high quality information, comment and analysis for lawyers specialising in banking and financial market issues and to others with interests in legal and regulatory developments affecting the financial markets. Published bi-monthly LFMR contains articles written by leading experts providing a forum for practical guidance on, as well as reflective and topical analysis of, all major jurisdictions, with a particular focus on the interaction between the law and market practice and behaviour.
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