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.
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