PPSA - SI

Question 1

two main issues to consider within the PPSA

Answer 1

1. nature of the si
2. what rights does the secured party thus have to the collateral

Question 2

what is a si

Answer 2

an interest that a lender of money takes in their borrowers perosnal property allowing them to sell that property if the borrowe defaults on thier obligation to pay

Question 3

personal proeprty

Answer 3

all non land property

Question 4

secured party

Answer 4

has the seciurty interest in the peronsal property

Question 4

collateral

Answer 4

personal proeprty subject to a SI

Question 5

debtor

Answer 5

owes the obliagtion

Question 6

si under the PPSA 17(1)

Answer 6

• CREATE A real interest in perosnal property (greater tha contractual rights affeting prop)
• are created for the purpose of securing debt that must be paid back to the SP
• must be created by voluntary consent between parties

Question 7

t

the form of the tranaction…

Answer 7

isirrvelenat, meaning that the PPSA applies to all transactions that, in substance, create security interests, regardless of their form.

Question 8

js brooksbank v exftx

Answer 8

WOOL MISTAKE
the wool was not under the supply agreement as delivery was supposed to come after payment and payment had not occurred therefor ANZ SI didnt extend to this wool

Question 9

s17(3)

Answer 9

transaction that will he an SI if they secure p[ayment or performance of an obliagtion
- fixed charge
- floating charge
- chattel mtg
- conditional sale agt
- HP agt
- agt to sell

Question 10

s16

Answer 10

leases or bailments of goods for more than a term of a year are deemed SI
DOESNT INCLUDE
- LEASE WHERE LESSER DOENST LEASE GOODS REG
- A LEASE OF HOUSEHOLD GOODS/FURNISHINGS
- LEASE OF PERSCRIBED GOODS