Commonwealth Consolidated Acts Commonwealth Consolidated ActsPersonal property and security interests
(1) This Act (apart from Division 4), or any instrument made under this Act, does not have an effect covered by subsection (2) to the extent to which that effect would give rise (apart from this subsection) to a direct inconsistency between this Act, or the instrument, and a law covered by subsection (3).
Note: Division 4 restricts the operation of State and Territory laws in certain respects, for example by preventing formal requirements under those laws from affecting the validity of security interests.
(2) The following effects of a law are covered by this subsection:
(a) prohibiting or limiting a person creating, acquiring or dealing with personal property or a security interest in personal property;
(b) without limiting paragraph (a):
(i) prohibiting or limiting the right of a person to hold, transfer or assign a security interest in personal property; or
(ii) imposing limitations or additional obligations or requirements in relation to the enforcement of a security interest in personal property.
(3) The following laws are covered by this subsection:
(a) a law of the Commonwealth (other than this Act, or an instrument made under this Act);
(b) a law of a referring State (while the State is a referring State);
(c) a law of a Territory;
(d) the general law.
(4) Subsection (1) does not apply to an effect of a law to the extent (if any) prescribed by the regulations.
Matters excluded by State amendment referrals
(5) Any provisions of this Act, or an instrument made under this Act, that would (apart from this subsection) operate, or purport to operate, to exclude or limit the operation of a law of a referring State do not operate to exclude or limit the operation of the law to the extent to which the law makes provision for a matter mentioned in paragraph 245(2)(a), (b) or (c).
Note: Subsection 245(2) provides exceptions to the scope of the matters (called PPS referred matters) in relation to which referring States have given an amendment reference to the Commonwealth (see subsection 244(4)).
(6) Subsection (5) only applies in relation to a law of a referring State while the State is a referring State.