The focus of our previous publications has been the impact of the Personal Property Securities Act 2009 (Cth) (the Act) on banking and finance, insolvency and construction law where the impact will be more immediate. The focus of this note is on the impact of the Act on transactions involving real property.
While the Act does not apply to security taken over real property it will impact on transactions involving real property.
Property professionals will need an understanding of when the Act will apply and the risks involved.
The Act creates:
Personal property includes all forms of tangible property (eg goods) and intangible property (eg copyright and trade marks). Importantly, it excludes land, fixtures, leases of land and certain prescribed statutory rights and licences (eg water rights).
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The content of this publication is for reference purposes only. It is current at the date of publication. This content does not constitute legal advice and should not be relied upon as such. Legal advice about your specific circumstances should always be obtained before taking any action based on this publication.