This article examines competitions between security interests under the Personal Property Securities Act 2009 (Cth) (‘PPSA’) and property interests outside the statutory regime (‘non-PPS interests’). Part II examines the statutory priority rules which govern such competitions. It considers their scope, how they should be construed, and the extent to which they may require amendment in order to align with their policy rationales. Part III then examines those competitions which fall outside the statutory priority rules, and are thus determined by the general law. In particular, it considers whether all security interests must be characterised as legal interests for the purposes of such competitions, both as a question of statutory construction and from a policy perspective. It concludes that, for the limited purposes of competitions with non-PPS interests which remain governed by the general law, a PPSA security interest should retain its general law legal or equitable character.
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