Personal Property Securities Reform and Security Interests in Ships

Australian and New Zealand Maritime Law Journal, Vol. 22, No. 1, pp. 16-21, 2008

6 Pages Posted: 31 Jan 2009 Last revised: 24 Aug 2018

See all articles by James Popple

James Popple

Australian National University (ANU)

Date Written: April 29, 2008

Abstract

The Australian Government, together with the governments of the Australian states and territories, is undertaking reform of the law of personal property securities. PPS law in Australia is currently very complex, and varies according to: the location and nature of the collateral; the nature of the security interest; and the legal personality of the debtor. The objectives of PPS reform are to increase legal certainty by increasing consistency and reducing complexity, which should lead to reduced costs. At present, the application of PPS law to a transaction generally depends on the legal form of that transaction. The new PPS system will be based on a functional approach, looking to the substance of a transaction. The intention is that, subject to countervailing policy considerations, all security interests will be treated the same as far as is possible, with all PPS interests registered in one place, and subject to one Act. If security interests in ships are treated as not being an exception to this approach, then those interests would be registrable on the new PPS register only, and not on the shipping register.

Keywords: personal property securities, security interests, ships

Suggested Citation

Popple, James, Personal Property Securities Reform and Security Interests in Ships (April 29, 2008). Australian and New Zealand Maritime Law Journal, Vol. 22, No. 1, pp. 16-21, 2008, Available at SSRN: https://ssrn.com/abstract=1335661 or http://dx.doi.org/10.2139/ssrn.1335661

James Popple (Contact Author)

Australian National University (ANU)

Canberra, Australian Capital Territory 2601
Australia

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
32
Abstract Views
620
PlumX Metrics