An equitable charge acquired by a judgment creditor over funds paid into a joint account as a condition of a stay of execution is not a 'security interest' under s 12(1) of the PPSA because it does not arise from a consensual transaction and arises by operation of the general law. Accordingly, s 267(2) of the PPSA does not operate to vest such an interest in the grantor upon winding up, and the judgment creditor's equitable charge survives the grantor's insolvency. The word 'transaction' in s 12(1) of the PPSA is confined to consensual transactions inter partes.
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