Personal Property Securities (Ancillary Provisions) Act 2010

This section applies to a reference in an Act or other document to a charge, fixed charge or floating charge over property, but only to the extent that—

the charge referred to is attached to personal property; and

title in the personal property to which the charge is attached is in the grantor; and

the charge is a security interest to which the PPS Act applies.

However, this section does not apply to—

a reference to a charge, a fixed charge or a floating charge if the charge referred to is a perfected security interest that is provided for by a transfer of an account or chattel paper; or

any other reference, or class of reference, prescribed under a regulation, to a charge, fixed charge or floating charge.

On and from the registration commencement time—

a reference to a charge over property is taken to be a reference to a security interest that is attached to—

a circulating asset; or

personal property that is not a circulating asset; and

a reference to a fixed charge over property is taken to be a reference to a security interest that is attached to personal property that is not a circulating asset; and

a reference to a floating charge over property is taken to be a reference to a security interest that is attached to a circulating asset.