References to charges and fixed and floating charges
16 References to charges and fixed and floating charges
This section applies in relation to a reference to a charge, a fixed charge, or a floating charge, over property in a law of this State, or in a security agreement, but only to the extent that —
the charge referred to has attached to personal property; and
the title to the personal property to which the charge has attached is in the grantor.
This section does not apply in relation to —
the Personal Property Securities Act 2009 (Commonwealth) section 12(2)(a) and (b) or 19(4); or
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.
A reference to a charge over property is taken to be a reference to a security interest that has attached to —
a circulating asset; or
personal property that is not a circulating asset.
A reference to a fixed charge over property is taken to be a reference to a security interest that has attached to personal property that is not a circulating asset.
A reference to a floating charge over property is taken to be a reference to a security interest that has attached to a circulating asset.
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