An introduction to PPS Leases under the Personal

An introduction to PPS Leases under the Personal

An introduction to PPS Leases under the Personal Property Securities Act 2009 (Cth) March 2014 AUSTRALIA BELGIUM CHINA FRANCE GERMANY HONG KONG SAR INDONESIA (ASSOCIATED OFFICE) ITALY JAPAN PAPUA NEW GUINEA SINGAPORE SPAIN SWEDEN UNITED ARAB EMIRATES UNITED KINGDOM UNITED STATES OF AMERICA Agenda PPS Leases defined PPS Leases as PMSIs Registering PPS Leases The danger of unregistered PPS Leases PPS Leases v conventional security Questions

2 Security interests PPS Leases Retentio n of title sales Sales of accounts Charge Mortgag e Security interests Bank account security 3 PPS leases defined Lease or bailment of

goods for More than one year, including any holding over or renewal 90 days, for serial-numbered goods OR An indefinite term BUT ONLY IF Lessor/bailor is "regularly engaged in the business of leasing/bailing goods AND Lessee/bailee provides value for the bailment 4 PPS Lease examples Lease of goods for two years Hire of car for 100 days Aircraft / Vessel leases or charters Bailment of cars

by manufacturer to dealer for sale Lease of fittings in conjunction with lease of premises 5 PPS Leases as purchase money security interests ("PMSIs") Unpaid rentals loan Company PPS Lessor Bank General Security Interest (GSI) Lease of product for two year term (PMSI) Lease (PMSI) attaches to Products

GSI attaches to Products Leased Products ROT = retention of title sale PMSI = purchase money security interest Red = priority contest 6 Four types of PMSIs ROT sales Purchase finance (security interest taken by a person who gives value to enable the grantor to acquire collateral) PMSIs PPS leases Commercial consignments

7 Registering PPS Leases 8 Key classes of collateral for registration Tangible property General property Intangible property Financial property All present and after-acquired property ("Allpap") Accounts

Investment instruments (eg shares) Motor vehicles Watercraft Aircraft Agriculture Other goods All present and after-acquired property except ("Allpape") General intangible s Intermediated securities (eg ASX-listed shares) The danger of unregistered leases

In re Maiden Civil (P&E) Pty Ltd [2013] NSWSC 852 Esanda/ Westpac Security for loan to QES QES Affiliate Loan Lessor / Bailor (QES) Lease of Caterpillar vehicles Lessee / Bailee (Maiden) GSD Loan Fast Financial

GSD = general security deed 10 Unresolved conceptual issues Leasing structures Lender Security Lessor PPS lease Lessee Does Does the the Lender Lender retain retain security security over over the the asset, asset, or or does does itit instead

instead only only get get security security over over the the Lessor's Lessor's rights rights under under the the PPS PPS lease lease (as (as proceeds)? proceeds)? IfIf the the Lender Lender does does retain retain security security over over the the asset, asset, does does itit need need to

to re-register re-register against against the the Lessee? Lessee? The The answer answer may may turn turn in in part part on on whether whether the the PPS PPS lease lease constitutes constitutes aa "transfer" "transfer" of of the the asset asset to to the the Lessee, Lessee, at

at least least for for PPSA PPSA purposes. purposes. 11 This presentation material is intended to provide a summary of the subject matter covered for training purposes only. It does not purport to be comprehensive or to render legal advice. No reader should act on the basis of any matter contained in this presentation without first obtaining specific professional advice. 228783207 AUSTRALIA BELGIUM CHINA FRANCE GERMANY HONG KONG SAR INDONESIA (ASSOCIATED OFFICE) ITALY JAPAN PAPUA NEW GUINEA SINGAPORE SPAIN SWEDEN UNITED ARAB EMIRATES UNITED KINGDOM UNITED STATES OF AMERICA 221808381

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