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Personal Property Securities - Information and Protocols

December 2011: Information and Protocols

Two industry associations, the Australian Banker’s Association (ABA) and the Australian Finance Conference (AFC), have jointly developed model subordination agreement documents.

With the Personal Property Securities Act 2009 (PPSA) registration commencement time declared by the Attorney-General to commence on 30 January 2012 significantly reforming commercial law across Australia, in readiness for commencement the opportunity has been taken by the ABA and the AFC to offer to the banking and finance industry and its advisors the model documents as a way of improving efficiency of operations and reducing costs.

This statement sets out the status of the documents, their potential usage and ways in which the documents can be given and taken.

Documents

• Priority Deed - usage information and protocols
• Priority Deed
  • Execution Deed for signing by the parties, i.e. specifics of the secured transaction
  • Operating Provisions, i.e. standard terms
• Release and Undertaking to Amend Registration