Section 51F — Corporations Act 2001 (Cth)

Definition

(1) Property is PPSA retention of title property (short for Personal Property Securities Act retention of title property) of a corporation if:

(a) the property is personal property; and

(b) the property is used or occupied by, or is in the possession of, the corporation; and

(c) the corporation does not have title to the property; and

(d) a PPSA security interest is attached to the property, within the meaning of the Personal Property Securities Act 2009; and

(e) the corporation is the grantor in relation to the PPSA security interest, within the meaning of that Act.

Examples: The following personal property is PPSA retention of title property if a PPSA security interest attaches to the property by virtue of the transaction concerned, and the grantor is a corporation:

(a) property that is the subject of an agreement to sell subject to retention of title, or a hire purchase agreement, that secures the payment or performance of an obligation (see subsection 12(2) of the Personal Property Securities Act 2009);

(b) property that is the subject of a lease, or a consignment agreement, that secures the payment or performance of an obligation (see subsection 12(2) of the Personal Property Securities Act 2009);

(c) goods that are the subject of a commercial consignment (see subsection 12(3) of the Personal Property Securities Act 2009);

(d) goods that are leased or bailed under a PPS lease (see subsection 12(3) of the Personal Property Securities Act 2009).

References to property of a corporation

(2) A reference in this Act to the property of a corporation does not include a reference to any PPSA retention of title property of the corporation, unless provided otherwise expressly or by necessary implication.

Note: See also the definition of property in section 9.

References to property of a sub‑fund of a CCIV

(3) A reference in a provision of this Act to property of a sub‑fund of a CCIV (including a substituted reference provided for by Part 8B.6) is a reference to something that is:

(a) property of the CCIV (within the meaning of the provision); and

(b) an asset of the sub‑fund of the CCIV.

Note: For assets of a sub‑fund of a CCIV, see section 1233H.

Related sections

• s 50 — Meaning of related body corporate
• s 50AAA — Meaning of associated entity
• s 50AA — Meaning of control
• s 51M — Meaning of mutual entity
• s 52A — Signing
• s 53 — Meaning of affairs—body corporate other than a CCIV

Research how courts apply s 51F

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.