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51 Can. Bus. L.J. 425 (2011)
Personal Property Security Law in Australia and Canada: A Comparison

handle is hein.journals/canadbus51 and id is 459 raw text is: PERSONAL PROPERTY SECURITY LAW IN AUSTRALIA AND CANADA: A COMPARISON John G.H. Stumbles* I. INTRODUCTION After a formal consultation period commencing in May, 2008,1 the Australian Personal Property Securities Act 20092 (Aust. PPSA) became law on December 15, 2009 and is expected to commence actual operation no later than March, 2012. The Australian legislation is based upon the personal property security legislation currently in operation in New Zealand and Saskatchewan.3 The drafters of the Aust. PPSA have also included certain matters not currently covered in the New Zealand or Canadian legislation. The Aust. PPSA has replaced 70 Australian Acts5 (both state and federal) regulating security over personal property with just one Act and one electronic Register. This represents a significant improvement over the current state-based paper system, and the change has been welcomed by financiers and practitioners alike. * Professor of Finance Law, University of Sydney. I. In 1993, the Australian Law Reform Commission published a report entitled Personal Property Securities (Report No 64) (Sydney, Alken Press Pty Ltd., 1993), recommending reform of the Australian law governing personal property security. In 2002, a draft Personal Property Security Bill was prepared by a team led by the late Professor David Allan. For a copy of this Bill and other useful background articles relating to earlier failed attempts to reform personal property security law in Australia, together with the Australian constitutional law issues associated with the reform, see David E. Allan, et al., Special Issue: Proceedings of a Workshop on Personal Property Security (2002), 14 Bond L.R. I. 2. Personal Property Securities Act 2009 (Cth), Act No. 130 of 2009. 3. For New Zealand, see Personal Property Securities Act 1999, Public Act 1999 No. 126 (NZPPSA); for Saskatchewan, see The Personal Property Security Act, 1993, S.S. 1993, c. P-6.2 (SPPSA). References will also be made in this article to the Ontario Personal Property Security Act, R.S.O.1990, c. P.10 (OPPSA). 4. The drafters also drew upon material prepared by the United Nations Commission on International Trade Law (UNCITRAL) and International Institute for the Unification of Private Law (UNIDROIT). See the Parliament of the Commonwealth of Australia, House Representatives Personal Property Secu- rities Bill 2009; Explanatory Memorandum (Canberra, 2008-2009), at p. 10. The Explanatory Memorandum is a useful aid to understanding the Aust. PPSA even though some of the views expressed in it are not necessarily consistent with the actual wording of the legislation. Under s. 15AB of the Australian Acts Interpretation Act 1901 (Act No. 2 of 1901), an Explanatory Memorandum may be taken into account in construing legislation where there is ambiguity. 5. Explanatory Memorandum, ibid, at p. 10.

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