Chattel Securities Act 1987FILE/87-15a035.docx · Web viewOCPC-VIC, Word 2007, Template Release 2010 V5.01 Part 2—Security Interests Chattel Securities Act 1987 No. 15 of 1987 Section

Version No. 035

Chattel Securities Act 1987No. 15 of 1987

Version incorporating amendments as at 1 July 2012

TABLE OF PROVISIONSSection Page

PART 1—Repealed

1–3 Repealed

PART 2—SECURITY INTERESTS 2

4, 5 Repealed 26 Fixtures 27–12 Repealed 3

PART 3—Repealed 4

13–28 Repealed 4

PART 4—SAVINGS AND TRANSITIONAL PROVISIONS 5

29 Definitions 530 Continuation of section 3 531 Fixtures 632 Delegation powers of the Corporation 633 Continuation of the register 634 Interstate arrangements 635 Pending applications for variation 736 Variation of particulars 737 Continuation of Corporation's power to correct inaccuracies 838 Pending show cause notices 839 Certificates 940 Corporation may provide information other than by certificate 1041 Provision of information to PPS Registrar and holder of

security interest 1042 Fees and charges 1143 Vehicle identification numbers 1144 Magistrates' Court (Infringements) Act 2000 1245 Regulations 12

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ENDNOTES 14

1. General Information 14

2. Table of Amendments 15

3. Explanatory Details 18

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Version No. 035


Version incorporating amendments as at 1 July 2012

The Parliament of Victoria enacts as follows:

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1

Pt 1 (Heading and ss 1–3) amended by Nos 4/1989 s. 8(2), 44/1989 s. 41(Sch. 2 item 4.1), 106/1993 s. 3, 33/1994 s. 26, 88/1998 ss 4(a), 5, 99/2000 s. 17, 32/2006 s. 78, 2/2008 s. 55, repealed by No. 74/2010 s. 3.

PART 2—SECURITY INTERESTS

* * * * *

* * * * *

6 Fixtures

(1) If, after a security interest attaches, goods subject to the security interest are affixed to land and become fixtures, the fixtures, for the purposes of the exercise of the secured party's right to take possession of, remove or sell the goods, shall be deemed not to have become fixtures.

(2) A secured party who removes fixtures to which subsection (1) applies is liable to make good damage done to the land in removing the fixtures.

(3) If, after a lease of goods is made, goods subject to the lease are affixed to land and become fixtures, the fixtures, for the purposes of the exercise of the lessor's right to take possession of the goods, shall be deemed not to have become fixtures.

(4) A lessor who removes fixtures to which subsection (3) applies is liable to make good damage done to the land in removing fixtures.

(5) If, after a hire-purchase agreement is made, goods subject to the agreement are affixed to land and become fixtures, the fixtures, for the purposes of the exercise of the owner's right to take possession

S. 4 amended by Nos 106/1993 s. 4(1), 88/1998 s. 6, repealed by No. 74/2010 s. 4.

S. 5 repealed by No. 74/2010 s. 4.

s. 6Part 2—Security Interests


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of the goods, shall be deemed not to have become fixtures.

(6) An owner who removes fixtures to which subsection (5) applies is liable to make good damage done to the land in removing the fixtures.

(7) Despite this section, a secured party is not entitled to take possession of goods that have become affixed to land and become fixtures if, after the goods have become so affixed, a person other than the secured party has acquired an interest in the land for value in good faith and without notice of the security interest of the secured party.

(8) If goods subject to a security interest were affixed to land after an offer to enter into the agreement giving rise to the interest was made, but before the offer was accepted, the goods, for the purposes of this section, shall be deemed to have been affixed to the land after the agreement was made.

* * * * *

* * * * *

* * * * *

* * * * *

s. 6

S. 7 amended by Nos 106/1993 s. 4, 88/1998 s. 7, repealed by No. 74/2010 s. 4.

S. 8 amended by Nos 88/1998 s. 8, 44/2001 s. 3(Sch. item 14),repealed by No. 74/2010 s. 4.

S. 9 repealed by No. 74/2010 s. 4.

S. 10 amended by Nos 88/1998 s. 9, 44/2001 s. 3(Sch. item 14),repealed by No. 74/2010 s. 4.

Part 2—Security Interests


3

* * * * *

_______________

* * * * *

_______________

Ss 11, 12 repealed by No. 74/2010 s. 4.

s. 10

Pt 3 (Heading and ss 13–28) amended by Nos 52/1988 s. 161(Sch. 6 item 1) (as amended by No. 20/1993 s. 27(1)(a)), 44/1989 s. 41(Sch. 2 item 4.2), 106/1993 ss 5–13, 46/1998s. 7(Sch. 1), 88/1998 ss 4(b)(c), 10, 11(1)(2), 92/2001 s. 30, 110/2004 s. 3, 81/2006 s. 33, 74/2007 ss 30–38, repealed by No. 74/2010 s. 5.



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PART 4—SAVINGS AND TRANSITIONAL PROVISIONS

29 Definitions

In this Part—

2010 Act means the Personal Property Securities (Statute Law Revision and Implementation) Act 2010;

Commonwealth PPS Act means the Personal Property Securities Act 2009 of the Commonwealth;

continued register means any information kept by the Corporation under section 33;

PPS Registrar means the Registrar of Personal Property Securities appointed under the Commonwealth PPS Act.

30 Continuation of section 3

(1) Despite the commencement of section 3 of the 2010 Act, section 3(1) of this Act, as in force immediately before that commencement, is taken to continue in effect to the extent necessary for this Part.

(2) Despite the commencement of section 3 of the 2010 Act, section 3(2), (4), (5), (6), (7) and (8) of this Act as in force immediately before that

Pt 4 (Heading and ss 29–32) amended by Nos 106/1993 s. 14, 88/1998 s. 11(3), 99/2000 s. 18, substituted as Pt 4 (Heading and ss 29–45) by No. 74/2010 s. 6.

S. 29 substituted by No. 74/2010 s. 6.

s. 29




5

commencement are taken to continue in effect to the extent necessary for section 6 of this Act.

31 Fixtures

Despite the commencement of section 4 of the 2010 Act, the following provisions of this Act, as in force immediately before that commencement, are taken to continue in effect to the extent necessary for section 6—

(a) section 4; and

(b) section 7(1), (1A), (1B), (3), (4), (5), (6), (7), (8) and (9); and

(c) section 8; and

(d) section 9; and

(e) section 10; and

(f) section 11.

32 Delegation powers of the Corporation

Despite the commencement of section 5 of the 2010 Act, section 14 as in force immediately before that commencement is taken to continue in effect to the extent necessary for the operation of section 33.

33 Continuation of the register

Despite the commencement of section 5 of the 2010 Act, in relation to the register kept under section 15 as in force immediately before that commencement, the Corporation may continue to keep, in whole or in part, the information that was in that register immediately before that commencement.

34 Interstate arrangements

An arrangement with a corresponding Authority entered into under section 15A as in force before the commencement of section 5 of the 2010 Act,


s. 31


S. 33 inserted by No. 74/2010 s. 6.




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being an arrangement as in force immediately before that commencement, is taken to continue in force on and after that commencement in relation to matters occurring before that commencement.

35 Pending applications for variation

Despite the commencement of section 5 of the 2010 Act, the Corporation may vary the particulars of a security interest in the continued register and note in the continued register the date on which, and time at which, those particulars are varied if—

(a) there is a change in the particulars of that security interest (other than by reason that the security interest is discharged or extinguished); and

(b) the secured party makes an application under section 21 for the variation of those particulars before that commencement; and

(c) those particulars are not varied in accordance with the application before that commencement.

36 Variation of particulars

Despite the commencement of section 5 of the 2010 Act, if a prescribed change occurs in the particulars of a security interest in an entry to the register before that commencement and the particulars are not varied under section 22 before that commencement, the Corporation may—

(a) vary those particulars in the continued register to reflect the prescribed change; and

(b) note in the continued register the date on which, and the time at which, the particulars are varied.


s. 35




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37 Continuation of Corporation's power to correct inaccuracies

(1) Despite the commencement of section 5 of the 2010 Act, if the Corporation considers that there is an inaccuracy in the information in the continued register relating to a security interest in respect of goods, the Corporation may by notice in writing require the holder of the security interest in those goods to advise the Corporation in writing within the period specified in the notice as to whether the information in the continued register should be varied as specified in the notice.

(2) If the holder of the security interest fails to advise or inadequately advises the Corporation in writing within the period specified in the notice, the Corporation may upon the expiry of that period vary the information in the continued register as specified in the notice.

38 Pending show cause notices

Despite the commencement of section 5 of the 2010 Act, the Corporation may, if—

(a) a show cause notice under section 23(1) was given to a person before that commencement; and

(b) the period specified in the notice within which the person must show cause ends after that commencement; and

(c) the person fails to show cause as required by the notice within the period specified in the notice—

remove the particulars of the security interest to which the notice relates from the continued register.

39 Certificates


s. 37





8

(1) Despite the commencement of section 5 of the 2010 Act, a person may apply to the Corporation for a certificate containing particulars of information contained in the continued register in respect of specified goods or, if there is no information in the continued register in respect of those goods, a certificate containing a statement to that effect.

(2) In addition to the information referred to in subsection (1), the Corporation may provide with a certificate any other information relating to—

(a) goods whether or not there is any information in the continued register (including information about security interests in respect of those goods); or

(b) goods which a member of the police force has advised the Corporation have been reported to a member of the police force as being stolen or otherwise illegally obtained; or

(c) goods which are specified in a notice served under section 84W(1) or 84Y(1) of the Road Safety Act 1986—

being information provided in writing to the Corporation for the purposes of this subsection or for the purposes of section 24(2) as in force immediately before the commencement of section 5 of the 2010 Act.

(3) Despite the commencement of section 5 of the 2010 Act, neither the Corporation nor any other person incurs any liability in respect of a certificate issued under subsection (1) or information provided under subsection (2) if—



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(a) the certificate or information contains or is accompanied by a disclaimer that the certificate or information is provided without liability and without any responsibility for the accuracy of the certificate or information; and

(b) the certificate or information is provided in good faith.

(4) The applicant for a certificate under subsection (1) must pay the prescribed fee, if any.

40 Corporation may provide information other than by certificate

Despite the commencement of section 5 of the 2010 Act, the Corporation may, on the payment of the prescribed fee (if any) provide information of the type referred to in section 39(1) and (2) to a person without providing a certificate under section 39 in the approved form.

41 Provision of information to PPS Registrar and holder of security interest

(1) The Corporation may, if it varies particulars of a security interest or information in the continued register under section 35, 36 or 37(2) provide the PPS Registrar with written notice of—

(a) the variation of the particulars or information in the continued register; and

(b) details of the varied particulars or information.

(2) The Corporation may, if it removes the particulars of a security interest from the continued register under section 38, provide the PPS Registrar with written notice of—


s. 40




10

(a) the removal of the particulars from the continued register; and

(b) details of the removed particulars.

(3) If the Corporation removes the particulars of a security interest from the continued register under section 38, the Corporation must give written notice to the holder of that security interest that the particulars of the security interest have been varied or removed in the continued register.

42 Fees and charges

Despite the commencement of section 5 of the 2010 Act, the Corporation after that commencement may recover a fee or charge—

(a) incurred under Part 3 before that commencement; or

(b) for varying the particulars of a security interest under section 22(2) (as in force before that commencement) or under section 36 to reflect a prescribed change that occurred before that commencement—

if the fee or charge is unpaid immediately before that commencement.

43 Vehicle identification numbers

Despite the commencement of section 6 of the 2010 Act, the Corporation may deal with a request made by the Corporation under section 31, as in force immediately before that commencement, if—

(a) the Corporation made the request before that commencement; and


s. 42




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(b) the request was not complied with before that commencement—

as if the power of the Corporation under section 31, as in force immediately before that commencement, to request vehicle identification numbers continues in effect.

44 Magistrates' Court (Infringements) Act 2000

Despite the commencement of section 6 of the 2010 Act, section 32 as in force immediately before that commencement is taken to continue in effect to the extent necessary for this Act.

45 Regulations

(1) The Governor in Council may make regulations for or with respect to prescribing any matter or thing which is authorised or required to be prescribed for carrying out or giving effect to this Part.

(2) Without limiting subsection (1), regulations may—

(a) prescribe changes for the purposes of section 36; and

(b) provide for the payment of fees including—

(i) the matters for which fees are payable; and

(ii) the amount of the fees; and

(iii) the persons by whom the fees are payable.

(3) A power conferred by this Act to make regulations providing for the imposition of fees may be exercised by providing for all or any of the following matters—

(a) specific fees;

(b) maximum or minimum fees;


s. 44




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(c) maximum and minimum fees;

(d) ad valorem fees;

(e) the payment of fees either generally or under specified conditions or in specified circumstances;

(f) the reduction, waiver or refund, in whole or in part, of the fees.

(4) If under subsection (3)(f) regulations provide for a reduction, waiver or refund, in whole or in part, of a fee, the reduction, waiver or refund may be expressed to apply either generally or specifically—

(a) in respect of certain matters or transactions or classes of matters or transactions; or

(b) in respect of certain documents or classes of documents; or

(c) when an event happens; or

(d) in respect of certain persons or classes of persons; or

(e) in respect of any combination of such matters, transactions, documents, events or persons; or

(f) subject to specified conditions or in the discretion of any specified person or body.

(5) The regulations—

(a) may be of general or specifically limited application; and

(b) may differ according to differences in time, place or circumstances.

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ENDNOTES

1. General InformationMinister's second reading speech—

Legislative Assembly: 19 March 1987

Legislative Council: 28 April 1987

The long title for the Bill for this Act was "A Bill relating to chattel securities, to repeal the Chattel Securities Act 1981 and for other purposes.".

The Chattel Securities Act 1987 was assented to on 12 May 1987 and came into operation on 1 August 1987: Government Gazette 29 July 1987 page 1992.

EndnotesPart 2—Security Interests


14

2. Table of AmendmentsThis Version incorporates amendments made to the Chattel Securities Act 1987 by Acts and subordinate instruments.

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Marine Act 1988, No. 52/1988 (as amended by No. 20/1993)Assent Date: 31.5.88Commencement Date: S. 161(Sch. 6 items 1.1–1.3) on 20.12.88: Special

Gazette (No. 105) 20.12.88 p. 1Current State: This information relates only to the provision/s

amending the Chattel Securities Act 1987

Credit Administration (Amendment) Act 1989, No. 4/1989Assent Date: 2.5.89Commencement Date: Ss 1–3, 5 on 2.5.89: s. 2(1); ss 4, 6–9 on 29.4.91:

Government Gazette 6.3.91 p. 483 Current State: All of Act in operation

Transport (Amendment) Act 1989, No. 44/1989Assent Date: 6.6.89Commencement Date: S. 41(Sch. 2 items 4.1, 4.2) on 1.7.89: s. 2(1)Current State: This information relates only to the provision/s


Chattel Securities (Amendment) Act 1993, No. 106/1993Assent Date: 26.11.93Commencement Date: Ss 1, 2 on 26.11.93: s. 2(1); rest of Act on 11.4.94:

Government Gazette 17.3.94 p. 660 Current State: All of Act in operation

Magistrates' Court (Amendment) Act 1994, No. 33/1994Assent Date: 31.5.94Commencement Date: S. 26 on 24.10.94: Government Gazette 20.10.94

p. 2789Current State: This information relates only to the provision/s


Public Sector Reform (Miscellaneous Amendments) Act 1998, No. 46/1998Assent Date: 26.5.98Commencement Date: S. 7(Sch. 1) on 1.7.98: s. 2(2)Current State: This information relates only to the provision/s


Chattel Securities (Amendment) Act 1998, No. 88/1998Assent Date: 24.11.98Commencement Date: Ss 1–4 on 24.11.98: s. 2(1); Pt 3 (ss 5–11) on 1.7.99:

s. 2(3)Current State: All of Act in operation



15

Magistrates' Court (Infringements) Act 2000, No. 99/2000Assent Date: 12.12.00Commencement Date: Ss 17, 18 on 1.7.01: s. 2(3)Current State: This information relates only to the provision/s


Corporations (Consequential Amendments) Act 2001, No. 44/2001Assent Date: 27.6.01Commencement Date: S. 3(Sch. item 14) on 15.7.01: s. 2Current State: This information relates only to the provision/s


Road Safety (Further Amendment) Act 2001, No. 92/2001Assent Date: 11.12.01Commencement Date: S. 30 on 1.5.02: Government Gazette 18.4.02 p. 708Current State: This information relates only to the provision/s


Transport Legislation (Amendment) Act 2004, No. 110/2004Assent Date: 21.12.04Commencement Date: S. 3 on 22.12.04: s. 2(1)Current State: This information relates only to the provision/s


Infringements (Consequential and Other Amendments) Act 2006, No. 32/2006Assent Date: 13.6.06Commencement Date: S. 78 on 1.7.06: Government Gazette 29.6.06 p. 1315Current State: This information relates only to the provision/s


Road Legislation (Projects and Road Safety) Act 2006, No. 81/2006Assent Date: 10.10.06Commencement Date: S. 33 on 11.10.06: s. 2(1)Current State: This information relates only to the provision/s


Road Legislation Further Amendment Act 2007, No. 74/2007Assent Date: 18.12.07Commencement Date: Ss 30–32, 35(1), 36, 38 on 19.12.07: s. 2(1); ss 33, 34,

35(2), 37 on 14.9.08: s. 2(6)Current State: This information relates only to the provision/s


Fair Trading and Consumer Acts Further Amendment Act 2008, No. 2/2008Assent Date: 11.2.08Commencement Date: S. 55 on 1.12.08: s. 2(4)Current State: This information relates only to the provision/s




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Personal Property Securities (Statute Law Revision and Implementation) Act 2010, No. 74/2010

Assent Date: 19.10.10Commencement Date: Ss 3–6 on 30.1.12: Special Gazette (No. 423) 21.12.11

p. 3Current State: This information relates only to the provision/s


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3. Explanatory Details



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Documents

Chattel Securities Act 1987FILE/87-15a035.docx · Web viewOCPC-VIC, Word 2007, Template Release 2010 V5.01 Part 2—Security Interests Chattel Securities Act 1987 No. 15 of 1987 Section