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This article concerns the issue of purchase money security interest (PMSI) refinancing. Under current law, PMSI super-priority is lost on refinance regardless of whether the refinancier is the original PMSI holder or a third party financier. This article contends that such a position is uncommercial and frustrates the undergirding objective of the law of debt security to facilitate the provision of credit to business. This position is supported by theory, international treatment of the issue and policy. [ABSTRACT FROM AUTHOR]

The purpose of this article is to provide some guidance to practitioners and the judiciary in both Australia and New Zealand on the vital question: when is a sale in the 'ordinary course of business' for the purposes of the Personal Property Securities Acts of Australia and New Zealand? It is not uncommon for the courts to say that in any given case this is a question of fact. But, while not denying the importance of the particular factual circumstances in issue, the author seeks to demonstrate that the analysis will be facilitated by adopting a structured approach that initially recognises the primacy of security interests and that follows sound legal principles developed by the North American courts. Differences between the Australian and New Zealand legislative provisions are analysed to determine whether they lead to different outcomes on either side of the Tasman. [ABSTRACT FROM AUTHOR]

The Personal Property Securities Act 2009 (Cth) ('PPSA') came into effect on 30 January 2012. Among other things, the PPSA introduces a comprehensive new registration system for security interests in personal property. This article explains the elements of the PPSA registration system, with particular reference to how it differs from earlier registration systems including the provisions governing registration of company charges in ch 2K of the Corporations Act 2001 (Cth) and the registration requirements in the state and territory bills of sale and motor vehicle securities statutes. The article also explores similarities and differences between the Australian PPSA registration system and the Canadian and New Zealand systems. [ABSTRACT FROM AUTHOR]

The article offers information about laws regarding secured transactions in New Zealand. Topics include the Personal Property Securities Act 1999 in New Zealand, the development of jurisprudence in New Zealand and Australia regarding secured transactions, and court cases in New Zealand related to the issue.

This paper focuses on a statutory provision common to Australian, New Zealand and Canadian personal property securities legislation which requires a grantor of a security interest generally to have 'rights in the collateral' before a security interest can attach to that collateral. It analyses the extent to which a particular construction of that provision, initially developed by Canadian courts and commentators in the context of certain lease transactions and now applied in New Zealand, may and should colour construction of the equivalent Australian legislation. The paper argues that 'new learning', which holds the interest of a lessee sufficient to enable a security interest to attach to leased goods, is capable of achievement through different reasoning to that currently adopted by New Zealand courts. Such reasoning has significant implications for understanding when a security interest may attach to personal property more broadly. [ABSTRACT FROM AUTHOR]

The English law of secured transactions in personal property is of a rather piecemeal nature, largely built on case-lawbut with some statutory intervention. It lacks a coherent structure and contains a number of anomalies, not least in the way it places emphasis on form rather than substance and in the manner in which it attempts to distinguish between different types of security and between secured transactions and other forms of proprietary financing. This article examines the case for reformof the lawand puts forward proposals drawn from suggestions previously made by the Law Commission which, in turn, had been developed from the reformed systems that operate in North America and New Zealand and which are now also being implemented in Australia. [ABSTRACT FROM AUTHOR]