Personal Property Securities (Corporations and Other Amendments) Act 2010 (96 of 2010)

Schedule 2   Personal Property Securities Act 2009

Part 1   Specific amendments

32   Subsections 12(4) and (4A)

Repeal the subsections, substitute:

(3A) A person who owes payment or performance of an obligation to another person may take a security interest in the other person's right to require the payment or the performance of the obligation.

(4) Without limiting subsection (3A):

(a) an account debtor, in relation to an account or chattel paper, may take a security interest in the account or chattel paper; and

(b) an ADI may take a security interest in an ADI account that is kept with the ADI.