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.
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