The Australian PPSA from a Canadian Perspective: Some Comparative Reflections
The Australian Personal Property Securities Act 2009 (Cth) is based in part on the Saskatchewan Personal Property Security Act, but it departs from the Saskatchewan model in numerous significant respects in terms of both drafting and substance. The differences fall into three main categories: (1) drafting differences; (2) substantive differences which are the result of mistakes on the part of the Australian law makers; and (3) substantive differences which reflect deliberate policy choices. For the most part, matters falling within categories (1) and (2) are unlikely to interest a Canadian observer, but matters falling within category (3) transcend the purely parochial and there is clearly room for an international dialogue at this level. This article focuses on selected aspects of the Australian PPSA, comparing them with the Canadian position and evaluating the alternatives. The article also addresses relevant aspects of Article 9 of the United States Uniform Commercial Code. The topics covered are as follows: (1) the Australian federal government’s take-over of the PPSA legislative agenda; (2) the Australian PPSA’s approach to security interests in cash collateral as compared with the Canadian approach; and (3) selected registration issues.