Personal Property Securities
Personal Property Securities Act 2009 Model Transaction Documents
In December 2011 two industry associations, the Australian Banker’s Association (ABA) and the Australian Finance Conference (AFC), jointly developed model subordination agreement documents.
With the Personal Property Securities Act 2009 (PPSA) significantly reforming commercial law across Australia, the ABA and the AFC took the opportunity to offer to the banking and finance industry and its advisors the model documents as a way of improving efficiency of operations and reducing costs.
The model documents and the Information and Protocol for using the documents can be accessed below.
To correct some minor errors, the industry model Deed of Priority and Release and Undertaking have been updated. The Information and Protocols document has also been revised.
Updated versions of the documents have replaced the December 2011 versions.
The AFC has done the same on its website at http://www.afc.asn.au/afc_info/publications.html
Please read the Information and Protocols document regarding the use of the model documents.
The documents are:
- Information and Protocol - ABA and AFC Industry Model Priority and Release Documents. This document sets out the status of the documents, their potential usage and protocols for their use.
- Priority Deed - Execution Pages for signing by the parties. This contains the specifics of the transaction. (editable format)
- Priority Deed - Operating Provisions. This contains standard terms which will apply when the model Priority Deed is used.
- Release and Undertaking to Amend Registration. (editable format)
Note: These will continue to be the current versions until they are replaced with any updated versions which have been published in the Proposed Updates section. The replaced versions will then be moved to the Archived Versions section.
See below for archives of the documents
There are no proposed updates at this current time.