The governing provision is cl 2.2 in sch 1 of the Personal Property Securities Regulations 2010 (Cth) ('PPS Regulations'), which lists the following classes of collateral as serial numbered collateral: aircraft and aircraft parts; certain kinds of intellectual property and intellectual property licences; motor vehicles; and watercraft. This provision effectively determines the scope of the serial number index.
The 'details' required to be registered in respect of a grantor will be prescribed by the PPS Regulations.
As we have been anxious to move into this new payment system, the fact remains that the final PPS Regulations have caused a great deal of concern to us and to our beneficiaries.
To assist in resolving the overlap problem when the National Credit Code and the PPSA both apply and contain similar obligations, the PPS Regulations may provide that a secured party who has complied with the relevant provision of the Code would be deemed to have complied with corresponding obligations in the PPSA (see Section 119(2)).