Legal Templates
Chattel Security Agreement

Chattel Security Agreement for Australia

Chattel Security Agreement Template for Australia

A Chattel Security Agreement under Australian law is a formal legal document that creates a security interest in personal property (chattel) to secure the performance of obligations, typically the repayment of a debt. The agreement must comply with the Personal Property Securities Act 2009 (Cth) and enables registration on the Personal Property Securities Register (PPSR). It details the specific collateral being secured, the obligations being secured, and the rights and responsibilities of both the secured party and the grantor, including enforcement rights upon default.

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What is a Chattel Security Agreement?

The Chattel Security Agreement is a fundamental document in Australian secured transactions, used when a party needs to create a legally enforceable security interest over personal property. It is governed primarily by the Personal Property Securities Act 2009 (Cth) and must meet specific requirements for validity and registration on the PPSR. This document is commonly used in business financing, equipment leasing, and asset-based lending scenarios where a lender requires security over specific assets. The agreement must clearly identify the collateral, specify the secured obligations, and outline the parties' rights and obligations, including default and enforcement provisions. It's particularly important for protecting the secured party's interests and ensuring priority against other creditors.

What sections should be included in a Chattel Security Agreement?

1. Parties: Identification of the Secured Party and the Grantor, including full legal names, ACN/ABN if applicable, and addresses

2. Background: Context of the security agreement, including reference to any underlying commercial relationship or debt being secured

3. Definitions and Interpretation: Key terms used in the agreement, including statutory definitions from PPSA and agreement-specific terms

4. Grant of Security Interest: Express creation of the security interest over the collateral, including PPSA requirements for attachment and enforceability

5. Description of Collateral: Detailed description of the secured property/chattel, including serial numbers where applicable

6. Secured Obligations: Description of the obligations being secured, including any monetary amounts, performance obligations, or other secured liabilities

7. Grantor's Representations and Warranties: Statements about ownership, condition, and status of the collateral, and authority to grant security

8. Grantor's Obligations: Ongoing obligations regarding maintenance, insurance, use, and preservation of the collateral

9. Default Events: Comprehensive list of events that constitute default under the agreement

10. Enforcement Rights: Rights and remedies of the secured party upon default, including PPSA enforcement provisions

11. PPSA Provisions: Specific provisions required or recommended under the PPSA, including registration and notices

12. General Provisions: Standard contractual provisions including notices, amendments, governing law, and jurisdiction

13. Execution: Formal execution blocks for all parties

What sections are optional to include in a Chattel Security Agreement?

1. Priority Arrangements: Required when there are multiple security interests or potential competing interests in the collateral

2. Third Party Provisions: Needed when third parties have rights or obligations related to the collateral

3. Special Dealing Provisions: Include when specific types of dealing with the collateral are permitted or restricted

4. Cross-Collateralization: Include when the security interest secures obligations under multiple arrangements

5. Proceeds and Commingled Goods: Required when dealing with collateral that may be processed or commingled

6. Intellectual Property Rights: Include when the collateral includes or relates to intellectual property

7. International Provisions: Required when the collateral may be moved internationally or parties are in different jurisdictions

What schedules should be included in a Chattel Security Agreement?

1. Schedule 1 - Collateral Description: Detailed technical description of the chattel including serial numbers, identifying features, and location

2. Schedule 2 - Secured Obligations: Detailed description of all obligations secured by the agreement

3. Schedule 3 - Permitted Security Interests: List of any pre-existing or permitted security interests over the collateral

4. Schedule 4 - Special Conditions: Any special terms or conditions specific to the collateral or the security arrangement

5. Appendix A - Copy of Registration: Copy of PPSR registration details when completed

6. Appendix B - Insurance Requirements: Detailed insurance requirements for the collateral

7. Appendix C - Maintenance Requirements: Specific maintenance and upkeep requirements for the collateral

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Jurisdiction

Australia

Publisher

Genie AI

Document Type

Security Agreement

Sector

Cost

Free to use
Relevant legal definitions
Accessions
Administrator
Agreement
Ancillary Security Documents
Assigned Property
Authorisation
Business Day
Chattel Paper
Collateral
Commingled Goods
Control
Default Event
Default Rate
Dispose
Effective Date
Encumbrance
Enforcement Event
Equipment
Event of Default
Excluded Property
Financial Property
Financing Change Statement
Financing Statement
Future Property
Grantor
GST
Guarantee
Insolvency Event
Insurance Policy
Intellectual Property Rights
Interest Rate
Investment Instrument
Law
Liquid Assets
Loss
Material Adverse Effect
Negotiable Instrument
New Rights
Payment Date
Perfection
Permitted Encumbrance
PPSA
PPSR
Proceeds
Purchase Money Security Interest
Related Entity
Relevant Jurisdiction
Secured Money
Secured Obligations
Secured Party
Security Interest
Serial Numbered Goods
Specified Property
Subsidiary
Term
Transaction Documents
Verification Statement
Clauses
Parties
Interpretation
Definitions
Grant of Security Interest
Attachment and Perfection
Description of Collateral
Secured Obligations
Registration and Priority
Representations and Warranties
Positive Covenants
Negative Covenants
Insurance
Maintenance of Collateral
Dealing with Collateral
Default Events
Enforcement Rights
Power of Attorney
PPSA Provisions
Proceeds and Commingled Goods
Release and Discharge
Assignment and Transfer
Notices
Costs and Expenses
Indemnity
Set-off
Confidentiality
Amendment
Severability
Waiver
Governing Law
Jurisdiction
Entire Agreement
Execution
Relevant Industries

Banking and Financial Services

Equipment Leasing

Manufacturing

Agriculture

Mining and Resources

Transport and Logistics

Construction

Retail

Wholesale Trade

Professional Services

Technology and Software

Healthcare

Relevant Teams

Legal

Finance

Risk Management

Commercial

Credit

Compliance

Treasury

Operations

Business Development

Asset Management

Relevant Roles

Legal Counsel

Finance Manager

Credit Manager

Risk Manager

Commercial Manager

Security Trustee

Loan Officer

Asset Manager

Contract Administrator

Compliance Officer

Business Development Manager

Treasury Manager

Industries
Personal Property Securities Act 2009 (Cth): The primary federal legislation governing security interests in personal property in Australia. It establishes the Personal Property Securities Register (PPSR) and regulates the creation, priority, and enforcement of security interests.
Competition and Consumer Act 2010 (Cth): Contains the Australian Consumer Law which provides consumer protections and regulates unfair contract terms, particularly relevant if the security agreement involves consumers or small businesses.
Australian Securities and Investments Commission Act 2001 (Cth): Relevant for financial products and services aspects of security agreements, including consumer protection provisions specific to financial services.
National Credit Code (Schedule 1 to the National Consumer Credit Protection Act 2009): Applies if the security agreement is connected to consumer credit arrangements, regulating credit activities and consumer protections in credit transactions.
State Sale of Goods Acts: Relevant state-based legislation governing the sale of goods and related security interests, varying by state but generally based on uniform principles.
Contracts Review Act 1980 (NSW): Example of state-based legislation that may apply depending on jurisdiction, dealing with unfair or unjust contracts and providing remedies.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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