Commonwealth Consolidated Acts Commonwealth Consolidated ActsSecurity interests to which this Chapter does not apply
(1) This Chapter does not apply to security interests that are provided for by the following:
(a) a transfer of an account or chattel paper that does not secure payment or performance of an obligation;
(b) a security interest that is incidental to a security interest referred to in paragraph (a);
(c) a PPS lease that does not secure payment or performance of an obligation;
(d) a commercial consignment that does not secure payment or performance of an obligation.
(2) This Chapter does not apply to security interests in goods that are located outside Australia.
Note: For where personal property is located, see section 235.
Security interests in investment instruments or intermediated securities that are perfected by possession or control
(3) This Chapter (apart from sections 110, 111, 113 and 140) does not apply in relation to a person who has perfected a security interest in:
(a) an investment instrument by taking possession or control of the instrument; or
(b) an intermediated security by taking control of the intermediated security.
(4) To avoid doubt, subsection (3) applies whether the person has perfected the security interest only by possession or control, or by another method as well.
Sections that do not apply to household property
(5) The following provisions do not apply in relation to collateral that is used by a grantor predominantly for personal, domestic or household purposes:
(a) sections 117 and 118 (relationship with land laws);
(b) section 120 (enforcement of security interests in liquid assets);
(ba) section 126 (apparent possession of collateral);
(c) paragraphs 128(2)(b) and (c) (disposal of collateral by lease or licence);
(d) section 129 (disposal by purchase);
(e) section 134 (retention of collateral).