Western Australian Consolidated Acts Western Australian Consolidated Acts (1) In this
Act —
approved form means a form approved for that
purpose by the Commissioner;
commercial vehicle has the same meaning as in the
Credit Act 1984 ;
Commissioner means the person for the time being
designated as the Commissioner under section 3A;
dealer with respect to any goods means a person
who carries on a business in which the person deals in goods of that kind;
debtor in relation to a security interest means
the person who created the security interest and includes the lessee in
relation to a lease of goods and the hirer in relation to a hire-purchase
agreement;
Department means the department of the Public
Service principally assisting in the administration of this Act;
farm machinery has the same meaning as in the
Credit Act 1984 ;
goods includes all chattels personal and fixtures
other than —
(a)
things in action and money; and
(b)
ships registered in an official register kept under a law in force in Western
Australia relating to title to ships; and
(c)
aircraft; and
(d)
livestock, unshorn wool and growing crops; and
(e) to
the extent of rights expressly conferred on a registered security under the
Bills of Sale Act 1899 shorn wool and harvested crops; and
(f)
documents of title;
hire-purchase agreement has the same meaning as in
the Hire-Purchase Act 1959 ;
hirer has the same meaning as in the
Hire-Purchase Act 1959 ;
inventory security interest means a security
interest —
(a)
given by a dealer in or over goods of a kind in which the dealer deals in the
course of the dealer’s business; or
(b)
reserved in or over goods in the possession or control of a dealer, being
goods of a kind in which the dealer deals in the course of the dealer’s
business;
lease means a contract for the hiring of goods or
for the grant of a licence to use goods and a contract for the hiring or
bailment of goods for display purposes but does not include —
(a) a
hire-purchase agreement; or
(b) a
contract for the hiring of or for the grant of a licence to use a vehicle
within the meaning of the Road Traffic Act 1974 of which the lessor is
registered or an applicant for registration as the owner under the
Road Traffic Act 1974 or a corresponding Act of the Commonwealth or
another state or territory of the Commonwealth; or
(c) a
contract for the hiring of or for the grant of a licence to use goods, not
being a vehicle within the meaning of the Road Traffic Act 1974 , under
which the lessor does not effectively transfer from the lessor to the lessee
substantially all the risks and benefits incident to ownership of the goods;
lessee in relation to a lease of goods, means the
person to whom the goods are hired under the lease or to whom a licence to use
the goods is granted under the lease;
lessor in relation to a lease of goods, means the
person who hires the goods to another person under the lease or grants to
another person under the lease a licence to use the goods;
owner has the same meaning as in the
Hire-Purchase Act 1959 ;
purchase with respect to goods, means acquire an
interest in the goods by way of purchase, exchange, lease or hire-purchase;
purchase price with respect to goods purchased by
a purchaser, means the consideration paid or payable by the purchaser or, if
the purchaser is a lessee under a lease or a hirer under a hire-purchase
agreement, the consideration paid or payable by the lessor or owner;
purchaser means a person who purchases goods but
excludes —
(a)
secured party not being a lessor, owner or other supplier of the goods under a
lease, hire- purchase agreement, or other contract for the supply of goods; or
(b) in
relation to unregistrable goods, a dealer;
register means of register kept under Part III;
registered means registered under Part III;
registrable goods means goods to which Part III
applies;
secured party means the holder of a security
interest and includes the lessor in relation to a lease of goods and the owner
in relation to a hire-purchase agreement;
security interest means an interest in or a power
over goods (whether arising by or pursuant to an instrument or transaction)
which secures payment of a debt or other pecuniary obligation or the
performance of any other obligation and includes any interest in or power over
goods of a lessor, owner or other supplier of goods, but does not include a
possessory lien or pledge;
supply in relation to goods, means dispose of an
interest in the goods by way of sale, exchange, lease or hire-purchase;
trailer means a vehicle that is built to be towed,
or is towed, by a motor vehicle, whether by attachment to the motor vehicle
directly or to another trailer towed by the motor vehicle, but does not
include a motor vehicle that is being towed;
unregistered security interest means a security
interest which is not registered under Part III;
unregistrable goods means goods to which Part III
does not apply.
(2) This Act applies
to a person to whom the rights and obligations of —
(a) a
secured party; or
(b) a
debtor,
have passed by
operation of law in the same manner as this Act applies to the person from
whom the rights and obligations have passed by operation of law.
(3) For the purposes
of this Act, a hirer or lessee of goods or a buyer of goods under a
conditional sale is deemed to have an interest in the goods notwithstanding
that title or general property in the goods has not passed to the hirer,
lessee or buyer.
(4) For the purposes
of this Act —
(a) a
security interest attaches at the time at which value is given by the secured
party and the debtor has rights in the goods or at such later time as the
secured party and the debtor intend; and
(b) an
agreement to which a debtor is party which contains a provision to the effect
that the debtor takes the goods on lease or hire-purchase or creates a
security interest over the goods shall be deemed to give value to the debtor.
(5) For the purposes
of this Act, a person has notice of a security interest in
goods —
(a) if
the person has actual notice of the security interest; or
(b) if
the person has been put upon inquiry as to the existence of the security
interest and has deliberately abstained from inquiry or further inquiry when
the person might reasonably have expected the inquiry or further inquiry to
reveal the security interest.
(6) For the purposes
of this Act, a person has notice of a security interest in goods affixed to
land if the person would have had, or would have been deemed to have had,
notice of that interest if subsection (5) had not been enacted.
(7) If an amount,
other than the sum of $20 000 but not exceeding the sum of $50 000,
is prescribed by the regulations as the purchase price for the purposes of
section 7, a reference in this Act to $20 000 is a reference to the
prescribed amount.
(8) If the Governor is
satisfied that provisions of a law of another State or of a Territory
correspond to provisions of this Act, the Governor may, by Order published in
the Government Gazette , declare those provisions to be a corresponding law
for the purposes of this Act.
[Section 3 amended by No. 28 of 2001
s. 26; No. 74 of 2003 s. 34; No. 55 of 2004 s. 104; No. 28
of 2006 s. 59.]