(iii) for a term of less than 90 days, in a case in which the lessee or bailee, with the consent of the lessor or bailor, retains uninterrupted (or substantially uninterrupted) possession of the leased or bailed property for a period of 90 days or more after the day the lessee or bailee first acquired possession of the property, (but not until the lessee’s or bailee’s possession extends for 90 days or more).
(2) However, a PPS lease does not include:
(a) a lease by a lessor who is not regularly engaged in the business of leasing goods; or
(b) a bailment by a bailor who is not regularly engaged in the business of bailing goods; or
(c) a lease of consumer property as part of a lease of land where the use of the property is incidental to the use and enjoyment of the land; or
(d) a lease or bailment of personal property prescribed by the regulations for the purposes of this definition, regardless of the length of the term of the lease or bailment.
Bailments for value only
(3) This section only applies to a bailment for which the bailee provides value.
14 Meaning of purchase money security interest
General definition
(1) A purchase money security interest means any of the following:
(a) a security interest taken in collateral, to the extent that it secures all or part of its purchase price;
(b) a security interest taken in collateral by a person who gives value for the purpose of enabling the grantor to acquire rights in the collateral, to the extent that the value is applied to acquire those rights;
(c) the interest of a lessor or bailor of goods under a PPS lease;
(d) the interest of a consignor who delivers goods to a consignee under a commercial consignment.
Exceptions
(2) However, a purchase money security interest does not include:
(a) an interest acquired under a transaction of sale and lease back to the seller; or
(b) an interest in collateral (as original collateral) that is chattel paper, an investment instrument, an intermediated security, a monetary obligation or a negotiable instrument; or
(c) a security interest in collateral that (at the time the interest attaches to the collateral) the grantor intends to use predominantly for personal, domestic or household purposes.
(2A) Despite paragraph (2)(c), a purchase money security interest includes an interest if:
(a) the interest is covered by subsection (1); and
(b) the interest is in collateral that (at the time the interest attaches to the collateral) the grantor intends to use predominantly for personal, domestic or household purposes; and
(c) the collateral is of a kind that is required or permitted by the regulations to be described by serial number.
Mixed securities
(3) If a security interest in collateral secures obligations covered by subsection (7) (purchase money obligations) and other obligations, the security interest is a purchase money security interest only to the extent that it secures the purchase money obligations.
(4) If a security interest is granted in personal property (purchase money collateral) that secures a purchase money obligation, together with other collateral, the security interest is a purchase money security interest only to the extent that it is granted in the purchase money collateral.
Renewal etc.
(5) A purchase money security interest does not lose its status as such only because the purchase money obligation is renewed, refinanced, consolidated or restructured (whether or not by the same secured party).
Application of payments to obligations
(6) In any transaction, if the extent to which a security interest is a purchase money security interest depends on the application of a payment to a particular obligation, the payment must be applied:
(a) in accordance with any method of application to which the parties agree; or
(b) if the parties do not agree on a method — in accordance with any intention of the debtor manifested at or before the time of the payment; or
(c) if neither paragraph (a) nor (b) applies — in the following order:
(i) to obligations that are not secured, in the order in which those obligations were incurred;
(ii) to obligations that are secured, but not by purchase money security interests, in the order in which those obligations were incurred;
(iii) to obligations that are secured by purchase money security interests, in the order in which those obligations were incurred.
Purchase money obligations
(7) This subsection covers an obligation of a debtor incurred:
(a) as all or part of the purchase price of the collateral; or
(b) for value given to enable the grantor to acquire or use the collateral (provided the collateral is so acquired or used).
References to purchase price and value
(8) In this section, a reference to a purchase price, or value, includes a reference to credit charges and interest payable for the purchase or loan credit.
15 Meaning of intermediated security and related terms
Meaning of intermediated security
(1) An intermediated security is the rights of a person in whose name an intermediary maintains a securities account.
Meaning of intermediary
(2) An intermediary is:
(a) a person (including a central securities depository) who holds an Australian financial services licence (within the meaning of the Corporations Act 2001) permitting the person, in the course of business or other regular activity, to maintain securities accounts:
(i) on behalf of others; or
(ii) on behalf of others as well as on the person’s own behalf; or
(b) a person who operates a clearing and settlement facility under an Australian CS facility licence (within the meaning of the Corporations Act 2001), other than such a person prescribed by regulations made for the purposes of this paragraph; or
(c) a person (including a central securities depository) who holds a licence issued under the law of a foreign jurisdiction permitting the person, in the course of business or other regular activity, to maintain securities accounts:
(i) on behalf of others; or
(ii) on behalf of others as well as on the person’s own behalf.
(3) An intermediary does not include a central bank.
(4) An intermediary (including a central securities depository) is an intermediary only while acting in the capacity of an intermediary.
(5) A person is not an intermediary for the purposes of paragraph (2)(a) or (c) merely because the person maintains a securities account on behalf of the issuer of the financial products to which the account relates.
(6) Without limiting subsection (5), a person is not an intermediary for the purposes of paragraph (2)(a) or (c) merely because the person:
(a) acts as a central securities depository, registrar or transfer agent for an issuer of a financial product; or
(b) records details