Australian Personal Property Security: Out with the old and in with the new. Some Transport and Trade Ramifications.

If you are a supplier of goods under a contract containing a retention of title clause have you registered it?  You must be joking I hear you say! Not any more in Australia.

The existing law

Australian law regarding ownership and security in personal property is well established based on long accepted common law principles and well established legislation at both Commonwealth and State level. The combined effect of these laws applies not only to ownership of and security over many forms of personal property, but also to priorities as between holders of security interests in personal property and the enforcement of those interests. 

Change is likely to the Australian Marine Insurance Act 1909 (the MIA) (almost identical to the English Marine Insurance Act 1906) following recent recommendations made by a Review Panel to the Australian Government. The MIA has stood the test of time remarkably well. It has barely changed over a hundred years. Despite recommendations by the Australian Law Reform Commission (ALRC) in 2001 that significant changes should be introduced into the MIA to make it more insured friendly in areas of disclosure, warranties and insurable interest, and to reflect some of the major changes introduced into the general insurance market through the Insurance Contracts Act 1984 (the ICA), none of those proposals of any significance have been taken up by the Australian Government.

For a copy of the complete bulletin or further information, contact Derek Luxford on +61 2 9293 5474 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it