Personal Property Transactions is a compulsory subject in the Bachelor of Laws program offered by the Faculty of Law. This subject covers the principles of law applicable to personal property transactions comprising the sale of goods under the Sale of Goods Act 1896 (Qld), and the creation, perfection and enforcement of security interests under the Personal Property Securities Act 2009 (Cth) [PPSA]. The subject includes discussion of the sale of goods, the basic concepts introduced under the PPSA, attachment and perfection of security interests, priority between security interests, accessions, proceeds and enforcement of security interests. It also examines Retention of Title (Romalpa) clauses, liens and pledges in relation to the Common Law and PPSA.
|Academic unit:||Faculty of Law|
|Subject title:||Personal Property Transactions|
Delivery & attendance
|Attendance and learning activities:||Attendance of tutorials in mandatory. You will be graded on class participation.|
|Prescribed resources:|| |
|[email protected] & Email:||[email protected] is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.|
To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
There are no co-requisites.
This subject is not available as a general elective. To be eligible for enrolment, the subject must be specified in the students’ program structure.
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Distinguish between the various types of personal property.
- Determine when property and risk in personal property transfers.
- Distinguish between a secured liability and an unsecured liability.
- Understand when a party has the best possible security interest.
- Determine priorities as between competing security interests.
- Understand the impact of the Personal Property Securities Act 2009 (Cth).
|*Class Participation||Tutorial Participation||15%||Ongoing||1, 2, 3, 4, 5, 6.|
|Skills Assignment||Letter of Advice and supporting Memo to the Managing Partner||25%||Week 10||3, 4, 5, 6.|
|Paper-based Examination (Limited Open)||Final Examination||60%||Final Examination Period||1, 2, 3, 4, 5, 6.|
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
|High Distinction||85-100||Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking.|
|Distinction||75-84||Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas.|
|Credit||65-74||Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above.|
|Pass||50-64||Usually awarded to students whose performance meets the requirements set for work provided for assessment.|
|Fail||0-49||Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines.|
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Students must check the [email protected] subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.
Policy on plagiarism
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
Accessibility and Inclusion Support
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
Students will be provided with an outline of the Nemo Dat rule and the effect of the Sale of Goods Act 1896 (Qld) (SGA) has on that rule. Further a detailed analysis of the provisions of the SGA will be undertaken, specifically its effect on when risk and ownership in personal property will transfer.2, 6.
Students will be introduced to the provisions of the Personal Property Securities Act 2009 (Cth) (PPSA). We will examine its background, structure and important definitions. As with most security, the provisions of the security document or the enabling legislation are not brought into question until there is a default1, 3, 4, 5, 6.
This week we commence moving through the functionality of the PPSA. Each week we will continue to build a structure that outlines the necessary steps to provide maximum protection. This week we start with the centrepiece of the PPSA and answer the questions - when does a security interest attach and when and how does it perfect.1, 3, 4, 5, 6.
This week we will examine how the PPSA deals with competing interests under the Priority Rules provided for in the PPSA, and Purchase Money Security Interests (PMSIs). Students will also be introduced to an example of a PMSI: Romalpa (Retention of Title) clauses, a common form of security undertaken in small to medium sized business relationships. A review of the effect of the PPSA on this form of security will be undertaken.1, 3, 4, 5, 6.
Historically one of the vexing issues in recovering secured personal property has been when that property has been on-sold. The PPSA attempts to clarify this matter. We will further discuss what happens when property is installed into other property and when property may be taken free from a security interest.1, 3, 4, 5, 6.
As we have seen, the PPSA provides a wide ranging definition of a Security Interest and relies on Section 8 of the Act to exempt certain transactions. These exempt transactions will be identified and we will investigate, in particular, the exceptions relating to Liens and Pledges, and how they provide security.1, 3, 4, 5, 6.