Future Revelation Ltd v Medica Radiology & Nuclear Medicine Pty Ltd [2013] NSWSC 1741

Future Revelation Ltd v Medica Radiology & Nuclear Medicine Pty Ltd [2013] NSWSC 1741

The use of Suncorp's ABN rather than its ACN was not seriously misleading because a search by the grantor or collateral would have disclosed the relevant security interest and identified Suncorp clearly enough as the secured party, while the PPSR did not provide searching by reference to the secured party's identity. Accordingly, by operation of s 164(1), the registrations were not ineffective by reason of that defect.

Jurisdiction
Australia
Judgment Date
18 September 2013
Procedural Posture
Originating Process in the Equity Division Corporations List Seeking a Declaration Concerning Effectiveness of Registrations on the Personal Property Securities Register / Principal Judgment, Ex Tempore, on Application Filed by Leave
Outcome
Declaration made that the PPSR registrations were not ineffective by reason that the secured party was identified by ABN and not ACN; liberty was reserved to specified persons to apply to vary or set aside the order.
Legal Topics
['personal Property Securities Register' 'security Interests' 'defective Registration' 'abn Instead of Acn' 'seriously Misleading Defect']
['corporations' 'personal Property Securities'] ['personal Property Securities Register' 'security Interests' 'defective Registration' 'abn Instead of Acn' 'seriously Misleading Defect']

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Procedural Posture

Originating Process in the Equity Division Corporations List Seeking a Declaration Concerning Effectiveness of Registrations on the Personal Property Securities Register / Principal Judgment, Ex Tempore, on Application Filed by Leave

Legal Issues

  1. 1 ['Whether registrations in the Personal Property Securities Register were ineffective because the secured party was identified by its ABN rather than its ACN when registered.' 'Whether the defect was seriously misleading within the meaning of (Cth) Personal Property Securities Act 2010, s 164(1).']

Ratio Decidendi

The use of Suncorp's ABN rather than its ACN was not seriously misleading because a search by the grantor or collateral would have disclosed the relevant security interest and identified Suncorp clearly enough as the secured party, while the PPSR did not provide searching by reference to the secured party's identity. Accordingly, by operation of s 164(1), the registrations were not ineffective by reason of that defect.

Court Disposition

Declaration made that the PPSR registrations were not ineffective by reason that the secured party was identified by ABN and not ACN; liberty was reserved to specified persons to apply to vary or set aside the order.

Orders

  • ['Declare that the registrations in the personal property register identified in the schedule to the originating process are not ineffective by reason that when registered the secured party SunCorp/Metway Limited was identified on the register by its ABN and not by its ACN.' 'Reserve liberty to any administrator,...