In May 2008 the IP Finance weblog noted proposals for reform of the law relating to personal property securities and intellectual property in Australia. A recent piece, "Personal property securities reforms and intellectual property", by the Allens Arthur Robinson team of Diccon Loxton, Tim Golder, Rebecca Sadleir and Robyn Chatwood, brings the topic up to date, summarising the impact of new rules that come into effect in May 2011. You can read it in full here.
The new law is to be found in the Personal Property Securities Act 2009 (Cth), which establishes a single national law governing security interests and similar transactions with respect to almost all tangible and intangible assets -- not just IP -- and is fairly similar to the law applicable in New Zealand. It will make it easier to securitise IP assets when raising funds, providing a single register of security interests for all registered IP rights. Among the many points to note is that existing transactions raising finance against projected licensing royalties or franchise fees will be affected by the reforms and will therefore need review.
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