Informal request for information
Dear Attorney-General's Department,
This is an informal request for information.
It is my understanding that Australia has adopted Articles 3 and 9 of the Uniform Credit Code. Article 9 appears to be held within the PPSA Act but I cannot locate any legislation or act referring to Article 3 - Negotiable Instruments.
Do Negotiable Instruments still fall under the Bills of Exchange Act (1901) or is there a seperate act to adopt Article 3 of the UCC? Would you mind pointing my to the legislation or act which (if it is actually adopted) contains this information as I can't find it within the Bill's of Exchange Act amendments or advise if it was not adopted?
Yours faithfully,
Wayne Morgan
Wayne Morgan left an annotation ()
The Bills of Exchange Act is certainly 1909 - please forgive my mistake.
The Uniform Commercial Code is a US code. Article 3 deals with Negotiable Instruments. Article 9 deals with Personal Property, liens etc.
So UCC Article 3 corresponds with our Bills of Exchange Act (1909) but is easier to read.
I've been told that Australia has adopted Article 3 and 9 but a search through Austlii or the AGD reveals nothing g - unless I'm looking in the wrong place.
So I'm just looking for some assistance in finding the legislation or documents showing the adoption of Articles 3 and 9.
Hope this helps :)
Locutus Sum left an annotation ()
Thank you Mr Wayne Morgan for the extra information to rest my curiosity.
Locutus Sum left an annotation ()
I am confused. Also I am ignorant. For other readers, "PPSA Act" (really PPS Act, or PPSA) is the Personal Property Securities Act, 2009 (Cth) (https://www.legislation.gov.au/Series/C2... ). "Bills of Exchange Act 1901" is probably Bills of Exchange Act, 1909 (Cth) (https://www.legislation.gov.au/Series/C1... ). I do not think that there existed a 1901 act. Uniform Credit Code, I do not understand. Ignorance (I think), not stupidity! Is it the Uniform Consumer Credit Code (UCCC) --- this was an Australian code --- or is there an international Uniform Credit Code (UCC), or is there a Uniform Commercial Code (UCC) like in the United States of America. The Uniform Credit Code (UCC) in Australia was replaced by the National Credit Code (https://www.asic.gov.au/regulatory-resou... ) and has force because of the National Consumer Credit Protection Act, 2009 (Cth) (https://www.legislation.gov.au/Series/C2... ). It is a happy event that on the website for the ASIC (https://www.asic.gov.au/regulatory-resou... ) there is a heading "Differences between the UCCC and NCC".
Request to applicant: I would be very grateful if you could explain more.
Suggestion to applicant: Telephone the ASIC.
It will also be interesting to understand what the reply from the Attorney-General's Department will be. The National Consumer Credit Protection Act, 2009 is administered by Treasury.