means goods that are installed in or affixed to other goods in such a manner that the identity of the goods is not lost;

means a person who is obligated under an account receivable, secured sales contract, intangible or chattel paper;

means a monetary obligation, whether or not earned by performance, that is not evidenced by chattel paper or an instrument, but does not include a deposit account, letters of credit or an investment property;

means the payment of money, the provision of credit or the giving of value, and includes any liability of the debtor to pay interest, credit costs and other charges or costs payable by the debtor in connection with an advance or the enforcement of a security interest securing the advance;

means property acquired after the time that a security agreement is concluded that covers the property;

means—

• (a)minerals and petroleum that are subject to a security interest that is created by a debtor having an interest in the minerals or petroleum before extraction, and that attaches to the minerals and petroleum as they are extracted; and
• (b)payment obligations arising out of the sale at the minehead or wellhead of minerals or petroleum in which the debtor had an interest before extraction;

means completion of all conditions necessary under section 12 of this Act to make a security interest enforceable against the debtor with respect to the collateral;

means a structure, erection, mine or work that is built or constructed on or opened in land;

means materials that are incorporated into a building, and includes goods attached to a building so that their removal—

• (a)would necessarily involve the dislocation or destruction of some other part of the building and cause substantial damage to the building, apart from the loss of value of the building resulting from the removal; or
• (b)would result in weakening the structure of the building or exposing the building to weather damage or deterioration,

  but does not include—

  • (i)heating, air conditioning or conveyancing devices;
  • (ii)machinery installed in a building or on land for use in carrying on an activity in the building or on the land; or
  • (iii)a fixture;

means a person who buys goods from a person in the business of selling goods of that kind, if the buyer buys in good faith and without knowledge that the sale violates the rights of another person in the goods;

means the physical currency, whether in paper form or coins, authorised as a medium of exchange by the laws of Fiji or any other country;

means one or more writings that evidence both a monetary obligation and—

• (a)a security interest in, or lease of, specific goods; or
• (b)a security interest in, or lease of, specific goods and accessions;

means present or future personal property that is subject to a security interest;

means a transaction, regardless of the form or terminology used in the agreement, in which a person (the consignor) delivers goods for the purpose of sale to a merchant (the consignee) that deals in goods of that kind under a name other than that of the consignor, but the term excludes a transaction in which—

• (a)goods are delivered to an auctioneer; or
• (b)consumer goods are delivered to a seller;

means fungible goods that are physically united with other fungible goods in a way that their identity is lost in a product or mass;

means goods that are used or acquired for use primarily for personal, family or household purposes, but the term does not include a serial numbered vehicle;

includes an assignee for the benefit of creditors, an executor, an administrator, a committee or a property guardian of a creditor;

means crops, whether matured or otherwise, and whether naturally grown or planted, attached to land by roots including roots if able to be used as root-stock or otherwise transplanted or forming part of trees or plants attached to land, and includes trees only if the trees—

• (a)are being grown as nursery stock;
• (b)are being grown for uses other than the production of lumber and wood products; or
• (c)are intended to be replanted in another location for the purpose of reforestation;

means––

• (a)a person who owes payment or performance of an obligation secured, whether or not that person owns or has rights in the collateral;
• (b)a person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor;
• (c)a seller of accounts receivable, chattel paper, intangibles, or promissory notes;
• (d)a consignee under a commercial consignment; or
• (e)a lessee under a lease for a term of more than one year;

means the failure to pay or otherwise perform the obligation secured when due, or the occurrence of an event that, under the security agreement, gives the secured party the right to enforce the security;

means a demand, time, savings, passbook or similar account maintained with a financial institution;

means a writing, such as a bill of lading or warehouse receipt, issued by or addressed to a bailee—

• (a)that covers goods in the bailee’s possession that are identified or are fungible portions of an identified mass; and
• (b)in which it is stated that the goods identified in it will be delivered to a named person, or to the transferee of that person, or to the bearer or to the order of a named person;

means goods that are held by a debtor other than as inventory, crops, livestock or consumer goods;

means—

• (a)a person who causes or may cause personal property or fixtures to be seized under legal process to enforce a judgment or legal obligation, including execution, attachment or garnishment, or who has obtained or may obtain a charging order or equitable execution that affects or relates to the collateral;
• (b)a trustee in bankruptcy;
• (c)a receiver or manager;
• (d)a liquidator;
• (e)any taxing authority under the laws of Fiji, where a person liable to pay a tax neglects or refuses to pay the tax after demand, and the amount, including any interest and assessable penalty, together with any costs that may accrue, is a charge in favour of the taxing authority for the State upon all collateral belonging to the delinquent taxpayer, subject to this Act; or
• (f)the Fiji National Provident Fund where a lien arises as a result of the failure to pay a contribution under section 108 of the Fiji National Provident Fund Act 2011;

means any financial institution within the meaning of the Banking Act 1995, credit union registered under the Credit Unions Act 1954, any friendly society registered under the Friendly Societies Act 1878, the Fiji Development Bank and such other persons as prescribed by regulations;

means goods that have become so related to real property that an interest in them arises under real property law but fixtures do not include building materials and readily removable factory machines, office machines and domestic appliances;

means—

• (a)the payment of money, the provision of credit, or the giving of value secured by a security interest, occurring after the security agreement has been signed, whether or not provided or given under an obligation; and
• (b)includes advances, reasonable costs incurred, and expenditures made for the protection, maintenance, preservation, or repair of the collateral, or for the enforcement of the security interest;

means all things that are tangible personal property when a security interest attaches, and includes—

• (a)equipment;
• (b)inventory;
• (c)consumer goods;
• (d)fixtures;
• (e)standing timber that is to be cut and removed under a conveyance or contract for sale;
• (f)minerals and petroleum, but only from the time of extraction;
• (g)livestock, including the unborn young of livestock;
• (h)crops; and
• (i)manufactured or demountable homes,

but the term does not include accounts receivable, deposit accounts, chattel paper, documents of title, instruments, investment property or money;

means—

• (a)a bill of exchange within the meaning of the Bills of Exchange Act 1891 note or cheque;
• (b)any other writing that evidences a right to payment of money and that is of a type that, in the ordinary course of business, is transferred by delivery with any necessary endorsement or assignment; or
• (c)a letter of credit or an advice of credit, if the letter of credit or advice of credit states on it that it must be surrendered on claiming payment,

  but does not include—

  • (i)chattel paper, a document of title or an investment property; or
  • (ii)a writing that provides for or creates a mortgage or charge with respect to an interest in land that is specifically identified in the writing;

means personal property that is not goods, chattel paper, a document of title, an instrument, money or an investment property, and includes an account receivable, a deposit account, intellectual property and a licence;

means—

• (a)goods held by a person for sale or lease, or that have been leased by that person as lessor;
• (b)goods to be furnished by or on behalf of a person, or that have been furnished by or on behalf of that person, under a contract of service;
• (c)raw materials or work in progress; or
• (d)materials used or consumed in a business;

means—

• (a)a security;
• (b)a security entitlement;
• (c)a securities account;
• (d)a futures contract; or
• (e)a futures account;

includes a lease of goods—

• (a)for a stated duration of more than one year;
• (b)for an indefinite term;
• (c)for an initial term of one year or less if the lessee, with the consent of the lessor, retains uninterrupted or substantially uninterrupted possession of the leased goods for more than one year after the lessee first acquired possession of the goods, but the lease does not become a lease for a term of more than one year until the lessee’s possession extends beyond one year; or
• (d)for a term of one year or less where the lease provides that it is renewable for any period that would cause the actual term of the lease to exceed one year,

  but does not include a lease of goods—

  • (i)involving a lessor who is not regularly engaged in the business of leasing goods; or
  • (ii)a lease of household furnishings or appliances as part of a lease of land where the goods are incidental to the use and enjoyment of the land;

means a person who, in good faith and without actual knowledge that the lease is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods, leases in the ordinary course from a person in the business of selling or leasing goods of that kind;

means a right, whether or not exclusive—

• (a)to manufacture, produce, sell, transport or deal with personal property; or
• (b)to provide services,

that is transferrable by the grantee with or without restriction or the consent of the grantor of the licence;

means minerals as defined in the Mining Act 1965;

means the Minister responsible for finance;

means any item used as a medium of exchange, including cash, checks on demand, deposit cheques, money orders, or other credit arrangements;

means (except in the context of a notification delivered to a debtor, secured party, or person other than the Registry) a writing registered in the Registry, and includes an initial notice, amendment, continuation, and termination;

means optimisation of a secured party’s rights in collateral against third parties such as buyers, other secured parties, execution creditors, lien holders, liquidators and insolvency administrators;

means goods, chattel paper, investment property, a document of title, an instrument, money or an intangible;

means petroleum as defined in the Petroleum (Exploration and Exploitation) Act 1978;

means identifiable or traceable personal property that is derived directly or indirectly from dealing with collateral or the proceeds of collateral and in which the debtor acquires an interest, and includes whatever is acquired upon sale, lease or other disposition of collateral, or whatever is collected on or distributed with respect to collateral, including without limitation––

• (a)a right to an insurance payment or any other payment as indemnity or compensation for loss of or damage to the collateral or proceeds of the collateral;
• (b)a payment made in total or partial discharge or redemption of an intangible, chattel paper, an instrument or investment property;
• (c)rights arising out of, or property collected on, or distributed on account of, collateral that is investment property;
• (d)property exchanged for the original collateral; or
• (e)property purchased with money proceeds,

but does not include animals merely because they are the offspring of animals that are collateral;

means—

• (a)a security interest taken in collateral, other than investment property, to the extent that it secures all or part of its purchase price;
• (b)a security interest taken in collateral, other than investment property, by a person who gives value for the purpose of enabling the debtor to acquire rights in the collateral, to the extent that the value is applied to acquire those rights;
• (c)the interest of a lessor of goods under a lease for a term of more than one year; or
• (d)the interest of a consignor who delivers goods to a consignee under a commercial consignment,

but does not include a transaction of sale and the lease back to the seller and, for the purposes of this subparagraph, purchase price and value include credit charges and interest payable for the purchase or loan credit;

means a person who takes personal property by sale, lease, discount, assignment, negotiation, mortgage, pledge, lien, issue, reissue, gift or any other consensual transaction that creates an interest in personal property;

means the Registrar of the Personal Property Securities Act 2017 as designated by this Act or the regulations hereunder;

means the electronic registry established under this Act;

means a lender, seller or other person in whose favour a security interest is created or provided for under a security agreement, including a person to whom account receivables or chattel paper have been sold, and a consignor or lessor of goods, including the representative of any such person or groups of persons, and includes for the purposes of priority determination and filing only, a buyer of accounts receivable or secured sales contracts and a lessor of goods under a lease for a term of more than one year;

means a contract for the sale of goods on credit that includes a security agreement creating a security interest in the sold goods;

means—

• (a)a writing (whether or not in the form of a security certificate) that is recognised in the place in which it is issued or dealt with as evidencing a share or a warrant or option, a right to participate, a derivative, or other interest in property or an enterprise, or that evidences an obligation of the issuer and that, in the ordinary course of business, is transferred or withdrawn by—
  • (i)delivery with any necessary endorsement, assignment or registration in the records of the issuer or the issuer’s agent;
  • (ii)an entry in the records of the clearing house or securities depository; or
  • (iii)an entry in the records maintained for that purpose by or on behalf of the issuer or by or for a nominee; but
• (b)does not include a writing that evidences a monetary obligation secured by land;

means a writing that creates or provides for a security interest;

means––

• (a)a legal interest in personal property created or provided for by a transaction that in substance secures payment or performance of an obligation, without regard to the form of the transaction or identity of the person who has title to the personal property, and includes the interest created or provided for by a—
  • (i)transfer of an account receivable or chattel paper;
  • (ii)a lease for a term of more than one year; and
  • (iii)a commercial consignment (whether or not the transfer, lease or consignment secures payment or performance of an obligation);
• (b)without limiting paragraph (a), and to avoid doubt, this Act applies to a transaction termed a fixed charge, floating charge, chattel mortgage, conditional sale agreement (including an agreement to sell subject to retention of title), hire purchase agreement, pledge, security trust deed, trust receipt, consignment, lease, an assignment or a flawed asset arrangement, that secures payment or performance of an obligation;

means the vehicle identification number assigned to a vehicle by its manufacturer under standards adopted by the International Organization for Standardization;

means a motor vehicle identifiable by a serial number and held by a debtor primarily for personal use that is subject to a security interest;

means—

• (a)to physically execute a signature; or
• (b)to execute or otherwise adopt a symbol, or encrypt or similarly process a writing in whole or in part, with the present intent to identify the person and adopt or accept a writing, whether in physical or electronic format;

means a right in a letter of credit or secondary obligation that supports a right to payment or performance of an account receivable, chattel paper, a document of title, an instrument, an intangible or investment property;

means any consideration that is sufficient to support a contract and includes an antecedent debt or liability; and

means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; the term includes a photocopy, facsimile copy and electronic mail.