Following commencement of the Personal Property Securities Register in Janurary 2012, the opportunity has been taken by two industry associations, the Australian Bankers’ Association (ABA) and the Australian Finance Industry Association (AFIA), to make available to the banking and finance industry and its advisors a set of industry model priority and release documents as a way of improving efficiency of operations and reducing costs.

The documents are models only. They are neither endorsed nor approved by the ABA, AFIA or the members of either association.
The appropriateness and use of the model documents are entirely a matter for individual businesses, based on legal advice provided to them specifically, the transaction in contemplation and the nature of their business operations.

The 2011 industry model Deed of Priority and Release and Undertaking have since been updated. The Information and Protocols document has also been revised. The updated model documents and the Information and Protocol for using the documents can be accessed below.

The documents are:

  1. Information and Protocol – ABA and AFIA Industry Model Priority and Release Documents. This document sets out the status of the documents, their potential usage and protocols for their use.

  2. Priority Deed – Execution Pages for signing by the parties. This contains the specifics of the transaction. (editable format)

  3. Priority Deed – Operating Provisions. This contains standard terms which will apply when the model Priority Deed is used.

  4. Release and Undertaking to Amend Registration. (editable format)