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A Mortgage Bill of Sale is a crucial security document used in Australian finance transactions where a lender requires security over personal property. This document type is commonly used when financing the purchase of equipment, vehicles, or other movable assets, or when taking additional security for a loan. The document must comply with the Personal Property Securities Act 2009 (Cth) and relevant state-based Bills of Sale legislation, requiring registration on the Personal Property Securities Register for perfection of the security interest. The Mortgage Bill of Sale includes detailed descriptions of the secured property, the secured obligations, warranties about the property's ownership and condition, and the parties' respective rights and obligations. It is particularly important in commercial and consumer lending scenarios where the lender needs a clear and enforceable security interest over specific personal property.

1. Parties: Identifies and provides full details of the Mortgagor (borrower/grantor) and Mortgagee (lender/secured party)

2. Background: Outlines the context of the security arrangement, including reference to any underlying loan or credit agreement

3. Definitions and Interpretation: Defines key terms used in the document and sets out interpretation rules

4. Grant of Security Interest: Creates and documents the security interest over the specified property

5. Secured Property: Describes the property subject to the security interest

6. Secured Money: Defines the obligations secured by the mortgage, including principal, interest, and other amounts

7. Mortgagor's Warranties: Contains representations and warranties regarding ownership, authority to grant security, and condition of secured property

8. Mortgagor's Obligations: Sets out ongoing obligations regarding maintenance, insurance, and use of the secured property

9. Events of Default: Lists circumstances that constitute default under the security arrangement

10. Enforcement Rights: Details the Mortgagee's rights and powers upon default

11. Power of Attorney: Appoints the Mortgagee as attorney to protect its security interests when needed

12. PPSA Provisions: Includes specific provisions required under the Personal Property Securities Act

13. General Provisions: Contains standard boilerplate clauses including notices, governing law, and jurisdiction