The title to all goods remains vested in LAROS and title in the goods does not pass to the buyer until the buyer has paid the purchase price for the goods in full.
The buyer acknowledges that LAROS is entitled to and may claim a PMSI or other security interest over all goods released prior to full payment. LAROS’s PMSI or other security interest in goods released prior to full payment will be registered on the Personal Property Securities Register. The buyer must take all reasonable steps to assist LAROS in the registration and perfection of the PMSI or other security interest.
The buyer is not authorised to dispose of the goods until the buyer has paid the purchase price for the goods in full. If an unauthorised disposition occurs, LAROS’s PMSI or other security interest continues in the proceeds of the dispositon.
It is agreed that, to the extent permitted by law and in respect of each security interest created under this agreement, the parties contract out of LAROS’s obligation to: (a) dispose of or retain personal property under section 125 of the PPSA; (b) include details of amounts paid to other secured parties in a statement of account under section 132(3)(d) of the PPS Act; and (c) give notice of its proposal to retain collateral under section 135 of the PPS Act. The parties also contract out of section 142 and 143 of the PPS Act.
The parties contract out of the buyer’s right to (and the buyer waives its right to): (a) receive notice of the removal of an accession pursuant to section 95 of the PPS Act; (b) receive notice of any action of LAROS to enforce any security interest in liquid assets under section 121(4) of the PPS Act; (c) receive notice of LAROS’s proposal to dispose of personal property under section 130 of the PPS Act; (d) receive a statement of account under section 132(4) of the PPS Act; and (e) receive a verification statement under section 157 of the PPS Act.
The parties also contract out of the application of Part 4.3 of the PPS Act (other than sections 126, 128, 129(1), 133 and 134(1)) if that Part would apply by virtue of section 116(2) of the PPS Act.