If you get a "loan" to buy a car, the Bank registers a security...

If you get a "loan" to buy a car, the Bank registers a security interest in your car using a Financing Statement.
The Bank is the 'Secured Party'
You are the 'Debtor'
The car is the 'Collateral'

(Try selling the car without removing the security interest...)

On a balance sheet... do you record the car as an asset... and record the "loan" as a liability..?

In Australia, such a Financing Statement is registered with the Personal Property Securities Register (PPSR). Similar registries exist in Canada and New Zealand and the rules are derived from the Uniform Commercial Code (UCC):

"Article 9 of the Uniform Commercial Code (US) has officially arrived in Australia. Following a number of failed attempts in the past to reform this country’s legal regime for the taking of security interests in personal property, the Personal Property Securities Bill 2009 (Cth) received Royal Assent on 14 December 2009. While enactment of the Personal Property Securities Act 2009 (Cth) (PPS Act) has rubber stamped Art 9’s arrival, it has been apparent for some time that the new regime was an imminent reality."
(Full article here.)

So what about the linked Financing Statement registered with the International UCC registry in the District of Columbia:
Secured Party: Federal Reserve Bank of New York
Debtor: Westpac Banking Corporation
Collateral: everything... too much to list

What "Obligations" does Westpac have to the Federal Reserve Bank of New York..?
What "Obligations" does Westpac have that require the securing of such massive collateral..? (remember your car as collateral..?)
Are these "Obligations" reported to shareholders..?
Are these "Obligations" reported in the Annual Report..?
Who has priority claim if the bank goes bust..? The shareholders or the Federal Reserve Bank of New York..?

Perhaps the auditors will know..? ([email protected], [email protected])