The Personal Property Securities Register (PPSR)
What is the Personal Property Securities Register?
The Personal Property Securities Act 2009 (Cth) is a law about security interests in personal property other than real estate.
A security interest is an interest in personal property that in substance secures payment of a debt or other obligation.
The Personal Property Security Register is a public register of these interests in personal property (chattels) and intellectual property.
Some examples of personal property interests that can be registered on the PPSR:
- Licence agreements (such as equipment and intellectual property)
- Hiring or leasing of goods, including motor vehicles
- Selling goods on retention-of-title terms
- Selling businesses or assets under instalment arrangements or vendor terms
- Goods supplied on consignment
- Purchase agreements
- Any agreement involving personal property as security (including a fixed charge, floating charge, chattel mortgage, conditional sale agreement or hire-purchase agreement)
What is the Purpose of the PPSR?
The effect of the PPSR is that title is no longer relevant. If you have a registered interest on the PPSR, you have a “superpriority” over unregistered interests (including third parties) and interests registered later than your interest.
The PPSR has been live since 30 January 2012.
In most cases you have 15 days from when the interest is created to register that interest on the PPSR.
How does to PPSR affect you?:
If you think that you may need to register an interest or you are concerned that there is an interest registered in personal property that you have purchased.
How can we assist you?
A new entry is created on the PPSR. The registered interest must be backed up by some sort of security agreement. It is important that the interest is accurately registered; otherwise it may not be effective.
We can assist by:-
- Searching the Register to check current registered interests.
- Advising if you need to be concerned with the new legislation.
- Advising on and draft any necessary documents to create a security interest.
- Registering your interest on the PPSR.
Please do not hesitate to contact our experienced Property Lawyers on +61 3 9500 1722, request a cost estimate or email an enquiry.