THE PERSONAL PROPERTIES AND SECURITIES REGISTER
All businesses or individuals that hold, license or own "security interests" – such as a charge, mortgage, or retention of title – over personal property – such as equipment, cars, software or debts – must know the impact of the new Personal Property Securities Act 2009 (PPSA). From 30 January 2012, the Personal Property Securities […]
THE PERSONAL PROPERTIES AND SECURITIES REGISTER – Other Important Changes
OTHER IMPORTANT CHANGES – TRANSITION, ROTs AND IP LICENCES Two Year Transition Period Do not get a false sense of security about the Two Year Transition Period mentioned, A security interest over personal property created before the new Personal Property Security Register started on 13 January 2012 can remain unregistered (until 30 January 2014), but […]
THE PERSONAL PROPERTIES AND SECURITIES REGISTER – PPS REGISTER
REGISTRATION PROCEDURES UNDER THE PERSONAL PROPERTY SECURITIES REGISTER (PPS REGISTER) The PPS Register seeks to cheaply, simply and efficiently provide a new register in which it is possible to both lodge and search for security interests over personal property. The scheme is designed to be easily accessible by the general public. To protect a security […]
THE PERSONAL PROPERTIES AND SECURITIES REGISTER – ROT clauses
RETENTION OF TITLE CLAUSES (ROT clauses) and PPS Register Prior to 30 January 2012, enforceable ROT clauses were not security interests as title did not pass to the buyer until payment was made. The supplier of the goods remained the owner and third parties with security over the buyer’s assets could not claim them. Now […]
THE PERSONAL PROPERTIES AND SECURITIES REGISTER – ACTION ITEMS
ACTION ITEMS Audit security interests – there is no automatic migration of existing interests to the PPS Register. Audit transactions that create security interests under the PPSA, such as supply agreements with ROT clauses. Register security interests on the PPS Register.
THE PERSONAL PROPERTIES AND SECURITIES REGISTER – BUSINESS CHECKLIST
Business Checklist Do you own personal property that could be in someone else's possession for longer than 90 days? Do you consign goods to other people to sell? Do you manufacture and sell goods? Do your conditions of sale state that you retain ownership until you are paid (i.e. retention of title clause)? Do you […]