The Personal Property Securities Act (PPSA) and Personal Property Securities Register (PPSR) took effect on 30 January 2012. The PPSA and PPSR have replaced a large number of Commonwealth, State and Territory laws and registers for company charges, bills of sale, ship mortgages, crop and stock securities, motor vehicle securities and most other securities affecting tangible and intangible personal property.
Using the correct identification criteria specified in the PPS regulations (e.g. ACN, ABN, ARSN etc) to describe the grantor (i.e. mortgagor, chargor, lessee, bailee, consignee etc) when registering or searching on the PPSR is critical to achieving reliable results.
Equally important is the correct categorisation of the collateral (i.e. the property subject to the security interest) and, where applicable, use of the correct serial number for serial numbered property. The PPSR has no tolerance for mistakes. Minor mistakes can make a registration defective or search unreliable.
Not surprisingly, a number of issues have emerged as potential traps for those unfamiliar with how the PPSR operates.
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