Personal property securities enforcement and disputes
Personal property securities enforcement and disputes (PPSR & PPSA)
Personal property is distinct from real property as it involves most types of property other than land. The Personal Property Securities Act 2009 (Cth) (PPSA) applies to most types of personal property, and some transactions, and consequently anything that must be registered on the Personal Property Securities Register (PPSR), will be governed by this act.
Things that can be registered on the PPSR include but are not limited:
- Leases;
- Bailments; and
- Consignments
Our team have experience in reviewing, placing, and removing PPSR Registrations with an acute awareness of the PPSA.
What is personal property?
Personal property includes many things that can be tangible, or intangible such as legal rights. For these reasons personal property theoretically encompasses almost all items of property that can be owned or exist other than real property (e.g. vehicles).
PPS Agreements
Whether you can register your interest on the PPSR depends on whether that piece of property is a security interest. Whether you have a security interest is one matter, and whether you have a registrable security interest is another issue.
If you have a valid agreement that creates a security interest the property may be exempted property for the purposes of the PPSR which include:
- land, buildings or fixtures
- water rights and
- government-issued licences such as taxi licenses.
There are requirements that the form of the security agreement must take, in order to validly create a security interest. Lawyers experienced with the concept of PPS should be consulted prior to attempting to register anything on the PPSR. Penalties can apply for incorrect registration where you do not have a right to register.
Registration occurs consecutively and is a first in first served basis. If you have made an error in your registration, it also risks the registration not being ‘perfected’ and you may lose your place in the queue. From an asset protection viewpoint, a lawyer can be instrumental in ensuring that your agreement meets the requirements of the PPSR, so that you can protect your interests. But careful, registrations do not last forever.
At Arrow White we have the experience to help guide you through any PPSR related questions, reviews and registrations.
Disclaimer: This publication is intended for general and informative use only and is not to be relied upon as professional financial or legal advice.
Contact our team today for a free quote by clicking the link here or calling us on 1300 277 699.
