Personal Property Securities

“ The Personal Property Securities Register Australian Financial Security Authority ”

“ Mortgages 1001 Conveyancing Answers (NSW) ”

“ The Act defines a number of key concepts that must be understood in order to understand the legislation, the register, and registrations and security agreements. Attachment happens when either value is given for the security interest or the grantor does an act by which the security interest arises. ”

“ Taking good instructions The use of precedent Retainer Instructions ensures that all important issues are considered, instructions which cannot be contradicted later are recorded, costs discussed and the scope of the retainer clearly defined. ”

“ The following precedents are available on the matter plan: No security loan agreement: adapted for use with a security agreement. ”

“ Defined in s 14, the following are likely scenarios in which these interests would arise: An interest claimed by an unpaid seller of goods. ”

“ The Act in ss 41 to 53 deals with the various situations in which a purchaser takes title to personal property free of secured interests. Where property is described by serial number ”

“ A security interest is only effective if it has attached to the collateral, being the personal property, that constitutes the security. The attachment rule provides that a security interest attaches to collateral when the grantor has rights or the power to transfer rights in the collateral and the ... ”

“ Perfection is a key concept. An attached security interest is perfected by the secured party providing public notice of its secured interest by: registering that interest in the register; ”

“ Most practitioners will perfect a security interest by registering it unless they have written acknowledgement from their client that the client has possession or control of the collateral. The Personal Property Securities Act 2009 enables a security interest to be registered as soon as a party has ... ”

“ The collateral must be described as either: consumer property: personal property held by an individual, other than personal property held in the course or furtherance, to any degree, of carrying on an enterprise to which an ABN has been allocated; or ”

“ The regulations either require or permit certain collateral to be described by serial number in a registration. Consumer property that is an aircraft, a motor vehicle or a watercraft must be described by serial number. A serial number for a motor vehicle is the vehicle identification number; if ... ”

“ A secured party group can comprise one or more secured parties, but normally it will comprise only one. Law stationers and law firms who provide registration and searching services will register as a secured party group. A secured party group is allocated a number and an access code known only to ... ”

“ The verification statement is defined by s 155 and is given by the registrar in approved form to the secured party, who is called the statement holder under s 157. The statement holder must give notice of the verification statement in the approved form to the grantor as soon as reasonably ... ”

“ Transitional security interests and migrated registrations The Personal Property Securities Act 2009 established a system for the creation, priority and enforcement of security interests in personal property. All existing security interests created before the Act commenced and registered on one of ... ”

“ The administrative process The Act sets out a procedure for disputing registrations, called the amendment demand administrative process. This process is only available in the circumstances set out within s 179 of the Act. The administrative process involves four main steps: ”

“ Only a current registration can be renewed and therefore it can only be renewed before its expiry date. It is important that practitioners advise their clients to keep track of the registration expiry date. A ‘Registrations due to expire report’ can be generated from a PPSR account. To extend the ... ”

“ If a grantor or an interested person, for example, a purchaser of an asset or business, wishes to ensure that personal property is free of any security interest then that person must obtain either: a statement in writing setting out that the amount or obligation that is secured by the relevant ... ”

“ Chapter 4 of the Act sets out the provisions for enforcement of security interests. It provides secured parties with remedies additional to those in their agreements under statute and at common law or in equity. The Act in s 111 imposes a general standard of honesty and commercial reasonableness in ... ”

“ Remedies available to a secured party on the grantor's default include the rights to: Seizure ”

“ The Act requires notices to be in writing: s 286. A notice must be given to a registered secured party at the address specified in the registration by leaving it there or sending it there by prepaid post, by fax or by email: s 287. If there are two or more secured parties, one notice to the ... ”

“ The grantor and other secured parties with a superior interest can object to the proposed enforcement. The grantor's right to redeem has priority over any other person's right. ”