Recent decisions in a number of cases have seen third party property owners lose out due to technicalities surrounding the Personal Property Securities Act 2009.
This situation is easily avoided if you follow the procedures to register and secure property interests correctly. This article provides a timely refresher as to the common errors and traps that Security Parties may find themselves in during the registration process.
The Personal Property Securities Act 2009 (“PPSA”) created national legislation governing security interests in personal property.
Personal Property Defined
Personal Property is all forms of property other than real estate (i.e. land and buildings and fixtures). Personal Property generally includes all property (tangible and intangible), such as, inventory, motor vehicles, plant and equipment, intellectual property, shares, debts and contractual rights.
What is a ‘Security Interest’?
A Security Interest is an interest in Personal Property that in substance secures payment of a debt or other obligation regardless of the form of the transaction.