This website is an overview of the Personal Property Securities Act 2009 (“PPSA”).
The PPSA will become operational on 30 January 2012 – the Registration Commencement Time (“RCT”).
From this time:
- the creation of security interests in personal property will be governed by the PPSA;
- new security interests in personal property may be registered on the Personal Property Securities Register (“PPSR”) http://www.ppsr.gov.au/Pages/ppsr.aspx;
- the PPSR will be a searchable online register recording all registered security interests in personal property;
- security interests on existing registers such as the ASIC Register of Company Charges (Cth) and the Vehicles Securities Register (Vic) will be transferred onto the PPSR and become migrated security interests (“MSI”) retaining their original priority; and
- existing security interests that are not MSI, defined as ‘transitional security interests’ (“TSI”), are deemed to attach to collateral from the RCT and are temporarily perfected for 24 months. The terms ‘attachment’ and ‘perfection’ are new terms to describe the process of creating an enforceable security interest in personal property.
The Act sets out:
- the classifications of personal property including interests which are specifically excluded from the Act;
- the definition and examples of security interests;
- when a security interest attaches to collateral and therefore is enforceable against the grantor;
- when a security interest in collateral is enforceable against third parties;
- when a security interest in collateral is perfected and therefore gains a ‘priority time’ against other security interests in the same collateral;
- rules for establishing priority between competing security interests;
- the requirements to register a security interest on the PPSR; and
- enforcement procedures.
These concepts are discussed throughout this website.
The contents of this website should not be relied upon as legal advice and is provided as general information only. The website is an overview of the Personal Property Securities Act 2009 (Cth) and does not make reference to every provision of the Personal Property Securities Act 2009 (Cth).
If you require legal advice please contact a qualified legal practitioner to advise you according to your own particular circumstances.