Maintaining registrations — discharge and release, amending and transferring registrations

A discharge or a release of a security interest is a consensual alteration of the security agreement that exists between a grantor and a secured party, whether by new agreement (as in a deed of release) or by an existing provision of a security agreement (for example, release on the occurrence of specified events). The PPSR may need to be updated when a discharge or release of a security interest happens.

The first part of this guidance notes looks at how a registration can be discharged and when a registration should be discharged on the PPSR. It also looks at matters relating to partial discharge.

In some circumstances a practitioner may need to amend a registration. The need for an amendment will generally be triggered by a change in the security agreements between the grantor and the secured party.

The second part of this guidance note explains which parts of a PPS registration can be amended and how to do so. It also considers how to manage the parts of a PPS registration that cannot be amended.

An effective registration must record the details of the grantor and the secured parties in accordance with the rules in the PPS Act. The details of the grantor or the secured party may change in various scenarios, such as where a grantor or a secured party that is a trust or partnership is allocated a new ABN.

The third part of this guidance note guide legal practitioners through the steps of adding or removing grantors, and changing the secured party.

See Maintaining registrations — discharge and release, amending and transferring registrations.