Selected practical consequence of the operation of the PPS Act — “deemed” security interests, and goods in possession of third parties

As mentioned above, under the PPS Act, the definition of “security interest” is in two parts. The first is the “in substance” definition, and the second is a list of three kinds of “deemed” security interests. The first part of this guidance note considers the practical consequence of PPS Act “deemed” security interests. In essence, the effect of this “deeming” is that the ownership interests need to be registered.

The second part of the guidance note looks at what legal practitioners need to be aware of regarding goods in the possession of a third party.

See Selected practical consequence of the operation of the PPS Act — “deemed” security interests, and goods in possession of third parties.