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Overall practical results and consequences of the PPSA
The PPSA does away with many of the old problems identified with the patchwork quilt of pre-PPSA laws. The PPSA introduces uniform rules dealing with the attachment, perfection, enforceability and priority of security interests.
A single national register, the Personal Property Securities Register (PPSR), has been established for the registration of security interests and is administered by the Australian Financial Security Authority.
The PPSR is the national online database of security interests in personal property in Australia. The PPSR is the centrepiece of the Personal Property Securities Act 2009 (Cth) (PPSA). Among other things, it allows registration of security interests (the most common method of perfection) and it allows users to search for registered security interests in personal property.
A secured party can register a notice called a "financing statement" on the PPSR, in respect of:
- • a security interest; or
- • certain personal property, including impounded motor vehicles, property confiscated under proceeds of crime laws, and property subject to a court or tribunal order restricting dealings with the property or ordering sale of the property: ss 148(c) and 150(1), PPSA and reg 5.3, Personal Property Securities Regulations 2010 (Cth).
Registration occurs on the PPS Register website.
A registration is effective from the time that it becomes available for searching in the PPSR in respect of the secured party (registration time).
Practice Tip: The PPSR is a risk management tool to protect businesses and individuals from acquiring personal property that may contain an existing security interest in that property. If a business acquires second hand goods or sells on terms, such as retention of title or consignment, or hiring, renting or leasing out valuable goods, machinery, vehicles and equipment, it is advised that the business should search the register for any existing security interests in the property.
See Overall practical results and consequences of the PPSA.
