This is a new
Commonwealth law. The commencement date is 30 January 2012
Þ From this date Queensland's REVS (motor vehicle), Bills of Sale
Register and Register of Cooperative Charges will be rolled into Commonwealth
Register. It will provide a one stop shop for all registered
encumbrances over assets other than company charges and land.
Þ Searching the Register (PPSR) requires either an account or can be
accessed as a guest (pay as you go if guest user).
Þ Search criteria will include grantor details, serial number of property
(if applicable), and vehicles will be searchable by serial number
Þ The law provides for penalties against misuse of information contained
in PPSR
As a Buyer: -
Þ This applies to personal property not including land or building or a
fixture
Þ Personal property includes cars and other vehicles, art, aircraft,
intellectual property, contract rights, crops, livestock, machinery,
Þ Search facility allows you to confirm any security interest in your
proposed purchase to ensure no repossession by lender after purchase
As a Grantor (person
granting the security over their property): -
Þ The Grantor uses personal property to secure lending, business assets as
security for lending (example given is that of fixed and floating charge),
title retentions (leasehold rather than freehold), or leases personal property
for extended periods of time (ie cars, equipment)
Þ Grantor's details can be included in PPSR where no description can be
provided for the personal property – organisations provide an identifier;
individuals provide name and date of birth
Þ If information listed in PPSR is incorrect, Grantor needs to contact
Secured Party (Lender) to request amendment
Þ Upon disposal of personal property, Grantor needs to contact Secured
Party to obtain relevant discharge/release
As a Secured Party: -
Þ A Secured Party has a secured interest in personal property of the Grantor
such as fixed and floating charges, long term and finance leases, chattel
mortgages (interest free purchases like TVs), title retentions, commercial
consignment and factoring
Þ The law has default and specific rules as to registering personal
property with priority which take into consideration:
ü control of personal property
ü competition existing between security interest and statutory interest.
Bennett Carroll Solicitors have offices located in Brisbane and the Sunshine
Coast
Freecall: 1300 334 566
Fax: (07) 3343 8664
Fax: (07) 3343 8664
