A new national electronic register run by the government that allows security interests in personal property to be registered and searched.
What’s the purpose of the PPSR?
•The purpose of the PPSR is to allow people (or companies) who lend money to others to register that debt by way of taking security over that person’s possessions. It is similar to a mortgage over land, but it is a mortgage over other assets such as cars, televisions or computers.
•To record the details of the dates, times, and additional details of registrations that help determine which party gets priority in the event of insolvency or default.
When may the PPSR be relevant to you?
•If you buy items on hire purchase; •If you loan money to a friend, family member or company;
•If your business needs to raise money which will be secured by its assets, other than land.
•If you are a lender and you have received a loan application for finance and the customer has put forward that an item of personal property they own that could be used as collateral (ie an asset used to secure the loan).
Searching the PPSR
–by using a PPS Registration Number/s
–by using a Serial Number
–by Grantor: Individual / Organisation
Managing Registrations – Discharges, Transfers, Renewals, Amendments
There are several actions that allow you to maintain your registrations: