The New Personal Property Securities Register (PPSR)
28/01/12 13:06 Filed in: Personal Information | Company & Business Information
The new Australia-wide Personal Property Securities Register (PPSR) goes live this weekend.
The PPS Register is a single, national online register. Secured parties and potential secured parties will be able to use it to search for and register security interests in personal property. The Register will be web based, available in real time and accessible 24 hours a day, 7 days per week.
The PPSR replaces individual state and territory based registers for charges (security interests) over personal property. The Act defines personal property as anything other than land. It includes tangible assets such as goods, crops and livestock, and intangibles such as licenses, investment instruments and accounts.
A personal loan that is secured against motor vehicle is a common example of such a security interest, and therefore, the separate state based REVS registers will be replaced with a search of the PPSR. Other examples of security interests covered by the PPS Act include fixed and floating charges, chattel mortgages, finance leases, margin loans, commercial consignments and the factoring of book debts.
Our motor vehicle and boat REVS page will be updated to allow you to easily search the PPSR in the next few days after the product goes live from Monday 30 January 2012.
This makes it super easy for anyone to search for charges over all sorts of personal property Australia-wide, giving you more surety of clear title over personal property including cars, yachts, paintings and shares and business assets like machinery, inventory and accounts receivable, financial products, licenses, crops and livestock.
And, on top of live searching 24 hours a day, Searchfirst Pro subscribers will also be able to register their interests through their logon.
PPSR Searches are available here now.
Please contact us if you would like any further information.