Buying a car or boat? Did you check the PPSR?
07 Feb 2019
- Business Law
Did you know that, if you’re buying personal property – like a car or boat – you can check that there’s no money owing on it? In this article, Margaret Young talks about the Personal Property Securities Register (PPSR) and why it’s important to both buyers and commercial financiers.
What is the PPSR?
The PPSR is the national online register that shows any security interests in personal property registered under the Personal Property Securities Act 2009 (Cth). Its aims are to protect consumers buying personal property, and commercial lenders and financiers lending funds for the purchase.
Personal property, in this context, includes cars, boats, artworks and other property, excluding buildings and land.
Why is it important?
If you’re thinking of buying personal property, the PPSR provides a platform to ensure that the goods aren’t encumbered. Alternatively, as a lender or owner, the PPSR offers you security. Once you’ve lodged a registration with the PPSR, it protects your interest if anyone tries to deal with the secured goods before your interest is satisfied (i.e. repaid or otherwise appropriately satisfied).
The PPSR was introduced in 2012 and turned seven in January 2019. As many registrations have a seven-year-registration span, these registrations will begin to expire. Therefore, it’s important to review your security registrations and, if applicable, extend, amend or discharge them.
How can SHG assist?
Our Business team can assist you if you have any questions about extending your PPSR, would like to have your interests reviewed and secured, or if you think you may have an interest in personal property that is not protected. Please contact us on 02 6285 8000 or by email so that we can assist you.