Sitting Duck Asset Protection

What are personal property securities?

Personal property is any form of property other than land, buildings or fixtures which form a part of that land. It can include tangibles such as cars, art, machinery and crops; as well as intangibles such as intellectual property and contract rights.

A personal property security is when a secured party takes an interest in personal property as security for a loan or other obligation, or enters into a transaction that involves the supply of secured finance.

An example is when a person borrows money from a bank and offers it as collateral or security for the loan. The bank’s interest over the collateral is a personal property security.

Personal property security (PPS) reform brings the different Commonwealth, state and territory laws and registers regarding security interests in personal property under one national system. PPS reform introduces the Personal Property Securities Act 2009 (Cth) and a single national online PPS Register.

Personal Property Securities Register

The PPS Register will allow lenders and businesses to register their security interests. Secured parties, buyers and other interested parties can search the PPS Register to find out if a security interest is registered over the personal property.

The PPS Register is established and maintained by the PPS Registrar.
The PPS Act and PPS Register are scheduled to commence from the registration commencement time of October 2011.

Personal Property Securities Act 2009

The above extracts are taken from http://www.ppsr.gov.au