If you own personal property (goods or chattels) and have an arrangement with another person or entity giving them possession of your property, you must consider the implications of the Personal Property Securities Act 2009 (Cth) (PPSA) and the Personal Property Securities Register (the PPSR). Both the PPSA & PPSR are regularly updated and available online.
In a nutshell, the person with a perfected security interest in personal property will have the highest claim to take the property in a dispute, even above and before the owner.
Some practical things you may need to consider include:
- Does the PPSA apply to the personal property in your business?
- How can you know you have the first perfected security interest in your property?
- Do your terms and conditions protect your personal property from unwanted security interests?
- Are you buying or selling a business (with goods and chattels included) free from security interests?
About the specialist lawyers at Corney & Lind
The Corney & Lind law firm has sufficient depth in our team of solicitors to provide specialist legal advice but remains small enough to be personal and highly responsive to the needs and time demands of our clients.
For more information regarding the PPSA & PPSR
Please view our PPSA & PPSR page. We also offer a fixed fee High Point advice conference that will cover all these considerations and more. In addition we now offer a fixed fee – Practical PPSR Training Session at your business or online meeting. For all enquiries please contact our Business Development Team or call us on (07) 3252 0011 to book an appointment with one of our specialist Commercial Lawyers today.