Loading

What effect does the Personal Property Securities Act 2009 have on retention of title clauses?

Author : William Stark - 12-09-2011

The Personal Property Securities Act 2009 (Commonwealth) (“the PPSA”) (which is due to commence before February 2012 – see blog dated 5 September 2011) will have an adverse effect on all commercial suppliers who rely on retention of title clauses in their trading terms.
As previously noted, the PPSA sets up a new scheme of registration of security interests in personal property.
The provisions of the Act make it clear that:
  • Personal property includes retention of title rights.
  • A personal property security is when a secured party takes an interest in personal property as security for any obligation (such as a payment obligation) that involves the supply of secured finance
All suppliers of goods on credit should now:
· Review their terms of trade with a view to ensuring that they meet the requirements of the PPSA, and
· Be in a position to register a financing statement (covering their retention of title interest) on the Personal Property Securities Register, when it commences operation. Registration of a financing statement enables a secured party to ‘perfect’ its security interest.
Commercial lawyers in practice in Victoria should already be reviewing their clients’ terms of trade to ensure compliance with the PPSA.

About The Author

William Stark

Recent Posts

Fraudulent activity in Property transactions

William Stark

Date : 10-01-2020

Recent developments in Property Law

William Stark

Date : 10-01-2020

Retail Leasing Seminar on 25 March 2015

William Stark

Date : 10-01-2020

Review of the PPS Act

William Stark

Date : 10-01-2020

Lending to mature aged borrowers

William Stark

Date : 10-01-2020

When does the PPSA transitional period end?

William Stark

Date : 10-01-2020

Strategic Use of Guarantees

William Stark

Date : 10-01-2020

High Court to hear appeal about Willmott

William Stark

Date : 10-01-2020

Personal Property Security Law Conference

William Stark

Date : 10-01-2020

PPSR data migration issues update

William Stark

Date : 10-01-2020

Retail Leases Seminar

William Stark

Date : 10-01-2020

Recent developments in Property Law

William Stark

Date : 10-01-2020

New form of contract of sale of real estate

William Stark

Date : 10-01-2020

What's hot in mortgage enforcement?

William Stark

Date : 10-01-2020

New form of contract of sale of real estate

William Stark

Date : 10-01-2020

Severance of joint tenancies update

William Stark

Date : 10-01-2020

2023 Case Law Update

William Stark

Date : 10-01-2020

Solicitor's Certificates - Tips and Traps

William Stark

Date : 10-01-2020

Loading
What effect does the Personal Property Securities Act 2009 have on retention of title clauses? | Greens List