The Personal Property Securities Act (PPSA) can be very confusing for lawyers and even more so for the average person.
The PPSA is designed to allow personal property (not real estate, but goods, chattels and certain rights) to be used as security for a financial transaction.
It is a very useful tool to ensure you are recognised as a secured creditor and your financial interest is not lost. We are sure many of you reading this blog will want to or are already using the PPS Register in your credit management strategies. BUT – the terminology is notoriously full of jargon and terms that are difficult to understand.
Ledlin Lawyers have prepared this simple plain-English guide to help explain some of the key terms in the PPSA, especially since many existing PPS registrations with a 7-year term will begin expiring from January 2019.
This refresher should get you back into the mindset to tackle the PPSA – and remember – start your renewal process well before January 2019!