International Law

Personal property securities administration

By David Jacobson

The Personal Property Securities Register to commence in May 2011 will be an online national register for many securities which are currently registered in separate state-based registers. It will also provide for registration of some security interests which are not currently capable of being registered.

But there will also be a cost to maintaining registration. Secured parties will need to set up systems to make information available to grantors and correct the register if necessary. Obligations of secured parties include:

• Giving a copy of the verification statement to the grantor (Section 157)
• Dealing with amendment demands (Section 178)
• Providing information to interested parties (section 275).

Langes can help you with preparing for the introduction of the PPS Register.

Full post as published by Australian Regulatory Compliance Review on August 22, 2010 (boomark / email).