What is the PPSR

The PPSR (Personal Property Securities Register), is an electronic register that allows you to lodge a security interest over personal property which belongs to another person or entity. This is an official government register and can be searched online.

Things that you can register a security against in the PPSR are, for example, cars, boats, used goods, etc. This does not include land or houses. You can also register an interest over all the assets present and what they may buy in the future.

Ordinarily a PPSR security is registered by a party to secure the obligations from the owner of the personal property to a contract or a loan agreement. For example, a lender may register a PPSR over a borrower’s personal property to secure the borrower’s obligation to repay the loan. If the loan is not repaid in accordance with the terms of the loan agreement, the lender may enforce the security and sell the secured property to repay the loan.

Registering your security interest on the PPSR gives you a formal right over the personal property and can serve to protect you if perhaps the other party/company was to go insolvent/bankrupt. Registration of PPSR interests is a first in best dressed system. In other words, if you do not register your interest and another party has, you risk being prioritised behind the other party or even losing your right completely.

If you require any assistance, contact Wollerman Shacklock on 03 9707 1155 or admin@wslegal.com.au.