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Are your ready for 30 January when the PPSA honeymoon period end?

14/1/2014

8 Comments

 
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The Personal Property Securities Act 2009 (Cth) (PPSA) created a new comprehensive national regime for personal property securities in Australia.  The definition of security interest under the PPSA covers “traditional” security interests such as fixed and floating charges over the assets of companies (now known as general security interests) to interests which were not considered security interests in the pre-PPSA era.  An example here would be retention of title arrangements.

Under the PPSA, transitional security interests (TSIs) are those created under a security agreement which was entered into before 30 January 2012.  TSIs enjoy a two-year honeymoon period where they are “temporarily perfected”, which means that a TSI maintains its pre-PPSA priority as against post-PPSA perfected security interests.  30 January 2014 marks the end of this honeymoon period, and secured parties who have TSIs should consider registering them on the Personal Property Securities Register (PPSR) before 30 January 2014 so as to preserve the priority of the TSI.  A number of fees apply to using the PPSR, but registration of a TSI on does not attract any fee.  The Registrar gave examples of transactions which may have created TSIs.  They include leasing and hiring arrangements, retention of title supplies, and certain commercial consignment arrangements.

If you are a secured party with a TSI or your client falls under this description, now is the time to review the security interest in question and to take any necessary action to protect and preserve its priority.

This post first appeared on CPD Interactive's "Legal Natter's Blog".

8 Comments
Personal Property Security link
31/3/2014 01:53:49 pm

Yes! you are absolutely right. Thanks for updating the ppsa.

Reply
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9/3/2017 06:08:23 pm

Everyone needs to be secured and want to do a legal job. This is the good information about the PPSA and TSIs. Both these terms are related to the property and it is like the legal tax system. It should know everyone.

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14/11/2017 08:32:17 pm

This is the great data about the PPSA and TSIs. Both these terms are identified with the property and it resembles the legitimate duty framework.

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20/7/2022 05:07:03 am

They include leasing and hiring arrangements, retention of title supplies, and certain commercial consignment arrangements. Thank you for sharing your great post!

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Orange County Family Law Lawyers link
20/7/2022 05:25:55 am

Which means that a TSI maintains its pre-PPSA priority as against post-PPSA perfected security interests. I’m so thankful for your helpful post!

Reply



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