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Personal Property Securities

Personal property security interests is a technical term to describe a security or a charge over anything but land (e.g. a car or bicycle).  Personal property security could become an issue in a wide range of circumstances.  It could arise from one person giving another person a security interest (e.g. a charge) over a personal asset (e.g. a car) to secure the performance of an obligation (e.g. repayment of a loan).  It could also arise for instance, from a business supplying goods on credit, and the supply agreement contains a clause stating that the title to the goods would not pass until full payment is made.

In 2012, a new law has established a national register of personal securities (PPS Register) which records security interest registered over a certain personal property (a personal property is anything apart from land).  Rights arising from a wide range of transactions must be registered on the PPS Register in order for it to be enforceable.  If a security interest is not registered, the person who took security could lose out to other creditors or an appointed liquidator.  A very informative business guide could be found on the Personal Property Securities Register website.

Our lawyers can advise you on personal security interests matters including:

  • preparation of security agreements;
  • checking the PPS Register;
  • preparation of trading terms and conditions that gives rise to a security interest;
  • registration of security interests;
  • advice on whether you need to register a security interest against another person; and
  • advice to businesses facing personal security arguments with customers and liquidators.

Contact us to arrange a consultation.

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Unit 3, 16 Hulme Court, Myaree WA 6154
(opposite the roundabout)

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  • Monday to Friday: 8:30am – 5:30pm. After hours by appointment only
  • Tel: 61 08 9316 8363
  • Fax: +61 08 9315 3148
  • Email: [email protected]

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