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19.10.2019 - 04:22

How to use the PPSR register

To use the register it pays to understand some of the technical terms. The explanation and illustrations below should help

The register (called the PPSR) is a noticeboard listing interests over any goods and assets that are not land, buildings and fixtures (the legal term for such goods and assets is personal property). These goods and assets can be owned by an individual or a business. A business or individual can use them as collateral (personal property offered up as security for a debt owed to sellers or financiers). Collateral can include goods leased or hired out, sold on retention of title terms, or sold on consignment. In such cases, the seller, owner, lessor, lender, consignor or financier (called the secured party) has a claim over the collateral (called a security interest). The secured party should register their security interest in the goods or assets to ensure their interest is protected. The business or individual (customer, debtor, buyer, lessee, consignee or borrower) who offers the collateral as security is called the grantor because they grant the security interest over the collateral to the secured party. 

You can check PPSR from: www.quickppsr.com.au

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