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Glossary

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A patent is a right granted for any device, substance, method or process which is new, inventive and useful. A patent is intangible personal property.

For more information on intellectual property, including patents, go to the IP Australia website.

PBRs are exclusive commercial rights to a registered variety of plants. PBRs are a form of intellectual property and are administered under the Plant Breeder's Rights Act 1994 (Cth). PBR is intangible personal property. The Plant Breeder's Rights Act is available on the Comlaw website.

Patent Cooperation Treaty number. An international patent application number issued under the Patent Cooperation Treaty. See the IP Australia website for more information about the PCT number.

New registration applications that are incomplete can be saved as pending. A pending application has no legal status and is not shown publicly on the PPS Register.

The PPS Register allocates a number to the pending application and the application can be accessed by entering in this pending application number.

Pending applications are deleted after a set period. No records will be kept of deleted pending applications.

The period of time before which pending applications are deleted.

Giving your security interest the best priority and effectiveness, and enabling it to be enforced against the customer and third parties (including on insolvency) if and when needed, by a properly attached and documented security interest being registered on the PPSR.

Less common alternative forms of perfection: possession of tangible property, or control of some financial property.

Permissions, in relation to transactions on the PPS Register, refers to the ability to undertake tasks or transaction on the PPS Register.

Each permissible action in the PPS Register should have at least one corresponding permission to authorise it. For example, the details of a registration can be retrieved, provided the corresponding registration token is supplied.

Permissions are not directly assigned to a user of the PPS Register. Roles are formulated from a conglomeration of permissions. All actions that a user can take are authorised through the appropriately assigned groups of roles.

Any form of property, other than land or a right or entitlement under a Commonwealth, state or territory law that declares that the right or entitlement is not personal property for the purposes of the PPS Act.

A security interest over particular collateral, granted to secure debt incurred in acquiring the collateral in question from the secured party (a seller PMSI), or granted to secure funds lent by a secured party and used by the grantor for the purpose of enabling the grantor to acquire the collateral (a lender PMSI).

Includes leases, retentions of title and consignments that are deemed security interests under the Act.

Section 14 of the PPS Act provides the full definition of this term.

A personal property security is created when a secured party (e.g. a lender) takes an interest in personal property of a grantor (e.g. a borrower), as security for a loan or other obligation, or enters into a transaction that involves the supply of secured finance.

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