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.
The Personal Property Securities Act 2009 (Cth), as amended from time to time. See the ComLaw website to view the legislation.
In May 2017, there was a change to the legislation regarding PPS leases. For further information about this, please see PPS Lease change 2017.
For leases entered into on or after 20 May 2017
A lease or bailment for at least two years, or an indefinite period but not until the lessee’s or bailee’s possession extends for more than two years
For agreements entered into before 20 May 2017
A lease or bailments for at least one year, an indefinite period, or a term of up to one year or an indefinite period where with the lessor’s or bailor’s consent, the lessee or bailee retained substantially uninterrupted possession of the property.
For more information see: Leases and Bailments
Personal Property Securities Register. A real-time online register where data in respect of security interests, as well as certain prescribed personal property are registered. The PPS Register acts as a noticeboard rather than as a definitive record of security interests in personal property. It is not a register of title or ownership of personal property.
A user who has been specifically granted the authority to manage some or all of the system, and may have special privileges to override portions of the system.
The order in which interests in property are enforced. Priority is usually determined by the time of creation of the interest, and earlier interest prevailing over a later interest. Division 3 of Part 2.6 of the PPS Act outlines the rules governing the priority of security interests.
Legislation that protects individuals from the unauthorised collection, storage, use and disclosure of information about themselves and the possible compromises resulting from unauthorised release of that information. The PPS Act states that an unauthorised search may contravene the Privacy Act 1988 .
The identifiable or traceable personal property derived directly, or indirectly, from dealing with collateral or the proceeds of collateral. An example of proceeds is money received on sale of the collateral.
PPS Register users who have completed a registration process and received a user ID and set a password. A registered user logs on (authenticates) to the PPS Register using their user ID and password. All account customer users and internal users will be registered users.
The Registrar of Personal Property Securities appointed in accordance with the Act and the staff who work in the Registrar's Office.
A registered financing statement (as amended from time to time) with respect to a security interest or personal property as prescribed.
Registration activity means creating or amending a registration (including amendment, discharge, or transfer), resetting a token, or resetting or changing the secured party group (SPG) access code.
The time the PPS Register began operation: the start (00:00:00 Canberra time) of 30 January 2012.
The date on which the registration will end. For non-consumer property, there may be no stated end time or the end time may be up to 25 years after registration. In the case of consumer or serial numbered property, the end time may be up to seven years after registration.
The registration of a financing statement or a financing change statement with respect to a security interest (includes discharge of a registration). A registration event will ordinarily generate a verification statement.
The PPS Register contains mostly registrations over personal property that is subject to a security interest. However, there will also be other 'kinds' of registrations.
The registration kinds on the PPS Register include:
- security interest
- proceeds of crime
- hoon lien
- court order, and
- other prescribed property (see the 'giving of notice identifier' details for information about why the property is being registered on the PPS Register).
The registration number is provided to a user once a registration has been successfully made. The registration number will need to be supplied in order to amend a registration.