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Glossary

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In general, this is a document such as a share certificate, promissory note, or bond, used as means to acquire equity capital or loan capital. Also called financing instrument.

Refers to certain financial products, including:

  • a share in the body, or a debenture in a body
  • a derivative
  • a foreign exchange contract that is not a derivative
  • an interest in, or a unit in an interest in, a managed investment scheme
  • a unity in a share in a body, and
  • a financial product traded on the financial market that is operated in accordance with an Australian market licence or exempt from the operation of Part 7.2 of the Corporations Act 2001;

but does not include:

  • the creation or transfer of a right to payment in connection with interest in land (where the written evidence of the transfer does not specifically identify the land)
  • a document of title
  • an intermediated security, and
  • a negotiable instrument.

See definition of 'investment instrument' under section 10 of the PPS Act.

IP Australia administers the Australian IP rights system, specifically patents, trade marks, designs and plant breeder's rights. See the IP Australia website for more information.

The key contact for a PPS Register account customer is the person who will be contacted if there are problems with the account.

Key contact details are not made available to the public

Livestock is a sub-class of the Agriculture collateral class and includes:

  • while they are alive – alpacas, cattle, fish, goats, horses, llamas, ostriches, poultry, sheep, swine and other animals
  • the unborn young of animals mentioned in paragraph (a), and
  • the products of livestock before they become proceeds (for example, the wool on a sheep's back before the sheep is shorn).

The identifying numbers/letters that are stamped or attached to an aircraft or motor vehicle by its manufacturer.

Fees are charged for some transactions undertaken on the PPS Register.

Methods of payment include:

  • pay-as-you-go (fees paid by credit card as they are incurred – this is the default method)
  • pre-payment (users credit money into their account, and this account is drawn down as transactions are being undertaken)
  • invoicing (the account customer is sent an invoice for transactions undertaken during the invoice period).

Account customers may apply to the PPS Registrar's Office to use a different payment method (other than pay-as-you-go or pre-pay) for their account.

Security interests that have previously been registered in a transitional register prior to PPS Register registration commencement time, and which have been migrated to the PPS Register.

See definition for 'migrated security interest' in section 332 of the PPS Act.

The time at which data from transitional registers (registers of security interests in existence prior to the PPS registration commencement time, such as the ASIC charges register and state and territory registers of encumbered vehicles) are migrated to the PPS Register.

A car, truck, motor bike, tractor, trailer, caravan or other property that:

  • has one or more motors with total power greater than 200 W or capable of propelling the property to speeds of at least 10km/h, or
  • is capable, when being towed or attached to a motor vehicle, of travelling at a speed greater than 10 km/h

and which has a vehicle identification number, a chassis number, or a manufacturer's number.

Starting on 1 July 2014, an amendment to sub-regulation 1.7(2) of the Personal Property Securities Regulations 2010 will narrow the definition of motor vehicle for the purposes of the PPS Act. The definition will apply to security interests (including PPS Leases) entered into on or after 1 July 2014. This will normally include, for example, leases entered into on or after 1 July 2014 even if they involve terms established under an earlier general agreement with a lessor.

Property is a motor vehicle under the PPS Act if it is built to be propelled wholly on land by a motor that forms part of it (but not if it runs on rails, tram lines or other fixed path), has a unique serial number and:

  • up to the end of 30 June 2014 (the old definition) is also capable of travelling at more than 10km/hr OR has a total motor power greater than 200W.
  • starting on 1 July 2014 (the new definition) the property is also capable of travelling at more than 10km/hr AND has a total motor power greater than 200W.

Regulation 1.7(3) will not change, so some types of property with a serial number and wheels that are built to be towed at more than 10km/h will still be a motor vehicle. Examples include caravans and trailers.

Search by the prescribed order for motor vehicle serial numbers

When searching the PPSR by a motor vehicle serial number, make sure you enter the correct serial number. For example, if a motor vehicle has both a vehicle identification number (VIN) and a chassis number, you should search using the VIN. The PPSR provides guidance to help you enter the correct serial number.

A serial number search might not reveal all security interests

It is not compulsory for commercial security interests in serial numbered goods to be registered by serial number. The registration may be made against the grantor only. For example, a security interest in a commercial motor vehicle may be registered by reference to the grantor and contain no reference to its serial number, and therefore will only be revealed through a search by grantor.

Motor vehicle buyer protections

If the collateral is a motor vehicle, section 45 of the PPS Act provides that a buyer or lessee will generally take the motor vehicle free of any security interest if:

  • at any time between the time the motor vehicle was sold or leased and the start of the previous day a search of the PPSR by reference only to the serial number would not have disclosed a registration which perfected the interest; and
  • the seller or lessor is either the person who granted the security interest, or another person who is in possession of the vehicle (provided the person who granted the security interest has lost the right to possess the motor vehicle or is stopped from asserting an interest in the vehicle).

Exceptions to motor vehicle buyer protections

The above protection does not apply if:

  • the secured party is in possession of the motor vehicle immediately before the time of the sale or lease; or
  • the motor vehicle is bought at a sale held by or on behalf of an execution creditor; or
  • the buyer or lessee holds the motor vehicle as inventory; or on behalf of a person who would hold the motor vehicle as inventory; or
  • the buyer or lessee buys or leases the motor vehicle with actual or constructive knowledge of the security interest.

Exceptions for motor vehicle licensed dealers

Section 45(3) of the PPS Act provides that a buyer or lessee will generally take the motor vehicle free of any security interests if they provide new value for the motor vehicle and the seller or lessor holds a licence (issued by the state or territory where the sale or lease happens) to deal in that kind of motor vehicle.

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