Registrations of security under the Personal Property Securities Act 2009 (PPSA) that were made on or about 30 January 2012 when registration on the PPS Register first became available may be due for re-registration. Some types of collateral, including ‘consumer property’ and personal property that must be identified by serial number may only be registered for a maximum duration of 7 years.
Property covered by the PPSA includes goods, for example, cars, planes, mining equipment, cranes, etc, crops, intellectual property, contractual and other rights, debts and shares, units and debt securities amongst others.
Any such registration made shortly after the commencement of the PPSA in 2012 will soon expire at the end of the seven-year period unless renewed prior. Failure to renew a required PPS registration may mean that the security interest becomes ‘unperfected’ and another party may acquire an interest or may take priority interest over the collateral. For more information, see the MFAA’s original guidance here, and information about the Register here.