PPSR registrations may expire from 30 January 2019
30 January 2019
The Personal Property Securities Act 2009 (PPSA) commenced on 30 January 2012. Security interests arising pursuant to the PPSA can be registered for seven years or less, more than seven years but less than 25, or have no stated end time.
Members are reminded that under the Personal Property Securities Register (PPSR), some registrations over serial-numbered goods (including motor vehicles, watercraft and other property, certain items of plant and machinery) are applied for the maximum period of seven years. It is possible that PPSR registrations of these items will start to expire from today, 30 January 2019.
The PPSR website sets out the process to renew a PPSR registration so it does not expire.
Lexon’s PPSA LastCheck contains a range of key issues to check before you progress a PPSA matter. Further details about the expiration risk can be found on Lexon’s website.