The Personal Property Securities Register (PPSR) allows businesses, both small and large, to register their security rights over their personal possession. This process gives businesses rights over their personal property in situations where another party might fail to fulfil obligations such as repayment of loans advanced to finance the personal property. Furthermore, it protects financial companies and suppliers from suffering losses in cases where a client fails to pay their loan or any other obligation.
However, you should only place a security interest on a PPSR only in situations where you have evidence in the form of written security agreement. You should also inform your grantor that you have registered a security interest on the personable valuable before issuing them with a copy of the verification statement. Continue Reading →