Don’t lose priority - PPSA transitional period to expire soon

If you were granted a security interest before the Personal Property Securities Act 2009 came into effect on 30 January 2012, to receive the protection of the Act if you were unable to register that interest before the introduction of the Act, you need to ensure that your interest is correctly registered on the Personal Property Securities Register (PPSR) before the transitional period expires on 30 January 2014.

The transitional period allows for security interests created before 30 January 2012 to be temporarily perfected, meaning that any existing security interest that is not registered on the PPSR retains the same priority it had at 30 January 2012 against other security interests in the same property that were created and registered after 30 January 2012.