Opportunistic security interest claims under the Personal Property Securities Act

The slightest whiff of a security interest under the Personal Property Securities Act (PPSA) always brings the risk of opportunistic claims. Courts dealt with a number of these claims during 2024. The lesson for claimants is to ensure that you have a security agreement supporting your claim. The lesson for owners of personal property is to always consider registering before leaving your property with others.

Lifestyle Property Partners Pty Ltd v O'Reilly

Six purebred Arabian mares were leased by their owner for 12-months to a horse breeder under a verbal arrangement. Under the lease, the breeder wasn't required to make upfront payment but was responsible for all other costs of the mares. The breeder took the mares but then sought in writing payment for the agistment fees and five-year lease terms. The owner rejected these written proposals, terminated the verbal lease arrangement and unsuccessfully attempted to recover the mares. The breeder then registered on