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ARTICLE · 08 JUNE 2015

PPSA: A practical update for agricultural commodity traders

Holding Redlich
Holding Redlich
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Holding Redlich

Holding Redlich

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This article considers the practical implications of the PPSA 2009 in the context of trading agricultural commodities.

AustraliaCorporate/Commercial Law
Philip Vickery (Formerly With Holding Redlich)
Philip Vickery (Formerly With Holding Redlich)
Terrie Morgan (Formerly With Holding Redlich)
Terrie Morgan (Formerly With Holding Redlich)
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The Personal Properties and Securities Act 2009 (PPSA) has been a central talking point in the Agribusiness sector for some years now. This article considers the practical implications of the PPSA in the context of trading agricultural commodities.

Review

The PPSA was received with a degree of scepticism and concern by traders. In any event many, or even most, trading contracts now enshrine provisions expressly contemplating the role that each party is expected to play in respect of the PPSA regime.

By way of summary:

  • agricultural commodities are often delivered prior to payment being received, with control passing at the point of delivery
  • title to the product, however, expressly remains with the seller until receipt of payment; a Retention of Title (ROT) clause.

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