Regulation and Compliance Update: Personal Property Securities Law update

What is personal property?

Personal property is everything except land, fixtures, and water rights. For example, it includes all types of goods (such as cars, ships, planes, mining equipment, farm machinery etc.), shares, units, contractual rights and intellectual property, including trademarks and designs.

In short, the way to take security over practically everything except real estate will change.

When are the changes happening?

• May 2010 – PPS System set up
• May 2011 – Commencement

The PPS Register

The PPS Register is not like the Torrens Title system. It is not a register of ownership and doesn't provide a guarantee of security.

Nor is the PPS Register a document register, as it is currently contemplated that documents cannot be registered. Rather, the PPS Register is a place for notification of security interests.