On 30 January 2012 the Personal Property Securities Act 2009
(Cth) (PPSA) will commence, creating a single, national
electronic register for all personal property security interests.
But how will this legislation affect other property and business
transactions?
As we have
previously outlined, the PPSA will consolidate a number of
State and Commonwealth Acts that deal with validity, priority,
enforcement and extinguishment of security interests in personal
property and establish a national register for the registration of
these interests, the PPSR.
It is important that security interests in personal property are
registered in the PPSR, as registration will be required to prove
ownership after the 2 year grace period has expired. Personal
property excludes land, buildings and fixtures attached to land. A
lease of land or a lease of fixtures (such as a building) on land
is also expressly excluded from the operation of the PPSA. However,
the PPSA will affect the
