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ARTICLE · 29 JANUARY 2012

Transition to PPS – 30 January 2012

Holding Redlich
Holding Redlich
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The article explains transitionary arrangements and protections for existing and future securities under the new system.

AustraliaFinance and Banking
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As many of our clients will be aware, the new Personal Property Securities Act 2009 (PPSA or Act) takes effect on Monday 30 January 2012.

The purpose of this note is to briefly explain the transitionary arrangements and the protections afforded for existing securities, and what steps need to be taken by clients holding existing interests, or who will be taking future security interests under the new system.

But first, some brief background.

The new Act establishes a new national register of interests in "personal property" and replaces a multitude of existing registers across all states and territories. It's called the PPS Register. The Act also clarifies the rights and priorities between third parties claiming interests in personal property – for example, when a financier gets priority against others claiming security interests, and the circumstances in which a purchaser gets title free of other interests. The Act covers just about all kinds of property

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