The Personal Property Securities Act (PPS
Act) gives priority to those who assist in the acquisition
or production of crops and livestock. Common situations where the
PPS Act can help your business include where you sell livestock or
equipment on terms, supply feed or fertiliser, provide agistment or
other services, or sell grain to resellers or under consignment
agreements. The PPS Act can be used whenever a person wishes to
obtain a right in assets to secure payment of a debt or other
obligations.
The PPS Act generally operates on the basis that a person in
possession of property (other than land), even if they do not own
it, has the legal right to sell or mortgage it, subject to properly
documented and registered interests on the PPS register. Some
examples of how the PPS Act operates are:
