- 22.1 Registration
- 22.2 20 business day registration window – Corporations Act 2001 (Cth) section 588FL
- 22.3 Financing statements
- 22.4 The PPS Register is a “red flag” only – there is no “title by registration”
- 22.5 Requesting copies of security agreements
- 22.6 Financing change statements
- 22.7 Removal of pre-registrations where no security interest was ultimately taken
- 22.8 Registration by class of collateral
- 22.9 Registration against proceeds
- 22.10 Periods of registration – seven (7) years, 25 years or an indefinite period
- 22.11 Registration is only effective from the time the register shows the interest – so “search, register, search”
- 22.12 Verification statements
- 22.13 Search results - establishes registration time and priority time
- 22.14 Registration of PMSIs
- 22.15 Pre-registration before security interests attach
- 22.16 Inventory PMSIs must be pre-registered
- 22.17 "Silent equipment PMSI" risk
- 22.18 Amendment demands and amendment notices – cleaning up a cluttered register
- 22.19 Defective registrations
- 22.20 Other defects in registrations – PMSIs and “seriously misleading” registrations
- 22.21 Consequences of defective registrations
- 22.22 Registration, searches and privacy
- 22.23 Prescribed information, and prohibited registrations – impounded motor vehicles, proceeds of crime, freezing orders
- 22.24 Registration details for trusts
- 22.25 Applications for extension of time
Secured parties receive a verification statement from the PPS Registrar to confirm the registration effected through a financing statement, or amended through a financing change statement1.
Verification statements may be published on a website, as opposed to being physically sent in paper form to the secured party2. It is anticipated that this will occur only for migrated security interests - transitional security interests that were registered on certain security interest registers before commencement of the PPSA. Where this is the case, secured parties may need proactively to search for verification statements, and consider ways then to provide them to grantors (see below).
Secured parties are obliged to provide a copy of a verification statement to grantors as soon as reasonably practicable after registration3. Grantors can waive (in writing, typically in the security agreement) their right to receive a copy of a verification statement but only if the collateral is commercial property (not consumer property)4.
