- 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 may be subject to the risk that they search the PPS Register and obtain a clear search, but then find that an equipment PMSI later appears on the register within 15 business days of them searching and (possibly) registering their security interest. This is because equipment PMSIs have a window within which to register of 15 business days from the time (A) goods are supplied (for instance, under a conditional sale (by retention of title), or lease of goods, PMSI), or (B) the security interest attaches to inventory other than goods.
The same issue does not arise for inventory PMSIs because, as noted above, they must be pre-registered, that is, registered before supply of goods, or before attachment (for inventory that is not goods).
One way to manage this “silent” equipment PMSI risk is to search the PPS Register, register a security interest, wait 16 business days, then search again to see if any equipment PMSIs have emerged on the PPS Register before making an advance or exending credit.
