- 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
Where a trust (through its trustee) either grants a security interest, or receives the benefit of security as a secured party, and the trust has an Australian Business Number (ABN), the details of the trust ABN (rather than the trustee itself in the trustee’s personal capacity) are registered on the PPS Register1.
Sometimes contracts provide that a trustee entity contracts both in its personal capacity and as trustee of a trust.
If a trustee grants a security interest on behalf of a trust, and in the security agreement contracts both in its personal capacity and as trustee of the trust, the general view appears to be that this means that there should be two registrations. It would be prudent for secured parties to make two registrations in these situations.
Notes
1 PPS Regulations, paragraph 2.4 in Part 2 of Schedule 2.
