- 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
The PPS Register is a place for secured parties to “flag” the security interest that they claim against a certain grantor in certain collateral.
Registration does not mean that the secured party actually has the interest recorded on the register. There is no “title by registration”, but without registration (or other perfection) there is little or no title!
One must look behind the PPS Register to the actual underlying security agreement entered into between a grantor and a secured party to ascertain the nature and strength of security interests granted. Registration is an important element because it will perfect security interests, but registration will not create security interests which do not otherwise exist. Attachment creates security interests, not perfection.
Take the example of the registration of a security interest against all present and after-acquired property of a grantor. The registration does not mean that an all-assets security agreement over the grantor’s assets actually exists. One must look behind the registration at the underlying security agreement to see whether, in fact, the security interest truly covers all present and after acquired property.
Similarly, even if a security interest covers all present and after acquired property, the secured moneys may
be minimal. Some retention of title arrangements in (conditional) sale agreements include a simple all-assets charging clause for safety, which will provide a security interest over all or substantially all of the assets of the grantor, but the secured money/obligations would be limited to the unpaid purchase price of goods or other items supplied. An ominous-looking all-assets security interest registration may in fact not be as bad as it looks!
