- 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
Registration is by generic class of collateral. The specific items of property the subject of a security interest can be listed on a financing statement, which may become common for transactions such as retention of title sales.
There are nine (9) classes of original collateral, plus proceeds, against which registrations on the PPS Register can be made. These are listed at paragraph 22.8.4 below.
Each registration must be against one single class of collateral only. For wide security interests such as those over all present and after-acquired property, the only option will be to register against all present and after- acquired property. If certain exclusions are required to be “carved out” of the secured property covered by a security interest, then there is an option to register against all present and after-acquired property except [certain excluded collateral]. Alternatively, several registrations could be conducted for one security interest to register against multiple classes of collateral, for instance, agriculture and motor vehicles.
The nine (9) classes of original collateral against which secured parties can register, and from which only one must be chosen for each registration, are:
(a) agriculture, which includes:
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- livestock;
- crops;
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(b) aircraft, which includes:
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- airframes;
- aircraft engines; and
- helicopters;
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(c) all present and after-acquired property;
(d) all present and after-acquired property, except certain classes or items of collateral that are excluded;
(e) financial property, which includes:
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- chattel paper;
- currency;
- documents of title;
- investment instruments;
- negotiable instruments; and
- intermediated securities;
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(f) intangible property, which includes all personal property (including licences) except:
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- financial property;
- goods; and
- intermediated securities.
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Intangible property includes:
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- accounts;
- intellectual property;
- ADI accounts; and
- general intangibles;
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(g) motor vehicles;
(h) other goods. Other goods includes all goods which are not:
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- agricultures;
- aircraft;
- motor vehicles; or
- watercraft; and
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(i) watercraft
Given that (A) security interests automatically attach to proceeds upon disposals of original collateral, and (B) a registration against original collateral can perfect against proceeds generated upon disposals or transfers of the original collateral if the registration is wide enough also to cover the class of property into which the proceeds fall, there is every incentive for secured parties to register as wide as possible. Registration against specific items or classes of original collateral should be approached carefully, unless also registering against all proceeds generated from those items or classes of original collateral.
