What you need to know
Before you register a financing statement there are some things you should know.
There are three basic steps to registering on the PPSR.
- Register as a user (Get a User ID and password); then
- Register as a Secured Party Group (SPG); then
- Register your financing statement(s).
Below we have gathered together a range of information about financing statements. These are the things you need to know before you register a financing statement.
You can only register a security interest on the Personal Property Securities Register (PPSR) if there is a valid security agreement between the debtor and the secured party (creditor) which creates a security interest in the personal property.
It is vital when registering a financing statement in the PPSR that you have all the required data necessary to register your financing statement and that it is entered into the PPSR correctly.
The Personal Property Securities Regulations 2001 set out the requirements for recording the debtor's name on the financing statement. These are referred to as the ‘Debtor Name Rules’. Having a set of rules such as these makes searching the PPSR easier and more reliable.
Under the Personal Property Securities Act 1999 the general rule for priority of financing statements is outlined in Section 66.
Collateral is personal property that is subject to a security interest. Each item of collateral may be described by one or more collateral type. There are a total of 13 different collateral types to choose from.
The verification statement provides important information about a registered financing statement. It is critical that you retain a copy of the verification statement, regardless of whether the debtor has waived their right to receive one.
The fees for searching or registering on the PPSR.
You can register a financing statement on the PPSR for up to five years from the date of registration. This term can be varied in a number of ways.
At any time during the process to create a financing statement you can choose ‘Save in Pending’ to store the financing statement in a pending status for up to 60 days.