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What information is needed to register a FS?

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. Incorrect information or information not entered into the correct fields can make a financing statement difficult to search and may even invalidate the financing statement if it is seriously misleading (see sections 148 and 150 of the Personal Property Securities Act 1999).

The minimum amount of data required to register a financing statement is as follows:

Debtor details

If the Debtor is an individual, their:

Full legal name
Address
Date of birth.

If the Debtor is an organisation:

The name of the organisation
The name, or job title, of the person acting on behalf of the organisation and their address
If the debtor is an organisation that is incorporated, the unique number assigned to it on its incorporation.

Notes

You should be familiar with the Debtor Name Rules before entering Debtor details on the PPSR.

Legislation changes in September 2007 introduced the option to enter a job title, rather than an individual's name, for the person acting on behalf of the organisation. Providing the job title (e.g. The Manager, Credit Controller) means less maintenance work on financing statements as secured parties will not need to update financing statements if the named member of staff changes roles or leaves the organisation.

The unique number refers to the company number, which is assigned on a company's incorporation. The registry code (e.g. AK, CH) is not required. If you are unsure of the company’s incorporation number you can obtain these details by using the Search for a Company option at www.companies.govt.nz. Similarly other incorporated bodies are assigned an organisation number on incorporation. Use the Search Other Registers option at www.companies.govt.nz.

Search for an incorporation number on the Companies Office website now.

Where there is more than one debtor subject to the same security agreement, they may be listed on the same financing statement, but each debtor must be identified as a separate debtor.

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Collateral details

When registering a financing statement, you need to select the collateral type that best describes the property subject to the security interest.

You will also need to provide a description of the collateral for all types, except all present and after-acquired property. The sort of information you must enter in a financing statement depends on the type of collateral selected. For example, to register a financing statement relating to a motor vehicle, you will be required to enter the year of manufacture, the make and model of the motor vehicle and all of the following numbers that the vehicle has:

registration number,
VIN number and
chassis number.

There are, however, different requirements for most other forms of collateral, particularly where there is no unique serial number to help distinguish it.

Collateral types

Each item of collateral may be described by one or more collateral type. There are 13 different collateral types set out in the Personal Property Securities Regulations 2001. These are:

goods: motor vehicles
goods: aircraft
goods: livestock (e.g. cows, sheep, ostriches)
goods: crops (e.g. grape production, pip fruit, wheat production)
goods: other
documents of title (e.g. bills of lading, warehouse receipts)
chattel paper (e.g. hire purchase agreements)
investment securities (e.g. options, shares)
negotiable instruments (e.g. promissory notes, letters of credit)
money (e.g. a bank deposit of $NZ8 million lodged with a bank, Japanese yen, New Zealand dollars)
intangibles (e.g. accounts receivable, copyright, patents, trade marks)
all present and after-acquired property
all present and after-acquired property, except...

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Secured party group details

The name and address of the secured party, or if the secured party is an organisation, the name of the organisation and the name and address of the person acting on behalf of the organisation.

Any other data required to be contained in the financing statement by the:

Personal Property Securities Act 1999 or
Personal Property Securities Regulations 2001.

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