Secured party obligations

The Personal Property Securities Act 1999 imposes a number of obligations on secured parties.

Here we describe some of the most important obligations:

• Keep a record of your PPSR passwords, financing statement registration numbers and PINs.  Read more...
  
• To keep your registered financing statements up to date with all information you are aware of.  Read more...
  

• To apply the debtor name rules when entering debtor's details on a financing statement.  Read more...
  
• To supply debtors with a copy of the verification statement within 15 working days unless the debtor waives, in writing, the right to receive one.  Read more...
  
• Ensure your financing statement is supported by an appropriate security agreement. Registration of a financing statement does not replace the need for, or function of, the underlying security agreement.
  • A security agreement is the agreement which grants the security interest. In most cases this will be a written agreement, signed by the debtor but can include an oral agreement.
  • A financing statement is the information the secured party enters on the PPSR to register the security interest.