The Personal Properties Security Register (known as the PPSR) is a central registry that allows lenders and businesses to register a security over a chattel. It is used where a lender provides a loan and requests security over personal assets, moveable property or chattels. The lender is then usually able to sell the chattels should there be a default in the loan repayments.
When to search the Personal Properties Security Register
It’s a good idea to search the PPSR where you are buying goods and chattels. For example, where you are buying a business, including stock-in-trade, suppliers and fixtures, motor vehicles, or where you are purchasing real estate that includes chattels such as a boat or farming equipment. By searching the register you can be sure that no other party has a prior claim to the goods and your ownership and possession of them will not be interfered with.
What items would I expect to be registered on the Personal Properties Security Register
The PPSR allows a wide variety of personal property to be registered as securities. Typical examples include:
- Motor vehicles