The Personal Property Securities Register (PPSR) allows lenders and businesses to
register their security interests.
Secured parties, buyers and other interested parties can search the PPSR to find out if a security interest is registered over the personal property.
Who would use the PPSR?
Financial institutions such as banks and finance companies providing loans where they receive a security interest in an item of personal property.
Businesses who sell personal property on credit, consignment, or on a retention of title arrangement.
What is the PPSR used for?
The register is used to determine priority for secured creditors in the case of debtor default or liquidation.
Secured parties and potential secured parties are able to use it to search for and register security interests in personal property. The PPSR is web-based and and accessible in real time, 24 hours a day, seven days per week.
How does this apply to StockCo?
Prior to the purchase of any livestock under the StockCo facility, StockCo will register a PMSI interest (purchase money security interest) on the PPSR. When a purchase is made using a StockCo facility, the invoice will be made out to the “customer as Agent for StockCo”, which ensures the PMSI is perfected.
An important step included in the StockCo application process involves StockCo conducting searches on the customers legal entities (ABN, ACN &/or Name). StockCo does this to identify any pre-existing registrations that may impede StockCo’s PPSR priority. If any prior PPSR registrations exist, StockCo may request they be removed or amended to ensure our security interest is valid.
Once StockCo’s PMSI is in place, all ongoing livestock purchases are automatically covered under this security interest without the need to register each individual purchase.
A PPSR charge can be removed should the facility be repaid or no longer required.
For more information on the PPSR, please click here