Deferment of the Personal Property Securities Act 2009
March 17, 2011 Leave a comment
The commencement of the Personal Property Securities Act 2009 has been deferred from May 2011 to October 2011 to allow more time to prepare for the changes. The reform introduces a single, national online register (the Personal Property Securities Register) which records the registration of security interests in personal property affording protection to lenders and giving secured parties, buyers and other interested persons a single searchable database.
In the meantime, please continue to use our precedents. These will be changed as required and new commentary explaining step by step how the reform impacts upon practice will be provided closer to the commencement date. The Personal Property Securities Register will replace most existing Commonwealth, State and Territory personal property security registers. Please note that the security interests recorded on those existing registers will be moved to the Personal Property Securities Register so there is no need to re-register interests in the new system.
A number of By Lawyers publications will be impacted by the commencement of the reforms. The above information relates to the following publications:
• Mortgages – Step-by-Step Legal Practice Guide and Precedents (NSW, QLD and VIC)
• Business Conveyancing – Step-by-Step Legal Practice Guide and Precedents (NSW, QLD, VIC, SA)
• Companies, Trusts and Partnerships – Step-by-Step Legal Practice Guide and Precedents (NSW, QLD, VIC and SA)
From By Lawyers For Lawyers
By Lawyers For Lawyers are the authors of Smokeball’s Step-by-Step Legal Practice Guides and Precedents.