Personal Property Securities Regime
The Personal Properties Securities Act replaces over 70 state and federal acts covering the law of securities over all property other than land. It applies to transactions which have the effect of securing payment or some other obligation, regardless of the form of the transaction, the nature of the debtor or the jurisdiction in which the personal property or parties are located.
The Act extends to intellectual property, contractual rights, shares as well as motor cars, machinery, some liens, livestock and crops. Certain licenses, such as water access entitlements, are excluded.
It is as significant as the introduction of land registration in the 19th century and its tentacles infiltrate every aspect of commercial activity.
Leigh has been giving seminars to lawyers on behalf of the Law Society of New South Wales, accountants, insolvency practitioners and business people on this new regime. If you go to our website and follow the links, you can get a copy of Leigh’s 3 one-hour podcasts to over 200 lawyers made in early February 2012 at the request of the Law Society.
We are able to redraft terms and conditions of trade, equipment hire contracts, hire purchase contracts and other business documents which are impacted by this legislation. Call us for a quote today!