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PPSR – Some Tips & Traps Kathleen Watt, Lawyer Hire Rental Industry Association (QLD DIV) 15 April 2015 Schools & Education |Not for Profit & Charity |Commercial.

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Presentation on theme: "PPSR – Some Tips & Traps Kathleen Watt, Lawyer Hire Rental Industry Association (QLD DIV) 15 April 2015 Schools & Education |Not for Profit & Charity |Commercial."— Presentation transcript:

1 PPSR – Some Tips & Traps Kathleen Watt, Lawyer Hire Rental Industry Association (QLD DIV) 15 April 2015 Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 1 STRATEGIC RESPONSIVE SOLUTIONS

2 Corney & Lind Lawyers Pty Ltd  Mid size law firm  Our focus areas Schools & Education Not for Profit & Charity Commercial Employment & Discrimination Personal Injury Family Law Estate & Elder Law  Our lawyers travel to you if needed  Specialist lawyers providing cost effective, responsive solutions  Based right next to the CBD opposite the RBWH transport hub Introduction STRATEGIC RESPONSIVE SOLUTIONS Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 2

3 A security interest means an interest in personal property provided for by a transaction that, in substance, secures payment or performance of an obligation. – s 12 Personal Property Securities Act 2009 STRATEGIC RESPONSIVE SOLUTIONS Define security interest for me Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 3

4 STRATEGIC RESPONSIVE SOLUTIONS So what if I don’t register my security interests? Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 4

5 STRATEGIC RESPONSIVE SOLUTIONS Maiden Case Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 5

6 STRATEGIC RESPONSIVE SOLUTIONS Who has priority? Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 6  Section 55 PPSA  Between two unperfected security interests  Between a perfected security interest and an unperfected security interest  Between two perfected security interests  Parties with a registered PMSI

7  Hiring equipment to customers on definite, short term agreements  One week  One month  Not caught by the Personal Property Securities Act 2009  Hiring equipment for an indefinite period or greater than 1 year  Includes a term of less than 1 year with renewable terms over 1 year  Includes a term of less than 1 year where the customer has (substantially) uninterrupted possession of the property (after 1 year)  Hiring motor vehicles for a term of 90 days or more  Includes renewable terms or (substantially) uninterrupted possession  Must be registered on the Personal Property Securities Register as a “PPS Lease” STRATEGIC RESPONSIVE SOLUTIONS Do I need to register everything? Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 7

8  Urban Myth:  “I can register my interest against my goods”  To be enforceable against third parties there must be an agreement in writing that adequately describes the goods  Security interests must be registered against another party as Grantor  You will need specific details about the Grantor (i.e. Your customer) STRATEGIC RESPONSIVE SOLUTIONS What if I have a security interest? Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 8

9 STRATEGIC RESPONSIVE SOLUTIONS What type of security interest do I have? Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 9

10  Payments  Lease or hire payment for goods  PPS LEASES  Obligations – eg:  Maintaining leased property in good repair  Purchase money – other forms of PMSIs  Hire purchase agreements  Ongoing supply of goods on ROT basis STRATEGIC RESPONSIVE SOLUTIONS What am I securing? Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 10

11 STRATEGIC RESPONSIVE SOLUTIONS What if my business structure has more than 1 entity? Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 11

12  Can be oral or in writing, but may need to be in writing to be enforceable against 3 rd parties.  No specific formal requirements, but...  Best practice to include rights if there is a default – e.g. to retake possession of collateral and sell up.  Must cover the security interest and should describe the collateral.  3 rd parties are entitled to call for a copy of it – consider extracting unrelated commercially-sensitive terms. STRATEGIC RESPONSIVE SOLUTIONS Do we have a security agreement? Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 12

13 STRATEGIC RESPONSIVE SOLUTIONS What is the collateral? Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 13  Classes of registration  Tangible property  Motor vehicles  Aircrafts  Watercrafts  Crops & Livestock  Other goods  General property  Intangible property  Financial property

14 STRATEGIC RESPONSIVE SOLUTIONS Time for Registration Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 14  Can register before signing a security agreement  Purchase Money Security Interest (“PMSI”) A PMSI has priority over other perfected security interests if: o PMSI is perfected by registration o Registration states that the interest is a PMSI o PMSI is registered by the required time  Super priority?  If the collateral is Inventory – register prior to the customer taking possession  If the collateral is not Inventory – register within 15 business days of the customer taking possession

15 STRATEGIC RESPONSIVE SOLUTIONS Additional Registration Tips Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 15  Secured party group  Duration  Description of property  Specific but inclusive  Serial numbers are required for some types of property  Proceeds  Using the register

16 07 32520011 www.corneyandlind.com.au Name: Kathleen Watt Position: Lawyer Email: kathleen.watt@corneyandlind.com.au STRATEGIC RESPONSIVE SOLUTIONS Contact Schools & Education |Not for Profit & Charity |Commercial Law |Employment & Discrimination |Personal Injury |Family Law |Estate & Elder Law This presentation is information only not legal advice| © Corney & Lind Lawyers Pty Ltd |Page 16

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