Australia’s new Personal Property Securities Act 2009 (PPSA) has introduced radical changes to the law in relation to personal property. Research institutions must make sure that their equipment and other property is properly protected.
Personal property includes machinery, equipment, consumables, computer hardware, cars, livestock and many other types of property – but not “real” property, ie land, or prescribed statutory licences (e.g. water rights).
A security interest includes an interest in personal property under a transaction that secures payment or performance of an obligation (e.g. traditional securities such as mortgages and charges, as well as “quasisecurities” such as retention of title and flawed asset arrangements). It also includes the interest of a consignor, lessor or bailor in certain circumstances, even though consignments, leases and bailments do not usually secure any obligations.
What are some examples of circumstances where an institution needs to register an interest in personal property?
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