Protecting your personal property rights
20 August 2012
Business owners are encouraged to register ownership of personal property assets to ensure your interests are protected under the new Personal Property Security Act (PPSA) that came into effect on 30 January this year.
The existing concept of ‘title’ is irrelevant under the new Act, and is replaced by the concept of a ‘Security Interest’.
Personal property becomes ‘security’ when a secured party takes an interest in personal property as security for a loan or other obligation, or enters into a transaction that involves the supply of secured finance.