Mar 202012
 

Business Checklist

  • Do you own personal property that could be in someone else's possession for longer than 90 days?
  • Do you consign goods to other people to sell?
  • Do you manufacture and sell goods?
  • Do your conditions of sale state that you retain ownership until you are paid (i.e. retention of title clause)?
  • Do you lease goods or chattels, whether on their own or as part of a lease of land?
  • Do you have security over a motor vehicle, boat or aircraft?
  • Do you have security over property which has serial number identification?
  • Are you involved in transactions under which debts are assigned to you?
  • Are your security agreements in writing?
  • Are your security agreements registered on existing registers?
  • Do you lend money or extend credit for the purchase of inventory or particular items of personal property?
  • Do you take security over intellectual property e.g. design, patent, plant breeder's right, trademark?
  • Do you deal in livestock, crops or equipment that are not in your possession?
  • Do you buy or sell personal property either with real estate or on its own?
  • Do you provide hire-purchase finance?
  • Do you include charging clauses in your standard documents to give you security for an obligation?
  • Do you take control of your customer's bank accounts to secure obligations owed to you?
  • Does any existing agreement to which you are a party include provisions which create security over property to secure the obligations of a party under the agreement (i.e. joint venture agreements, shareholder's or unitholder's agreements, licensing agreements, franchise agreements etc)?

If you tick any of the above boxes, it is likely that the PPSA will affect you. The list of examples is not exhaustive and any person or business that deals in personal property should carefully consider the impact the PPSA may have.

Print Friendly, PDF & Email