Your obligations as a secured party
Things to remember when registering on the PPSR
As a secured party, you have certain obligations under The Personal Property Securities Act 1999 (PPSA).
Most importantly, you need to:
- Keep records of your PPSR passwords, financing statement registration numbers and PINs.
ID's, PINs and passwords - Keep your registered financing statements up to date.
Managing your financing statements - Comply with the debtor name rules when entering details on a financing statement.
Rules for naming debtors - Supply debtors with a copy of the verification statement within 15 working days unless the debtor waives, in writing, the right to receive one.
Verification statements - Ensure your financing statement is supported by an appropriate security agreement. This is the agreement that grants the security interest. In most cases it will be a written agreement signed by the debtor, but it can also be an oral agreement. Registration of a financing statement does not replace the need for, or function of, the underlying security agreement.
Other guides in
Registering on the PPSR
- Why you might register on the PPSR
- Setting up your online services account
- About financing statements
- Creating a secured party group (SPG)
- Managing your secured party groups
- Registering financing statements
- Managing your financing statements
- Responding to a request for changes to a financing statement
- IDs, PINs and passwords
- Verification statements
- Suppressing an address on the PPSR