Personal Property Security Register
19 Nov 2012 10:18 AM - New laws introduced
New personal property security laws have been introduced by the Commonwealth Government to assist with borrowing against property such as crops, livestock, farm machinery and agricultural products. However, these assets could be at risk if a different party holding the assets on their premises falls into liquidation and those assets have not been registered as an interest on the Personal Property Securities Register. For example, livestock on agistment, machinery being used elsewhere under contracting arrangements, or crops held elsewhere (including share farming arrangements) prior to payment could all be dealt with as the property of the party in possession, rather than the true owner, in the event of a forced asset liquidation and no listing on the register having been made.
It’s important for growers to register relevant security interests and seek professional advice on how this should be done. For more information go to: www.ppsr.gov.au