The Personal Properties Securities Register, or PPSR, is the centralized government system where they store security interest registrations over personal properties. Implemented by the Australian government in 2009 through the Australian Personal Property Securities Act, it provides the nation a publicly accessible library of security interests in personal properties.
Through it, the Australian government aims to reduce the number of fraudulent financial transactions and to give confidence to people in all of their personal property transactions. It enables people to freely engage in business without worry due to the added ability of being able to confidently secure any financial interest with personal properties.
The PPSR works by gathering security interest registration from companies and individuals. This information ranges from the name of the party seeking security interest, the date the security interest is registered, when will it expire, and the owner of the property of interest.
By procuring the services of PPSR search companies such as InfoTrack, any individual or organization may then access such information, giving them the ability to check if there are any current security interest over an item they intend to secure a financial transaction with, to look for information regarding an individual or organization’s security interests over their personal properties, and even to see if there are any security interest over their own properties.
This way, anyone can secure their ownership of the personal property in case the owner defaults on his obligations such as paying a loan.
The PPSR brings a lot of benefit to both businesses and individuals. Through a PPSR basic search, someone could check if there is security interest over an item he is buying, thus giving him a peace of mind that they will receive the property with full rights.
A property with security interest over it could be claimed by the secured party, so checking before you buy would be very beneficial. Loaning companies and other financial institution may be able to check if a loan applicant is likely to default on his debt by using information regarding security interest over his property.
A debtor may also check if there are any unresolved security interest over his own properties, as this may hurt his credit rating. They could be able to take action if any interest is not removed within the required 15-day after settlement.
Search services offer individuals and company alike with information from the PPSR such as all security interests over an individual or organization’s personal properties, search registrations for personal properties such as motors, watercrafts, aircrafts, and various intellectual properties, as well as searching for the particulars and order of registrations.
They also offer added benefits such as being able to order bulk numbers of PPSR searches and offering no extra cost on reissues of results such as certificates, summaries, and excels at any time.
PPSR basic search provides you information to secure all of your financial transactions, giving you confidence in buying, selling, and lending.