Personal Property- All property other than real estate :: Tips from a lawyer- Argon Law

Personal Property- All property other than real estate :: Tips from a lawyer- Argon Law

Personal property is all property other than
real estate. It includes equipment and other goods as well as intangible property such
as brands and other intellectual property. The Personal Properties Securities Act, or
PPSA, is federal legislation which establishes a register upon which charges, mortgages
or similar interests over personal property must be registered if they are to be enforceable
against a bankrupt estate or liquidated company. I’m John Gallagher, from Argon Law, and I
would like to say a little more about personal property securities. When a person becomes bankrupt or a company
goes into liquidation, any charge you may have over their assets to secure a loan or other
obligation will be lost unless it is registered under the PPSA, leaving you in the same position
as all other unsecured creditors. The registration process can be completed
online, quickly and cost effectively, but it is important to do it properly and within
the relevant timeframes specified in the PPSA and the Corporations Act. Whilst equipment leases are not normally regarded
as securities, it is also important to note that a lease of equipment for more than 12
months must also be registered under the PPSA. If such a lease is not registered, the leased
equipment will actually become the property of the company or bankrupt at the time of
liquidation or bankruptcy, leaving the lessor with nothing. If you would like to know more about PPSA
and how it affects you, then please give us a call, and for more useful legal tips,
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2 thoughts on “Personal Property- All property other than real estate :: Tips from a lawyer- Argon Law

  1. It is our pleasure to present our next commercial legal tip on Personal Property (other than real estate).

  2. I have a situation where I purchased several machines located at businesses. At one location I was informed that the business owner was now the owner of the two machines at his location since the previous vendor did not service the machines for two months. I purchased these two newer machines from a bank. The bank went to talk to this business owner several times with no luck on selling the machines to him or getting the machines back. The business owner had broken into the machines and changed the locks. I am the legal owner, and have the S/N of the two machines and the bill of sale from the bank. Any advice ?

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