24 March 2017
Dear Mentor
Please advise.
1) When we have the releases of PPSR from vendors at settlement of a sale of real estate, do we lodge them? I have difficulties doing that online.
2) If there is a PPSR interest against a vendor in a sale of business, say a vehicle, and that vehicle is not part of the sale, do we need to have that PPSR released as part of the sale?
Thanks.
Thanks for your questions.
1) Only the security interest holder (lender) is able to lodge a financing change statement (update the register). If the security interest holder is receiving funds on settlement, the purchaser should receive from the security interest holder, through the vendor, an undertaking to lodge a financing change statement. The purchaser's lender will accept this undertaking.
2) The register will record the assets to which the liability attaches. If it attaches only to the vehicle that is not included in the sale, no action is required. If it attaches to assets included in the sale, an undertaking to lodge a financing change statement must be obtained.
Note: When searching the register the search against the name or ACN of the vendor will provide a list of security interests and some detail, but to determine precisely which goods are attached it is necessary to search the relevant security interest number.
A detailed discussion of these issues can be found in our Personal Property Securities guide.
Regards,
Mentor
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