A national reform of laws relating to security interests in personal property has seen the introduction of a new Personal Properties Securities Register which commenced on 30 January 2012. Transactions that may be affected include finance leases, fixed and floating charges and supply agreements with retention of title clauses.
Under the new system, registration of an interest in personal property may be required in order for it to take priority. The new register will replace the current register of charges under the Corporations Act and the different state and territory based registers of encumbrances over motor vehicles including REVS.
For more information on these new laws, please contact us.