Personal Property Securities Act

29 June 2007 - Cairns Slane News Winter 2007

Personal Property Securities Act – renew to maintain your priority

The Personal Property Securities Act 1999 came into effect five years ago on 1 May 2002, and provided a system for security holders to register a financing statement on the Personal Property Securities Register (PPSR) to retain their security priority.  However, these financing statements will expire automatically after five years (or earlier, if a shorter term was specified on registration).

In order to maintain their priority, financing statements must be renewed before they expire.  This means that if you registered a financing statement in 2002 and chose the automatic expiry date option, that financing statement is due to expire (and in some cases may already have).  We have also heard that the Ministry of Economic Development will not be providing reminders!

If you are concerned about the status of your security interests you can access the PPSR website at www.ppsr.govt.nz, or simply contact us and we will help you immediately.