Effective 30 January 2012, security interests in personal property can be registered and searched on the Personal Properties Securities Register. The Insolvency and Trustee Service Australia (ITSA) is the Australian Government agency responsible for administering the PPSR.
The launch of this Register brings together the previously different Commonwealth, state and territory laws and registers regarding security interests in personal property under one national system. The Personal Property Securities Act 2009 (Cth) Act establishes a single national online PPS Register.
A personal property security is when a secured party takes an interest in personal property as security for a loan or other obligation, or enters into a transaction that involves the supply of secured finance. Personal property covered by the legislation includes intangibles such as intellectual property and contract rights. In Australia, parties having secured interests over intellectual property may have them recorded under Chapter 19 of the Patents Act 1990 (Cth), Part 11 of the Trade Marks Act 1995 (Cth) or Chapter 9 of the Designs Act 2003 (Cth). The types of interest that may be recorded include mortgages, charges, liens and pledges.
While it is still possible to register security interests on the Patents, Trade Marks and Designs Registers it is also necessary to register both new (and existing) security interests in the PPS Register.
Further information in relation to the PPS Register may generally be found: http://www.ppsr.gov.au.