Reminder: The Personal Property Securities Register deadline draws near

The new Australian Personal Property Securities Register (PPS Register) begins in October 2011. It covers securities over most personal property including intellectual property. It also covers retention of title arrangements and other interests such as chattel leases which previously did not need to be registered.

While some existing security registers will be automatically migrated to the new register, others will not. Securities recorded on IP Australia’s registers will not be automatically migrated. It is up to the IP security holder to record its interest on the new Register. Failure to register may result in loss of priority or unenforceability. Holders of security interests need to be preparing for the new register now.

Read on for more information about what constitutes a security interest (a few surprises here), the registration process and the effects of failure to register.