PPSR: The ‘Additional Details’ Questions
We have noticed a tendency by a number of our clients to leave the ‘Additional details’ section of a PPSR registration blank. While there may certainly be occasions where ticking one or more of the 5 boxes in this area is not appropriate, our concern is that these are being left blank simply because the questions (and their implications) are not readily understood.
As a general rule, if:
- the security interest you are registering is a Retention of Title right; and
- the goods you are supplying do not need to be identified by serial number; and
- those goods are going to be on-sold by your customer (either as they are or as part of a finished product) or used up as part of a production process.
Your registration should look like the below.
If you are in any doubt, though, please ask before lodging the registration as most errors in this area cannot be fixed by amendment. And don’t forget that clicking on the (?) button will provide a helpful explanation.