Glossary
Personal Property Securities Register (PPSR)
Also called: PPSR
The PPSR is the national online register of security interests in personal property, meaning property other than land and buildings. Lenders register their interests on it to establish priority and to put others on notice.
An example
Before lending against a business's equipment, a lender searches the PPSR to see whether another creditor already holds a security interest over the same assets, then registers its own interest after settlement.
Why it matters
Registration affects who has priority if a borrower becomes insolvent. A borrower can search the PPSR to see what is registered against them, which is useful before applying for new finance or when an old registration should have been removed.
Points to check
Before buying a business or equipment, search the register to see whether any security interests are recorded against the seller. If you are a borrower, check that registrations made by your lender are accurate and are removed once the loan is repaid. Registrations can be searched online for a small fee. Ask a lawyer if you find a registration you do not recognise.