As a secured party, you have certain obligations under The Personal Property Securities Act 1999 (PPSA).
Most importantly, you need to:
- Keep records of your PPSR passwords, financing statement registration numbers and PINs.
ID's, PINs and passwords
- Keep your registered financing statements up to date.
Managing your financing statements
- Comply with the debtor name rules when entering details on a financing statement.
Rules for naming debtors
- Supply debtors with a copy of the verification statement within 15 working days unless the debtor waives, in writing, the right to receive one.
- Ensure your financing statement is supported by an appropriate security agreement. This is the agreement that grants the security interest. In most cases it will be a written agreement signed by the debtor, but it can also be an oral agreement. Registration of a financing statement does not replace the need for, or function of, the underlying security agreement.