The practicalities of registering Motor Vehicles on the PPSR
The PPSA requires different registration requirements for consumer and commercial vehicles on the PPSR. Consumer vehicles must be described on the PPSR by their serial numbers, whereas there is some discretion on the part of an owner of a commercial vehicle as they are have the option to describe their commercial vehicle by serial number. This has allowed some secured parties to register their interest in a commercial vehicle against the grantor, as opposed to the serial number.
As a result, when performing searches of the PPSR one must be aware that there are two ways to register a commercial vehicle. When conducting a search of the PPSR the user should always conduct two searches, by serial number and by grantor. This will ensure that all registrations of commercial collateral are established.
Need further help to ensure protection under the PPSR?
To ensure that all secured interests are protected under the PPSA business owners should look to reviewing their current arrangements. If your business needs verification that all secured interests are protected please call Dooley & Associates for further details.Back