The Personal Property Securities Register to commence in May 2011 will be an online national register for many securities which are currently registered in separate state-based registers. It will also provide for registration of some security interests which are not currently capable of being registered.

But there will also be a cost to maintaining registration. Secured parties will need to set up systems to make information available to grantors and correct the register if necessary. Obligations of secured parties include:

• Giving a copy of the verification statement to the grantor (Section 157)
• Dealing with amendment demands (Section 178)
• Providing information to interested parties (section 275).

Langes can help you with preparing for the introduction of the PPS Register.