Personal Property and Security Register – Expiry of Charges
When a charge is taken over personal property to secure a debt or loan, prudent lenders have the charge registered against the Personal Property Security Register. Many registrations that have been lodged to date over serial numbered goods, are applied for the maximum period of 7 years. From the 30th of January 2019 this period will be coming to an end for charges initially registered and it is possible that a lender’s PPSR registration (that has been registered for 7 years) may expire. If this was to occur, then the protection provided by the registration of the charge will be lost.
If you are the holder of a PPSR registration you should review your charge and if the registration expires on the above-mentioned date you will have to ensure that the charge is renewed to continue to have your protection. If you are a lender, do not let this happen to you. To lose your security would be akin to a bank forgetting about their mortgage over your home to secure the monies they advanced to you. This would never happen and you should ensure that any monies that you have lent and have been secured maintain their protection.
It is a simple procedure. The website for the Personal Property Security Register sets out all the information on how to renew the initial registration to avoid expiry. It is a small task that could protect you from a disastrous outcome.