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What is a collateral class?
Collateral is personal property that has a security interest attached to it. A collateral class is a category of collateral.
What is the difference between serial numbered and non-serial numbered property?
A search by serial number will search PPSR registrations identifiable by a specific serial number. For example, when planning to purchase a motor vehicle, you may conduct a serial number search to ensure that it does not still have finance owing on it.
Serial-numbered property is sorted by its collateral class.
Four categories of collateral class may be described by serial number:
- Motor vehicles
- Watercraft
- Aircraft and
- Certain intangible property (this may be intellectual property such as patents, designs, trademarks and plant breeder’s rights)
Note: other forms of serial-numbered property are not searchable by their serial number on the PPSR. For example, household whitegoods or electronic devices.
What is the difference between ‘AllPAAP’ and ‘AllPAAP except’?
All present and after-acquired property-no exceptions is a collateral class that includes personal property that the grantor has an interest at the time the registration is made, and personal property acquired after the registration is made.
All present and after-acquired property – with exceptions is a collateral class that includes all present and after-acquired property of the grantor, except for an item or class of personal property stated in the registration as being exempt.