Understanding timing on the PPSR
There are rules about when you need to do certain things on the PPSR.
This includes when to register your security interests on the PPSR for them to be effective and when you need to discharge registrations to avoid possibly incurring a penalty.
Making a registration
| Action | Time limit/period or options |
|---|---|
| Making a registration against a corporate grantor |
Within 20 working days after they sign the security agreement OR More than 6 months before they start insolvency Be aware: if you want PMSI super-priority, PMSI registration time limits apply (see below) |
| Getting PMSI super-priority |
If the goods supplied will be part of the grantor’s inventory: before the grantor gets possession/attachment of the goods/property If the goods supplied won’t be part of the grantor’s inventory: 15 working days from when the grantor gets possession/attachment the goods/property |
| Sending verification statements to grantors |
As soon as is reasonably practicable after registration Exception: commercial property where grantors have agreed in writing to waive the right to receive verification statements. |
Extending or ending a registration
| Action | Time limit/period or options |
|---|---|
| Extending a registration | Before the registration expires |
| Ending a registration (goods without serial number) | Within 5 working days from the day it becomes clear that there is no longer a belief that a security interest exists (such as when a deal is no longer going ahead or you no longer have a security interest in the collateral) |
| Ending a registration (for serial numbered goods or collateral used for domestic or household purposes) | Within 5 business days after the security interest is no longer perfected (usually when the debt is repaid) |