COURSE CATEGORY
Substantive Law
What lawyers need to know about purchase money security interests
Western Australia Customers
Please note this course has not been updated in the last twelve months and does not satisfy the requirements for CPD in WA.
Reviewed on 5 January 2023
Purchase money security interest (PMSI) is a new legal concept introduced to Australia by the personal property securities (PPS) regime. This course provides a primer on PMSIs with examples to aid understanding and tips to navigate the PPS Register.
Course Features
- A brief recap – the PPS regime
- What is a PMSI and what is not a PMSI, with examples to illustrate both
- Relevant PPS terminology including attachment, perfection, PPS lease and commercial consignment
- Relevant PPS principles such as the default priority rules
- Super priority for PMSIs and exceptions
- Registration of PMSIs including registration timeframes
- What happens if a PMSI is registered out of time, and an application for an extension of time to register
- PMSIs in the future – what changes to expect following the 2015 statutory review of the PPS Act and the subsequent Whittaker Report
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TARGET AUDIENCE
Lawyers wishing to gain a better understanding of the PPS regime, particularly in terms of PMSIs.
CPD POINTS
1
TYPE
Text-based interactive module
Course Author: Karen Lee
Karen Lee was admitted to practice in 1997 in NSW. She holds a Master of Law and Management and specialises in banking and financial services law and legal knowledge management.
Karen is the Principal of Legal Know-How and she provides expert advice to firms and businesses on risk management, legal and business process improvement, legal documentation, regulatory compliance and knowledge management. Karen is the Specialist Editor of LexisNexis’ banking and finance law precedents, the General Editor of the Australian Banking Finance Law Bulletin and the Financial Services Newsletter, and author of Practical Guidance Banking & Finance modules. She has been a regular contributor to these and other professional publications on specialist legal topics such as PPS as well as in the areas of practice management and knowledge management.
Karen has worked extensively in-house, including as Head of Legal for a leading Australasian non-bank lender, as well as in top-tier private practice, including as Counsel at Allen & Overy and Clayton Utz. She has been involved in the PPS law reform process since 2008, including the preparation of detailed submissions to the Attorney General’s Department and the Senate Standing Committee on Legal and Constitutional Affairs in relation to the development and review of the PPS legislation. She was a member of the Government’s PPS Legal Special Interest Group from inception and has actively participated in the PPS Stakeholders Forum. Among other things, she has acted for major financial institutions to prepare their core standard form documentation to be used for consumer and business banking under the PPS regime.
