People borrow and lend money for all sorts of reasons. It may be a close friend short of cash or Uncle Tommy needs money to renovate his house? Apart from the issues of what happens if the borrower fails to repay the loan, what happens if someone dies and there is no paper trail to say what was agreed to if anything?
If you are lending money to another party with an item of property offered as security then you must under the new PPSA (Personal Property Securities Act 2009) clearly document that property.
It doesn’t matter whether the property is tangible (eg, car, boat, plane) or intangible (eg, shares, patents), it must be registered.
We have revised our Secured Loan Agreement so that it contains all the provisions required to document a loan arrangement, including those required by the PPSA. This means that the lender can register their interest on the Personal Property Security Register (PPSR) so they have the rights to that property as security in the event that the loan is not honoured.
For more information go to “What do I need to know about the Personal Property Securities Act?” at http://www.rpemery.com.au/articles/about-ppsa-loans.html
Or view our Revised Secured Loan Agreement at http://www.rpemery.com.au/online/loan-agreements.html
If you are lending money to another party with an item of property offered as security then you must under the new PPSA (Personal Property Securities Act 2009) clearly document that property.
It doesn’t matter whether the property is tangible (eg, car, boat, plane) or intangible (eg, shares, patents), it must be registered.
We have revised our Secured Loan Agreement so that it contains all the provisions required to document a loan arrangement, including those required by the PPSA. This means that the lender can register their interest on the Personal Property Security Register (PPSR) so they have the rights to that property as security in the event that the loan is not honoured.
For more information go to “What do I need to know about the Personal Property Securities Act?” at http://www.rpemery.com.au/articles/about-ppsa-loans.html
Or view our Revised Secured Loan Agreement at http://www.rpemery.com.au/online/loan-agreements.html
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