The Personal Property Securities Register (PPSR) is the electronic register where details of security interests in personal property can be registered and searched.
What is defined as personal property?
Any form of possession, not including land in which ownership can be transferred from one party to another. This includes physical items such as cars, boats, art, shares, livestock, but also intangible concepts such as intellectual property or licensed rights.
What can I search on the PPSR?
- Organisational Debtors
- Individual Debtors
- Motor Vehicles
- Financing Statements
Why should I do a PPSR search?
PPSR searches are a useful source of due diligence to learn more about people and property. They aid in assisting you to make better-informed financial and purchasing decisions and provide you with peace of mind.
Instances where a PPSR search could be useful are performing a search on a potential client before offering them credit or a loan, conducting a search when buying a used vehicle or other pre-owned property to ensure the current owner does not owe money on it. But why is this important to know?
Purchasing a second-hand car that has an outstanding balance owing from the current owner can lead to the vehicle being repossessed from you, even though you paid the seller. If a seller stops making loan repayments, the lender has the legal right to repossess the car, no matter who the current owner is. You can protect yourself from this situation with a simple PPSR search.
InfoTrack New Zealand has direct access to the PPSR, allowing you the ability to perform searches from within the InfoTrack platform. Start searching today.