SecuriSearch is an app for searching the Personal Property Securities Register (PPSR).
Before buying a used car, a buyer should conduct a search of the PPSR to ensure that it is free of encumbrances, and has not been reported as stolen. SecuriSearch provides all of this information in a concise report.
The PPSR is an online register of all personal property that has security interests (including debts) registered against it. It also records details of all grantors who have given security interest to secured parties.
The Personal Property Securities Act 2009 (PPSA) created the PPSR, which replaced over 40 State-based registers of security interests, such as the ASIC Register of Chargers and the Register of Encumbered Vehicles (REVS) and Vehicles Securities Register (VSR) previously maintained by each of the States and Territories.
Individuals contemplating buying a car or other vehicle search the PPSR to find out whether a security interest has been registered.
Retention of title and lending arrangements for all other types of personal property, including ships, commercial equipment, civil earthmoving and engineering equipment, and all types of stock are registered on the PPSR.
Financiers, suppliers and trade creditors can register their security interests on the noticeboard, and a search of the PPSR indicates whether any items are subject to security interests.
Whether buying a car, lending money, conducting due diligence on an acquisition or making a delivery of stock, the PPSR needs to be searched.