Should I check the Personal Property Securities Register (PPSR) before renting something?
The Personal Property Securities Register (PPSR) allows parties to register their security interests in personal property to protect those interests. It is governed by the Personal Property Securities Act 2009. The PPS register applies to cars, boats, and other assets.
A security interest is a legal claim on personal property that has been pledged as collateral to secure the payment or performance of an obligation, such as the repayment of a loan.
For example, a bank might have a security interest in someone’s car if it lent them the money needed to buy it. As a renter of that car, it’s worth knowing if there are any security interests registered against it before you rent it.
The PPS register will let you see if there have been any security interests registered against the property you’re considering renting. If there is a registered security interest, then the property could be subject to repossession by the registered party during the term of your rental agreement.