Rights to property after being sold
Watch this video by the PPSR, "Selling Goods on Terms", on how to register your ongoing interest in property on the PPSR before you sell.
Rights to property after being sold Video Transcript
Let’s say you’re a business that sells any kind of valuable stock…You get a new customer who agrees to payment terms and then walks out the door with your stuff. But the money… never comes in. Turns out the person you sold to has gone broke. And now your property is being sold off to pay their debts. You’ve still got your contract reserving your rights to the property…But it wasn’t registered through the PPSR. The PPSR - or Personal Property Securities Register - is the easiest way to protect your stock and your business. By registering your ongoing interest in property on the PPSR before you sell - and having your terms of sale in writing - your security rights are set in stone should your customer go bust.