Example Of The Pps Act - 1018 Words

The PPS Act enables an interested person to require a secured party (such as FleetPlus) to provide information about its security interest. Examples of interested person† includes a person with another security interest in the secured property and any execution creditor with an interest in the secured property. Under the PPS Act (being the reference to section 275(1) in the Agreement), the information that an interested person can seek includes a copy of the security agreement, and the secured party must respond to a request within 10 business. There are serious consequences for non-compliance – if a secured party fails to fully respond to a request for information within the specified time, the person making the request can apply to†¦show more content†¦Generally, under Chapter 4, on the default of a grantor under a security agreement, the secured party can commence enforcement action, and the first step in enforcement is for the secured party to seize the collateral. Having seized and obtained possession of the collateral, the secured party may either dispose of or retain the collateral. There are strict rules that regulate how each of these steps are to be taken. The existence of Chapter 4 means security agreements do not need to include these rights and remedies as parties to the agreement can instead rely on the Chapter 4 enforcement provisions. Parties do not need to rely on Chapter 4 and can contract out of most of the enforcement provisions (and, for example, rely on the terms of their agreement). We have not reviewed other clauses of the Agreement, but at first glance, it would appear that FleetPlus’ rights and remedies post RedSpot’s default are contained on clause 6, and upon RedSpot’s default, FleetPlus has the right to (among other things) terminate the agreement and â€Å"retake possession of the Goods†. If you would like us to review this or other clauses of the Agreement, please let us know. In this Agreement, the Chapter 4 enforcement provisions that are contracted out are the following provisions. It would seem that not all of these are relevant to RedSpot. Notice related provisions a) General exclusion Clause 20(h)(i) is a general exclusion that enables FleetPlus to only giveShow MoreRelatedExamples Of Personal Property Securities754 Words   |  4 Pagesframework The Personal Property Securities Act 2009 (Cth) creates a comprehensive national regime for personal property securities (PPS). Subject only to limited exceptions, security interests over personal property are primarily governed by the PPS Act. These securities range from fixed and floating charges over corporate assets, to share mortgages, to security interests over vehicles and aircraft, and to finance leases of plant and equipment. 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