PPSR – renew now to maintain your priority

Security interests registered in the year the Personal Property Securities Act came into
force are due to expire this year.

Unless renewed prior to their expiry date, security interests registered on the Personal Property Securities Register (the PPSR) will expire automatically after five years (or earlier if a shorter term was specified on registration).

In order to maintain their priority, financing statements must be renewed before they expire. For all registrations made during the pre-load period up to 1 May 2002, their expiry date is 1 May 2007.

How to find out when your financing statements are due to expire

To help keep track of when your financing statements are due to expire, you can create reports on the PPSR.  The service is free and easy to use:

• Access the PPSR website at www.ppsr.govt.nz
  
  
• Select "Miscellaneous" from the left hand menu
  
  
• Enter your Secured Party Group ID and password and select "Financing statements due to expire"

The report lists all financing statements due to expire in a specified date range and all financing statements registered in a specified date range.

You can also view any of:

• pending financing statements;
  
  
• financing statement registrations;
  
  
• financing statement discharges; and
  
  
• breakdown of financing statement registrations by
  collateral type.

How to renew

Before you can renew your financing statements, you will need to have the following information:

• Secured Party User ID and password
  
  
• Financing Statement ID and PIN

In the PPSR website, use the renewal tool on the left hand menu under:

• "Financing Statements"
  
  
• "Maintain Financing Statements"
  
  
• "Renew"

 For more information, go to www.ppsr.govt.nz

Enquiries and information

For more information on any of the cases, articles and features in Financial Services Quarterly, please email Rachel Gowing or call on 64 9 916 8825.