Stratos Legal Logo

PPSA – Section 64 Notices

What happens if a financier serves you with a s64 Notice? The rules surrounding s 64 are complicated (surprise!)

So you have registered your security interest on the PPSR. Maybe you have even registered a Purchase Money Security Interest (PMSI). What happens if a financier serves you with a s64 Notice? The rules surrounding s 64 are complicated (surprise!)

However, as a basic proposition provided the financier perfects its own security interest by registration, s 64 of the PPSA provides that a financier’s security interest in a receivable (eg an invoice raised by the grantor) will prevail over an existing supplier’s PMSI in that receivable (as proceeds of inventory) so long as notice is given by the financier to the supplier at least 15 business days before the earlier of:

  • (i) the day the financier’s security interest attached to the receivable;
  • or (ii) the date of registration of the financier’s security interest.
  • The s64 notice needs to be compliant, of course.
  • Not sure where you stand?

Contact Amanda Heard for some solid advice. 07 3152 4401 or amanda.heard@stratoslegal.com.au

More like this

Commercial Property Conveyancing

What fees can you expect to pay for Commercial Property Conveyancing when buying and selling Commercial Property? Learn this and more from our specialist conveyancing team

Residential Property Conveyancing

We answer your important questions about Residential Property Conveyancing. Questions like why do you need a conveyancer when buying a house? and what does a property conveyancer do?

Residential Unit Conveyancing

How much does conveyancing cost? Answers to frequently asked questions: Is home insurance before settlement necessary?

SHARE THIS POST

Categories

Recent Posts

Small Business Restructure – Key Points

Any Small Business struggling with debt of less than $1 million can now apply for the Government’s Small Business Restructure programme. How does it work and how do you qualify? Read on.

Commercial Property Conveyancing

What fees can you expect to pay for Commercial Property Conveyancing when buying and selling Commercial Property? Learn this and more from our specialist conveyancing team

Loan Agreements and Mortgages

Our Expert Legal Team advise on Loans and Mortgages when Buying & Selling Property in our Guides, News and Expert Tips

Residential Property Conveyancing

We answer your important questions about Residential Property Conveyancing. Questions like why do you need a conveyancer when buying a house? and what does a property conveyancer do?

Residential Unit Conveyancing

How much does conveyancing cost? Answers to frequently asked questions: Is home insurance before settlement necessary?