So you have registered your security interest on the PPSR.
Maybe you have even registered a 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 email@example.com