Important Information for Owners - Personal Property Securities Act 2009
Important Information for Owners
PERSONAL PROPERTY SECURITIES ACT 2009
Introduction
Throughout the second half of 2011, RISA sought professional advice and facilitated an industry working group with the view to gaining clarity as to how the changes to the Personal Property Securities Act 2009 would capture racehorse ownership.
Advice to date has been that the broad wording of the PPSA in its present form could be interpreted so as to extend to arrangements between owners, trainers, agistment properties or any other entities that have care of the owners' horses. Therefore the Australian Racing Board, on behalf of the Industry, has made representations to the Attorney General pointing out that the broad nature of the PPSA may unexpectedly capture such arrangements and this appears to be contrary to the Government's intent. However, pending any decision by Government, it is recommended that these agreements (whether they be written or oral) should also be registered.
The information below is being provided as a broad overview and introduction to the PPSA for racehorse owners. It must be noted that the PPSA registry does not replace the requirement for owners to register the names and ownership of a racehorse with the Registrar of Racehorses (RISA) and the registration of leases, transfers of ownership with the Deputy Registrar (Principal Racing Authority) which are requirements under the Australian Rules of Racing for the purposes of administering the integrity of racing.
RISA's objective is to make all current and new racehorse owners aware of the PPSA legislation but it is recommended that you seek your own advice. Over the coming months, RISA with the Australian Racing Board will continue to seek clarity on how the law will capture racehorse ownership and how it can assist owners in the PPS registration process.
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Where do I go for further information?
PPSA website: www.ppsr.gov.au for Fact Sheets and tutorials
Telephone: 1300 007 777
Email: enquiries@ppsr.gov.au
