Reduce your level of credit risk by updating your terms and conditions in line with sweeping national law reforms.
For more information contact: Serena Pace on (08) 8410 9294
If you are a supplier of credit, the manner in which Retention of Title clauses operate in your terms and conditions has radically changed under new national laws, namely the Personal Property Securities Act 2009 (Cth) (the Act) that came into full effect this year.
Retention of Title clauses are now security interests, of a similar nature to a mortgage.
Terms and conditions which feature retention of title clauses must be redrafted to comply with the Act in order to be effective security.
The Act also creates a new national register on which you must enter your terms and conditions, in order to properly enforce your security. Early registration of interests will put you in higher priority than later registrants so it’s important to take action early.
Pace Lawyers can redraft tailored terms and conditions and assist you with registration so that you can take security for payment.
DISCLAIMER: this newsletter is not intended as legal advice; no reliance is to be placed hereon.