PPSA - PERFECTION

Question 1

perfection gives the

Answer 1

• greatest amount of pretection to a secured party under the PPSA

Question 2

2 WAYS perfection is achieved what section

Answer 2

41(1)
1. if the sp has poession
2. registered a finacnig statement

Question 3

s142 - requiremnst for a finiacing statement if individual

Answer 3

• name adress and DOB
• description of collateral
• any other data required by regulations

Question 4

s142 - requiremnst for a finiacing statement if organisation

Answer 4

• name address, unique number assisgend to org and contact numebr of person on behalf
• description of collateral
• any other data required by regulations

Question 5

regualtion 8

Answer 5

all colateral mist be asisgend to a class

Question 6

regulation 9

Answer 6

special rules for motor vehicles and aircraft with serial numbers
financing statement must include
- wtehr plane or vehicle
- year and make and model (manufacturer
- if vehicle - re rego number and VIN or CHASSSIS

Question 7

REGUALTION 10

Answer 7

a description of goods that are not serial numbered goods, if the description contains an identifcation number, contain additonal datat to adequaltey describe those goods

Question 8

s149 - invalid fs

Answer 8

fs is invalid if there is srsly misleaidng, ireegularilty, or omission or error even if registered

Question 9

s151 - obj

Answer 9

whetehr something is seriosuly misleading is objectibe

Question 10

s152- srs mis

Answer 10

• name of debtor
• a serial number of the collateral where regualtions require it ( vehicle )
• AS THESE ARE THE SEARCHABLE FEILDS

Question 11

OVER DESCRIPTION

Answer 11

OVER DESCRITION IS NOT MISLEAIDNG - SERVICE FOODS

Question 12

NAME OF DEBTOR

Answer 12

THE NAME of the debtor is crucial elemet of fs, onus is on the data enteror to get it correct, fatal if they dont - polymer