Glossary of Terms PPSR

Transcription

1 Glossary of Terms PPSR ABN (Australian Business Number) The ABN is an identifying number used when dealing with government agencies (including the Australian Taxation Office) and other businesses. See the Australian Business Register website for more information about ABNs. AFSA Australian Financial Security Authority (AFSA) Aircraft As a collateral class, includes: 1. a machine or craft that can travel in the air and has a nationality and registration mark 2. an aircraft engine 3. an airframe, or 4. a helicopter. Airframe Airframe means airframe (other than those used in military, customs or police services) that, when appropriate aircraft engines are installed thereon, are certified by a competent aviation authority (in Australia, this is the Civil Aviation Safety Authority) to transport: at least eight (8) persons including crew, or goods in excess of 2750 kg, Together with all modules and other installed, incorporated or attached accessories, parts and equipment and data manuals. See definition of 'airframe' in the PPS Regulations. Aircraft that is further described as airframe must be described by serial number in a registration. The serial number for aircraft engine comprise of: the airframe's manufacturer's number, that is, the serial number attached to the airframe by the manufacturer the manufacturer's name, and the manufacturer's generic model description. Aircraft Engine Aircraft engine means engines (other than those used in military, customs or police services), powered by jet propulsion or turbine or piston technology, and: 1. in the case of jet propulsion aircraft engines, have at least 1750 lb of thrust or its equivalent, and 2. in the case of turbine-powered or piston-powered aircraft engines, have at least 550 rated takeoff shaft horsepower or its equivalent, Together with all modules and other installed, incorporated or attached accessories, parts and equipment. See definition of aircraft engine' in the PPS Regulations. Aircraft that is further described as aircraft engine must be described by serial number in a registration. The serial number for aircraft engine comprise of: o the engine's manufacturer's number; that is, the serial number attached to the engine by the manufacturer o the manufacturer's name, and o the manufacturer's generic model description. All Present and After-Acquired Property (ALLPAAP) The term 'all present and after-acquired property' (abbreviated to 'ALLPAAP') means: 1. personal property over which the grantor has an interest at the time the registration is made on the PPS Register, and 2. personal property acquired after the registration is made on the PPS Register. All Present and After-Acquired Property, Except (ALLPAAP, Except) The term 'all present and after-acquired property, except' (abbreviated to 'ALLPAAP, except') means all present and after-acquired property, except for an item or class of personal property stated in the registration as being exempt. Amendment Demand

2 A demand in writing, from a person with an interest in the collateral, requesting the secured party to amend the collateral registration. This is sometimes referred to as a change demand. ASIC key (Business names/smsf auditors) A unique security number which ASIC issues for each registered business name. Customers need the ASIC key to conduct most transactions with ASIC in relation to a business name. The ASIC key is used to link a business name to a user account on ASIC Connect. Australian Business Accounts (ABA) An online service the Australian Government provides to help you set up, expand and manage your business. For further details refer to the Australian Business Accounts website. Australian Business Licence and Information Service (ABLIS) An online service that provides tailored information about government-related licences, registrations and permits. Check the Australian Business License and Information Service (ABLIS) in your Australian state or territory for the licences, permits and other registrations that apply to you. Australian Business Register (ABR) The Australian Business Register. For further details refer to the Australian Business Register (ABR) website. Australian Company Number (ACN) A unique 9 digit identifying number ASIC issues to a company on registration under the Corporations Act Australian Registered Body A body corporate that is formed or incorporated in Australia and registered by ASIC enabling it to carry on business in one or more Australian states or territories, other than its home jurisdiction. It is not a company. Registrable Australian bodies Australian Registered Body Number (ARBN) A unique 9-digit identifying number issued to every registered Australian body upon registration. Registrable Australian bodies Australian Resident (SMSF auditors) A person who is a resident of Australia for the purposes of the Income Tax Assessment Act Authorised Search Purpose The PPS Register can be searched using either 1. the serial number of the collateral (for example, the VIN of a motor vehicle), or 2. the details of the grantor. Where a search is undertaken against an individual grantor, the PPS Act requires that the search must be undertaken by a person with an authorised purpose (as set out in section 172 of the PPS Act). Bailment A bailment for which the bailee provides value may, in certain circumstances, give rise to a PPS lease. There is no definition of bailment in the PPS Act. Generally a bailment occurs when a bailee voluntarily receives possession but not ownership of goods from a bailor who retains the right to receive the goods back when the bailment comes to an end. For more information refer to the Leases and Bailment under the Personal Property Securities Act 2009 fact sheet.

3 Business names regulator (ASIC) The government agency (ASIC) responsible for administering the Business Names Register under the Business Names Registration Act Change Number A unique sequential number that is allocated for certain transactions relating to a registration, including creation, amendment or discharge. Change Type This is the type of change that generates a change number for a registration. For non-registration events this is the type of change performed on the register. Chassis Number For a motor vehicle, the series of numbers/letters that are attached or stamped on the vehicle's chassis by the vehicle manufacturer to uniquely identify the vehicle. Chattel Paper A writing which evidences both a monetary obligation and a security interest in, or lease of, specific goods; for example, a hire-purchase agreement. It would not include a negotiable instrument, an investment instrument, an investment entitlement or a document of title. Chicago Convention The Convention on International Civil Aviation signed on 7 December 1944 in Chicago. The Chicago Convention establishes rules on the allocation of nationality and registration marks for aircrafts. Under this Convention, Australia is assigned the nationality mark 'VH'. An example of a nationality and registration mark for an Australian aircraft is 'VH-WOV'. Circuit Layout Circuit layout refers to the original layout designs for integrated circuits and computer chips. Circuit layout rights are intangible personal property. Circulating Asset For the purposes of Part 9.5, has the meaning given in section 340 of the PPS Act. Collateral Personal property that is the subject of a security interest. By way of example, the motor vehicle that is provided as security for the loan given by a bank to finance its purchase. Collateral Class The following classes of collateral are prescribed in the PPS Regulations: o agriculture o aircraft o all present and after-acquired property o all present and after-acquired property, except o financial property o intangible property o motor vehicles o other goods, and o watercraft. Each registration must only relate to a single collateral class. Collateral Description The description of the collateral being registered on the PPS Register. Collateral Registration A registration of a financing statement on the PPS Register. In addition to details about the collateral, the registration also includes: o details about the grantor (where relevant), or secured party o details about the address for service (address to which correspondence relating to the registration must be sent) o giving of notice identifier (see 'giving of notice identifier'), and

4 o details about the security interest (for example, whether it is a purchase money security interest or whether it is subordinate to another interest). Collateral Registration Identifier A unique identification number allocated by the system to a collateral registration at the time of registration. Commercial Property Personal property that is held in the course or furtherance, to any degree, of carrying on an enterprise. It does not include consumer property see 'consumer property'. See definition of 'commercial property' in section 10 of the PPS Act. Consumer Property Any personal property held by an individual, other than personal property held in the course or furtherance, to any degree, of carrying on an enterprise to which an ABN has been allocated. See definition for 'consumer property' in section 10 of the PPS Act. Control Control is one way of perfecting a security interest in controllable property. See definition for 'control' in section 10 of the PPS Act. Copyright Copyright is a type of legal protection for ideas and information in certain forms. The most common forms are: writings, visual images, music and moving images. Copyright is intangible personal property. Crops Debtor This refers to crops (whether matured or not and whether naturally grown or planted) that have not been harvested. Examples of crops include: 1. the products of agriculture or aquaculture, if the products have not been harvested, and 2. trees (but only if they are personal property), if the trees have not been harvested. A debtor is: 1. a person who owes payment or performance of an obligation that is secured by a security interest in personal property, or 2. a transferee of, or successor to, an obligation mentioned in paragraph (a). Design Design relates to the features of shape, configuration, pattern or ornamentation which, when applied to a product, gives the product a unique appearance. Design is intangible personal property. Discharged Registration A registration that has passed its expiry date or has been removed from the PPS Register. Duration The length of time of a registration from the start time to the end time. End Date The end date of a registration. This is the date at which the registration expires. Expiry will occur at the last moment of the nominated end date (that is, at 23:59:59 on the end date). Foreign company An incorporated or unincorporated body that is formed in an external territory or outside Australia and registered under thecorporations Act Financial Property As a collateral class, includes chattel paper, currency, documents of title, investment instruments, negotiable instruments, and investment entitlements.

5 Financing Change Statement The data amending a registered financing statement. Financing Statement The data registered pursuant to an application for a registration. Giving of Notice Identifier The giving of notice identifier is the reference number or text that is used to identify, or to provide more information, about the registration. The giving of notice identifier, where it exists, must be included in correspondence to the secured party relating to that registration. Goods Goods means tangible personal property, including: 1. crops 2. livestock 3. wool 4. extracted minerals, and 5. satellites and other space objects But does not include financial property or an intermediated security. Grantor An individual or an organisation who owns or has an interest in the personal property to which a security interest is attached. A grantor includes an individual or an organisation who receives goods under a commercial consignment, a lessee under a PPS lease, and a transferor of an account or chattel paper. Grantor Identification Grantor identification or identifier refers to the details that are used to identify the grantor in a registration. The rules for grantor identification are set out in the PPS Regulations. In brief, the Regulations provide that where the grantor is an individual, the identifiers are to be sourced from the documents in this order: o the current driver's licence issued by an Australian state or territory o proof of age card issued by an Australian state or territory o Australian passport o Australian visa o passport from country grantor usually resides, or o details on birth certificate. If the grantor is an organisation, different rules apply depending on whether the grantor is a body corporate, a partnership, trustee of a trust, or a body politic. See the PPS Regulations for more information on the grantor identification rules. Groups 'Groups', in relation to transactions that can be undertaken on the PPS Register by a user, refers to the logical grouping of roles for an account customer or internal organisation. In relation to groups of secured parties, see SPG (secured party group). Helicopter Helicopter means machines (other than those used in military, customs or police services) lifted by power-driven rotors and which are certified by a competent authority (in Australia this is the Civil Aviation Safety Authority) to transport: 1. at least five persons including crew, or 2. goods in excess of 450 kg. See definition of 'helicopter' in the Regulations. Aircraft that is further described as helicopter must be described by serial number in a registration. The serial number for helicopter comprises: o the helicopter's manufacturer's number; that is, the serial number attached to the helicopter by the manufacturer o the manufacturer's name, and o the manufacturer's generic model description. HIN (Hull Identification Number)

6 The unique identifier for a boat allocated by a registration authority of a state or territory or other authorised persons. Identifier Type This is the type of identifier used for organisations (both grantors and secured parties), which includes ARSN, ACN, ARBN, and ABN. Intangible Property Intangible property, for the PPS Act and the PPS Register, means personal property that is not any of the following: o financial property o goods, or o an intermediated security (see 'intermediated security'). See definition of 'intangible property' under section 10 of the PPS Act. Intellectual Property (IP) As a collateral class, includes rights in a design, patent, trade mark, copyright or circuit layout, or plant breeder's rights. See definition of 'intellectual property' under section 10 of the PPS Act. Interest In relation to personal property, includes a right in the personal property. Interested Party Any individual or business entity that is interested in a specific collateral registration and/or information held on the PPS Register. Internal Organisation The Registrar or the Personal Property Securities Service. Inventory Personal property used in the ordinary course of business by an entity with an ABN, including: o property held for sale, or lease o property held to be provided under a contract for services o property held as raw materials or as work in progress, and o property used or consumed as materials. See definition of 'inventory' under section 10 of the PPS Act. Investment Instrument Refers to certain financial products, including: o a share in the body, or a debenture in a body o a derivative o a foreign exchange contract that is not a derivative o an interest in, or a unit in an interest in, a managed investment scheme o a unity in a share in a body, and o a financial product traded on the financial market that is operated in accordance with an Australian market licence or exempt from the operation of Part 7.2 of the Corporations Act 2001; But does not include: o the creation or transfer of a right to payment in connection with interest in land (where the written evidence of the transfer does not specifically identify the land) o a document of title o an intermediated security, and o a negotiable instrument. See definition of 'investment instrument' under section 10 of the PPS Act. IP Australia IP Australia administers the Australian IP rights system, specifically patents, trade marks, designs and plant breeder's rights. See the IP Australia website for more information. Livestock Livestock includes: 1. while they are alive alpacas, cattle, fish, goats, horses, llamas, ostriches, poultry, sheep, swine and other animals

7 2. the unborn young of animals mentioned in paragraph (a), and 3. the products of livestock before they become proceeds (for example, the wool on a sheep's back before the sheep is shorn). Manufacturer's Number The unique identifying numbers/letters that are stamped or attached to an aircraft or motor vehicle by its manufacturer. Migrated Security Interest Security interests that have previously been registered in a transitional register prior to PPS Register registration commencement time, and which have been migrated to the PPS Register. See definition for 'migrated security interest' in section 332 of the PPS Act. Migration Time The time at which data from transitional registers (registers of security interests in existence prior to the PPS registration commencement time, such as the ASIC charges register and state and territory registers of encumbered vehicles) are migrated to the PPS Register. Motor Vehicle A car, truck, motor bike, tractor, trailer, caravan or other property that: 1. has one or more motors with total power greater than 200 W or capable of propelling the property to speeds of at least 10km/h, or 2. is capable, when being towed or attached to a motor vehicle, of travelling at a speed greater than 10 km/h and which has a vehicle identification number, a chassis number, or a manufacturer's number. Starting on 1 July 2014, an amendment to sub-regulation 1.7(2) of the Personal Property Securities Regulations 2010 will narrow the definition of motor vehicle for the purposes of the PPS Act. The definition will apply to security interests (including PPS Leases) entered into on or after 1 July This will normally include, for example, leases entered into on or after 1 July 2014 even if they involve terms established under an earlier general agreement with a lessor. Property is a motor vehicle under the PPS Act if it is built to be propelled wholly on land by a motor that forms part of it (but not if it runs on rails, tram lines or other fixed path), has a unique serial number and: o up to the end of 30 June 2014 (the old definition) is also capable of travelling at more than 10km/hr OR has a total motor power greater than 200W. o starting on 1 July 2014 (the new definition) the property is also capable of travelling at more than 10km/hr AND has a total motor power greater than 200W. Regulation 1.7(3) will not change, so some types of property with a serial number and wheels that are built to be towed at more than 10km/h will still be a motor vehicle. Examples include caravans and trailers. National Names Index The National Names Index (NNI) is an index of Australian corporate and registered business names and some incorporated associations. It is administered by the Australian Securities and Investments Commission. To search the NNI, go to the ASIC Searches and Lodgements web page or for more information about the NNI, see the Australian Securities and Investments Commission website. Nationality and Registration Mark For an aircraft, this means the series of numbers and/or letters that are assigned to the aircraft under the Chicago Convention. The nationality mark for an Australian aircraft is 'VH', followed by a hyphen and registration mark of three characters. Negotiable Instrument Generally includes: o bills of exchange o promissory notes o letters of credit that must be presented to claim payment, and o writings that evidence a right to payment of money that is ordinarily transferred by delivery with an endorsement or assignment. The right given under a negotiable instrument is personal property. See definition of 'negotiable instrument' under section 10 of the PPS Act. NEVDIS

8 National Exchange of Vehicle and Driver Information System. NEVDIS is a national database of all registered vehicles in Australia. The PPS Register interfaces with NEVDIS to provide additional information on motor vehicles when registrations are made against motor vehicles as collateral, and when searches are conducted. Official Number In relation to a ship or watercraft, means the six digit serial number allocated to the ship or watercraft by the Australian Maritime Safety Authority (AMSA). See the AMSA website for more information about the official number of a ship or watercraft. Ordinal Search An ordinal search allows users to compare two registration events (start time, change number, end time). Organisational Identifier The organisation identifier is the name or number that identifies the organisation. This can include the name, ACN, ABN, ARBN, or ARSN allocated to an organisation. It is important to ensure that the correct organisation identifier is included in the registration (incorrect identifiers for grantors may lead to the registration being ineffective). The identifier rules are contained in the PPS Regulations. Original Registration Time For migrated registrations, this means the time at which the registration that is migrated was first registered on the transitional register. Example: A mortgage for a motor vehicle was registered on the Register of Encumbered Vehicles on 1 July This registration was migrated to the PPS Register. The original registration time shown on PPS Register for this migrated registration will be 1 July Other Goods 'Other goods' is a collateral class and means personal property that is goods, other than agriculture, aircraft, motor vehicles and watercraft. Example: Bank X has a security interest over ABC Ltd's space satellite. A space satellite is a tangible property (ie goods) but is not agriculture, aircraft, motor vehicle or watercraft. It is therefore assigned the collateral class 'other good' in the registration Outboard Motor Outboard motor means an engine that: 1. has a propeller and a manufacturer's number, 2. Is designed to be attached to a boat or vessel, and 3. is intended for use to propel a boat or vessel. Outboard motors generally belong to the collateral class 'other goods' Patent A patent is a right granted for any device, substance, method or process which is new, inventive and useful. A patent is intangible personal property. PBR (Plant Breeder's Rights) PBRs are exclusive commercial rights to a registered variety of plants. PBRs are a form of intellectual property and are administered under the Plant Breeder's Rights Act 1994 (Cth). PBR is intangible personal property. The Plant Breeder's Rights Act is available on the Comlaw website. PCT (Patent Cooperation Treaty) Number Patent Cooperation Treaty number. An international patent application number issued under the Patent Cooperation Treaty. See the IP Australia website for more information about the PCT number. Pending Application New registration applications that are incomplete can be saved as pending. A pending application has no legal status and is not shown publicly on the PPS Register. The PPS Register allocates a number to the pending application and the application can be accessed by entering in this pending application number.

9 Pending applications are deleted after a set period. No records will be kept of deleted pending applications. Pending Application Period The period of time before which pending applications are deleted. Perfection Perfection of a security interest gives it priority over unperfected security interests in the collateral. A security interest may be perfected by registration, possession, or control. In certain circumstances, a security interest may only be temporarily perfected. Permissions Permissions, in relation to transactions on the PPS Register, refers to the ability to undertake tasks or transaction on the PPS Register. Each permissible action in the PPS Register should have at least one corresponding permission to authorise it. For example, the details of a registration can be retrieved, provided the corresponding registration token is supplied. Permissions are not directly assigned to a user of the PPS Register. Roles are formulated from a conglomeration of permissions. All actions that a user can take are authorised through the appropriately assigned groups of roles. Personal Property Any form of property, other than land or a right or entitlement under a Commonwealth, state or territory law that declares that the right or entitlement is not personal property for the purposes of the PPS Act. PMSI (Purchase Money Security Interest) A PMSI is a security interest in collateral created by a seller who secures the obligation to pay the purchase price, or a person who provides the value to purchase the personal property. A PMSI can also be the interest of a lessor or bailor under a PPS lease or the interest of a consignor who delivers property under a commercial consignment.section 14 of the PPS Act provides the full definition of this term. PPS Personal properties securities PPS Act 2009 The Personal Property Securities Act 2009 (Cth), as amended from time to time. See the ComLaw website to view the legislation. PPS lease A lease or bailment for an indefinite period or for more than one year. However, for serial numbered goods (for example, motor vehicles), a PPS lease need only be for a term of 90 days. PPS Register Personal Property Securities Register. A real-time online register where data in respect of security interests, as well as certain prescribed personal property are registered. The PPS Register acts as a noticeboard rather than as a definitive record of security interests in personal property. It is not a register of title or ownership of personal property. PPS Regulations The PPS Regulations are part of the legislation and provide the rules to administer it. Visit the ComLaw website to view the PPS Regulations. Priority The order in which interests in property are enforced. Priority is usually determined by the time of creation of the interest, and earlier interest prevailing over a later interest. Division 3 of Part 2.6 of the PPS Act outlines the rules governing the priority of security interests. Privacy Act Legislation that protects individuals from the unauthorised collection, storage, use and disclosure of information about themselves and the possible compromises resulting from unauthorised release of that information. The PPS Act states that an unauthorised search may contravene the Privacy Act 1988.

10 Proceeds The identifiable or traceable personal property derived directly, or indirectly, from dealing with collateral or the proceeds of collateral. An example of proceeds is money received on sale of the collateral. Registrar The Registrar of Personal Property Securities appointed in accordance with the Act and the staff who work in the Registrar's Office. Registration A registered financing statement (as amended from time to time) with respect to a security interest or personal property as prescribed. Registration Commencement Time The time the PPS Register began operation: the start (00:00:00 Canberra time) of 30 January Registration End Time/Registration End Date The date on which the registration will end. For non-consumer property, there may be no stated end time or the end time may be up to 25 years after registration. In the case of consumer or serial numbered property, the end time may be up to seven years after registration. Registration Events The registration of a financing statement or a financing change statement with respect to a security interest (includes discharge of a registration). A registration event will ordinarily generate a verification statement. Registration Kind The PPS Register contains mostly registrations over personal property that is subject to a security interest. However, there will also be other 'kinds' of registrations. The registration kinds on the PPS Register include: o security interest o proceeds of crime o hoon lien o o court order, and other prescribed property (see the 'giving of notice identifier' details for information about why the property is being registered on the PPS Register). Registration Number The registration number is provided to a user once a registration has been successfully made. The registration number will need to be supplied in order to amend a registration. Registration States A registration can be in one of the following states: current expired removed, or archived Regulations The Regulations made under the PPS Act The PPS Regulations are available on the Comlaw website. Retention of Title Retention of title refers to the types of clauses that may be included in contracts where a purchaser may take possession of property, but does not acquire title to the property from the seller until the full purchase price is paid. Search Certificate If there is no evidence to the contrary, search certificates are proof of the data returned in a search result, and are admissible as evidence in a court or tribunal. Search Certificate Number

11 A unique number that is assigned to each search certificate issued. Multiple search certificates can be issued for each search number. The search certificate number can be used to reissue a search certificate at a later time. Search Number A number that is returned with a search. It identifies the search that was undertaken. The search number can be used to view the search result again at a later time. Secured Party The person who holds a security interest in personal property. Secured Party Group Number A unique identifier for each secured party group. Secured Party Group/s Secured party groups are a system construct used in the PPS Register to define secured parties. A secured party group consists of one or more secured parties (either individuals or organisations). It is the secured party group that is assigned to a registration. Secured Party Identification Secured party identification or identifier refers to the details that are used to identify the secured party in a registration. The rules for secured party identification are set out in the PPS Regulations. In brief, the Regulations provide that where the secured party is an individual, the identifiers are to be sourced from the documents in this order: the current driver's licence issued by an Australian state or territory proof of age card issued by an Australian state or territory Australian passport Australian visa passport from country secured party usually resides, or details on birth certificate. Different rules apply depending on whether the secured party is a body corporate, a partnership, trustee of a trust, or a body politic. Fields on the PPSR change according to the identifier selected. Organisation identifiers are the ARSN, ACN, ARBN, ABN or name. It is important that you enter the highest priority identifier according to the organisation type. See the PPS Regulations for more information on the secured party identification rules. Security Agreement An agreement or act by which a security interest is provided; or writing evidencing such an agreement or act. Security Interest An interest in personal property provided for by a transaction that, in substance, secures payment or performance of an obligation. Serial Number In relation to collateral, means a serial number by which the PPS Regulations require, or permit, the collateral to be described in a registration. The PPS Regulations provide that the following may be described by serial number: commercial property that is: o motor vehicle o o watercraft, and certain intangible property (patent, trade mark, plant breeder's right, and design). The PPS Regulations provide that the following must be described by serial number: consumer property that is: o motor vehicle o watercraft o certain intangible property (patent, trade mark, plant breeder's right, and design), and o aircraft (airframe, aircraft engine, helicopter and small aircraft)

12 commercial property that is: o aircraft (that is further described as airframe, aircraft engine, helicopter and small aircraft). Small Aircraft Means aircraft other than an airframe, aircraft engine or helicopter. Small aircraft generally includes any machine or craft that can travel in the air and has a nationality and registration mark assigned to it pursuant to the Chicago Convention. Subordinate/Subordination A secured party can indicate at registration or subsequently (by using the amend registration function) that a registration is (or is to be) subordinated to any other security interest. See section 61 of the PPS Act for more details. Third Party An intermediary or broker who is authorised to conduct transactions on behalf of a secured party. Tokens Each registration is issued with a registration token (or token). A token is used to authorise a user to amend or discharge a registration. A record of the token should be kept safe and made available only to personnel authorised to amend or discharge a registration. There is only one token per registration. If a token is lost or compromised a new token can be requested. Trade Mark A trade mark can be a word, phrase, letter, number, sound, smell, shape, logo, picture, aspect of packaging or a combination of these. It can also protect brand names. A trade mark is intangible personal property. Transacting on Behalf of 'Transacting on behalf of' is when a user transacts on the PPS Register on behalf of another person. Typically this may be done when the Personal Property Securities Service undertakes a PPS Register function on behalf of member of the public who has contacted them. Transitional Register Is a register that is held by the officer or agency of the Commonwealth or a state or a territory which contains data which will be migrated to the PPS Register. Transitional Registration A registration on the PPS Register in relation to a transitional security interest. Transitional Security Agreement Means a security agreement that is in force immediately before the registration commencement time and that continues in force after that time. See section 307 of the PPS Act for the definition of 'transitional security agreement'. Transitional Security Interest A security interest that arises from a transitional security agreement. See section 308 of the PPS Act for the definition of 'transitional security interest'. Unsupported Data Data in a transitional register that has no corresponding field in a PPS Register registration. If the data provider wishes to include any of this data a facility to do so through the migration process has been allowed for. This 'unsupported data' can be included in the migration record and it will be stored with the migrated registration in PPS Register as unstructured data. Vehicle Registration Number A series of numbers and/or letters that is assigned to a vehicle by the relevant road traffic authority upon registration of a motor vehicle. Verification Reports

13 A report produced during migration of registrations from transitional registers to the PPS Register. The verification report verifies which registrations were successfully to the PPS Register and those which were not successfully migrated. Verification Statement A document confirming the details of a registration on the PPS Register to the SPG's address for service. Secured parties should ensure that the details on the verification statement received are correct, since certain mistakes will mean that the registration is ineffective. VIN (Vehicle Identification Number) The VIN is a 17 character unique serial number used to identify a motor vehicle. If a motor vehicle has a VIN, then a registration or a search for that motor vehicle on the PPS Register should be made against that VIN. VoIP Voice over Internet Protocol is a protocol optimised for the transmission of voice through the internet or other packet switched networks. Watercraft A watercraft is a boat or vessel (other than a seaplane) that is used, or intended to be used, in navigation by water or for any other purpose on water that has: 1. a hull identification number, or 2. an official number, within the meaning of the Shipping Registration Regulations 1981, issued by the Registrar of Ships (within the meaning of the Shipping Registration Act 1981 ).