OTHER IMPORTANT CHANGES – TRANSITION, ROTs AND IP LICENCES
Two Year Transition Period
- Do not get a false sense of security about the Two Year Transition Period mentioned, A security interest over personal property created before the new Personal Property Security Register started on 13 January 2012 can remain unregistered (until 30 January 2014), but any Personal Property Interests created from 30 January 2012 must be registered if they are to be enforceable against third parties
- The grace period of 24 months, (starting 30 January 2012) in which pre-existing security interests will continue to be protected, even where not registered, will lapse after the 24 month period has expired.
Retention of Title Clause must now be registered
- A Retention of Title is now classified as a "purchase money security interest" and whilst such an interest takes priority over other interests, it will only do so if the interest is registered.
IP Licence Agreements
- There will be no automatic migration of any interest registered with another body, such as IP Australia. Such interests must be re-registered.