Macquarie Leasing v The Registrar of the Personal Property Securities Register [2015] NSWSC 94

Macquarie Leasing v The Registrar of the Personal Property Securities Register [2015] NSWSC 94

The plaintiff was the first registered secured party over the prime mover and held priority by registration. The later PPSR registrations, including the registration in favour of a non-existent entity, were undertaken to thwart the plaintiff's enforcement and could not affect the plaintiff's rights. The Court therefore ordered removal of the offending registration and made an ambulatory order to remove any further registration so the sale could complete.

Jurisdiction
Australia
Judgment Date
16 February 2015
Procedural Posture
Equity Division Proceeding Concerning Removal of Personal Property Securities Register Registrations / Application for Orders; Ex Tempore Principal Judgment
Outcome
Orders made removing the registration of charges and enabling completion of the sale; costs ordered against the second defendant.
Legal Topics
['personal Property Securities Register' 'security Interests' 'removal of Registrations' 'priority of Registered Security Interests' 'chattel Mortgage']
['equity' 'personal Property Securities'] ['personal Property Securities Register' 'security Interests' 'removal of Registrations' 'priority of Registered Security Interests' 'chattel Mortgage']

Case Brief

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Procedural Posture

Equity Division Proceeding Concerning Removal of Personal Property Securities Register Registrations / Application for Orders; Ex Tempore Principal Judgment

Legal Issues

  1. 1 ['Whether a subsequent PPSR registration in favour of a non-existent purported secured party should be removed.' 'Whether the Registrar should be directed to remove any further security interest registered before 12 noon the following day.' 'Whether costs should be ordered against Australian Keg Company Pty Ltd.']

Ratio Decidendi

The plaintiff was the first registered secured party over the prime mover and held priority by registration. The later PPSR registrations, including the registration in favour of a non-existent entity, were undertaken to thwart the plaintiff's enforcement and could not affect the plaintiff's rights. The Court therefore ordered removal of the offending registration and made an ambulatory order to remove any further registration so the sale could complete.

Court Disposition

Orders made removing the registration of charges and enabling completion of the sale; costs ordered against the second defendant.

Orders

  • ['Registration of the current security interest registered or purportedly registered in favour of the non-existent purported secured party to be removed.' 'The Registrar to remove any subsequent security interest registered up until 12 noon on the following day.' "Australian Keg Company Pty Ltd to pay the...