Macquarie Leasing Pty Ltd v The Registrar of the Personal Property Securities Register [2014] NSWSC 1677

Macquarie Leasing Pty Ltd v The Registrar of the Personal Property Securities Register [2014] NSWSC 1677

Because neither Australian Keg Company Pty Ltd nor Pro-Act Australia Pty Ltd had a security interest in the truck, and Mr Culleton did not believe on reasonable grounds that either company was or would be secured over the truck, the security interest registrations were void and of no effect, should be set aside, removed from the PPSR, and the companies restrained from further registrations claiming an interest in the truck without further order.

Jurisdiction
Australia
Judgment Date
25 November 2014
Procedural Posture
Application Concerning Personal Property Securities Register Registrations / Duty List Hearing; Principal Judgment
Outcome
Security interests set aside.
Legal Topics
['personal Property Securities Register' 'financing Change Statement' 'security Interest Over Truck' 'restraint on Registration of Financing Statements']
['securities' 'personal Property Securities'] ['personal Property Securities Register' 'financing Change Statement' 'security Interest Over Truck' 'restraint on Registration of Financing Statements']

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Procedural Posture

Application Concerning Personal Property Securities Register Registrations / Duty List Hearing; Principal Judgment

Legal Issues

  1. 1 ['Whether Australian Keg Company Pty Ltd had a security interest in the Kenworth Prime Mover registered on the Personal Property Securities Register.' 'Whether Pro-Act Australia Pty Ltd had a security interest in the Kenworth Prime Mover registered on the Personal Property Securities Register.' "Whether the Registrar should register financing change statements removing the second and third defendants' security interest registrations." 'Whether the second and third defendants should be restrained from registering or causing to be registered financing statements claiming an interest in the truck without further order of the Court.']

Ratio Decidendi

Because neither Australian Keg Company Pty Ltd nor Pro-Act Australia Pty Ltd had a security interest in the truck, and Mr Culleton did not believe on reasonable grounds that either company was or would be secured over the truck, the security interest registrations were void and of no effect, should be set aside, removed from the PPSR, and the companies restrained from further registrations claiming an interest in the truck without further order.

Court Disposition

Security interests set aside.

Orders

  • ['A declaration that the security interest in favour of the Second Defendant registered over the Kenworth Prime Mover, VIN number 6F50000005A429904, registration plate number 97WL, engine number 6NZ98709, being security interest registration number 201410170047444, is void and of no effect and be set aside.' 'The...