Veda PPSR Disclaimer

a.  Veda is not able to and does not give legal advice on the Personal Property Securities Act 2009 (PPSA).

b.  Veda's search and registration related services are information services only. Veda is not able to confirm whether any particular registration is valid or has the priority expected by a secured party. Veda does not advise as to the priority rules, including without limitation about competing priorities. The use of Veda information services may be of assistance in making decisions to provide services to a customer, but only if the information is applied in accordance with credit and risk policies and decision frameworks that are appropriate for your business.

c.  Where you request a search, Veda uses reasonable efforts to perform a search of the kind requested using the requested search terms, on publicly available registers including PPSR, depending on the kind of search you have requested, and to provide to you the requested details. The results of a search can be no more accurate or complete than the publicly available registers themselves at the relevant time. Veda cannot be responsible if the search does not return information needed by you because incorrect information or ambiguous instructions are included in the search request, or because the publicly available registers are not available or hold incorrect information.

d.  If you are or will be a PPSA "secured party", you should understand how the PPSA affects your business and securities. If technicalities in relation to becoming a secured party and registering a security interest (including specific rules about attachment and perfection of interests) are not complied with, the secured party may find that its security interest has an impaired priority or becomes worthless. Secured parties should seek specific legal advice on these matters.

e.  For registration services provided by Veda, it is your responsibility as a secured party to understand what must happen for a registrable security interest to arise and continue to exist, and what information must be included on the PPSR for a valid registration, and to:

i. collect all required information from the grantor of the security interest;
ii. collect all the required details about the personal property in which you have or will have a security interest;
iii. understand the technical specifications about the different types of security interests and the associated requirements, and
iv. provide Veda with the correct details in the specified format.

f.  Any errors in the instructions provided to Veda may result in a failed registration or a registration that may be later found to be invalid or not to have the desired priority.

g.  Where you request that Veda provide a verification service as part of the process of registering a PPSR security interest, Veda will attempt to compare the information provided by you against certain publicly available information and some Veda specific data sources (such as motor vehicle VIN records and the National Names Index operated by ASIC, depending on the kind of verification requested). Where Veda is unable to match data to a record in a database, it will report to you that it has been unable to identify any match and it is your responsibility to ascertain the correct information. Where Veda is able to match the information to a record in a database, this does not confirm (and Veda does not warrant) that you have correctly identified the Grantor or the personal property or matched the two correctly; merely that Veda has access to a record which suggests that that Grantor and that Personal property exist.

h.  In following your instructions, Veda will not be responsible for any consequential losses you may suffer due to an incorrect registration to the PPSR or failure to identify any relevant registration.

For transitional re-registration services, the following disclaimers will be appropriate in addition to those noted at (a) to (h) above
a.  Where you have determined that migrated transitional security interests should be amended or re-registered, it is your responsibility to ascertain what information needs to be included in the relevant registration. You must provide Veda with the correct information and instructions to allow Veda to undertake a formal re-registration to the PPSR. Veda may not be able to undertake a formal re-registration if you have not provided all the correct information and the required instructions.

b.  As a consequence of an invalid registration, you may lose your security interest in the personal property to another person and may not be able to rely on it when you need it. In following your instructions, Veda will not be responsible for any consequential losses you may suffer due to an invalid registration to the PPSR.