How important of the Personal Property Security Register

Strings attached as guitar store goes under
JACKSONS RARE GUITARS sold instruments to the stars: George Harrison, Metallica, Slash and Keith Urban. The walls were adorned with rock’n’roll perfection: 1957 Fender Stratocasters, 2002 Rickenbacker 660/6s and numerous Gibson Les Pauls.

Jacksons was placed in voluntary administration last month, leaving more than 100 clients who were selling their instruments on consignment with only a small chance of retrieving their guitars.

For those who had consigned guitars – close to $850,000 of the stock – the experience has highlighted the potential pitfalls of a new law which, until now, many did not know existed.

The Personal Properties Securities Act, which came into effect on January 30, requires the owners of consigned goods to lodge their details with an electronic register – called the Personal Property Securities Register – that can be searched by potential buyers.
This article was taken from the Sydney Morning Herald. 18 December, 2012.

Read the full article.

, , , , , , , , , , , , , ,