Written by Nicola Young, B2B Lawyers
The correlation between the PPSA and family matters may not be immediately obvious. However, the new securities legislation impacts on family law in the following way:
Where former spouses are entering into a section 90C financial agreement or final orders are made, an ex-spouse may agree (or be required) to provide security for payment obligations. Any guarantee should include PPSA security provisions whereby the ex-spouse (grantor) agrees to grant an ALLPAAP and a charge over all his/her other property, including land, to which the PPSA does not apply.
Take out lesson:
The impact of the PPSA is far ranging. Not only does it affect businesses and financiers in the commercial realm but also family arrangements to the extent that security has a part to play. If you are acting for a husband or wife who is in the process of separation, you may need to take into account the PPSA.
For further information, please contact: Nicola Young, B2B Lawyers, +61 3 8602 4000, firstname.lastname@example.org
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