Check the timing of a purchase money security interest registration
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- From the supply or funding contract and the possession or attachment date, say whether the collateral is inventory and calculate the last day for a registration that claims purchase-money priority. The tool does not decide that the interest is a purchase money security interest.
- What the lawyer must review
- The lawyer decides whether the interest is a purchase money security interest, whether inventory or the 15-business-day rule applies, and whether the registration states that claim.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | From the supply or funding contract and the possession or attachment date, say whether the collateral is inventory and calculate the last day for a registration that claims purchase-money priority. The tool does not decide that the interest is a purchase money security interest. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- The lawyer decides that the interest is a purchase money security interest before any priority is claimed.
- For inventory that is goods, the interest must be perfected by registration at the time the grantor obtains possession. For other inventory, at the time the interest attaches.
- For property other than inventory, registration must be before the end of 15 business days after possession or attachment. Do not use a 15-calendar-day count.
- The registration must state that the interest is a purchase money security interest. The register page says a missed tick cannot be corrected later.
Sources
- Personal Property Securities Act 2009 section 62 · 2026-10-22
- PPSR: Do you have a purchase money security interest? · 2026-10-22
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.