Sunday 22 January 2012

Australia: new register affects security interests in IP

The most recent Arthur Allens Robinson IP Focus is on "IP and the transition to the Personal Property Securities Act".  According to its authors (Tim Golder, Tom Reid and Geoff McGrath), companies and individuals that own, license or hold security interests in intellectual property should be aware that the Personal Property Securities Register (the 'PPS Register') will go live on 30 January 2012, ushering in the reforms implemented by the Personal Property Securities Act 2009. This focus looks at the transitional arrangements and the implications of the new regime.

IP owners and their advisers should be aware that security interests over intellectual property which have already been registered with IP Australia (the Australian patent and trade mark office) will not be automatically migrated to the PPS Register and will need to be re-registered. During a 24-month transitional period, pre-existing security interests will continue to be protected -- even if they have not yet been registered on the PPS Register. Once that period ends, owners of pre-existing security interests that have not been registered will risk losing priority.

Thanks are due to Robyn Chatwood (Slaughter and May) for drawing my attention to this item.

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