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About Product
Where a Party is borrowing money with personal property including motor vehicles, jewellery as security, the secured party generally requires a General Security Deed to secure its rights including taking possession or selling the secured personal property in the event of default by the grantor on its obligations.
The LYD General Security Deed acts as a collateral for a loan or financing agreement and may be registered with the Personal Property Securities Register (PPSR) to make it enforceable. It includes all the specifications such as description of the assets that are subject to the security interest, the names of the grantor and secured party, and the date on which the security interest was created.
► $129.00 (inc GST) - OR provided under your unlimited membership
► The master document has been signed off by LY Legal and is congruent with Australian law.
General Information
The LYD General Security Deed for the Personal Property Securities Register (PPSR) is a legal document that establishes a security interest in personal property, such as equipment, vehicles, inventory, and other assets, as collateral for a loan or other financial arrangement. The PPSR is a national online register that records security interests in personal property. It allows individuals and businesses to register security interests in personal property.
Prepared by Abbott and Mourly Lawyers, it is an effective legal document that can be easily registered with the PPSR.
Benefits
- provides a comprehensive security interest over all of the grantor's personal property, including current and future assets.
- allows the secured party to take possession of and sell the assets in the event of the grantor's default.
- facilitates the financing of a business by providing lenders with a security interest in the assets of the business as collateral.
- Perfect and vital for related party transactions.
- Compliant with the superannuation, taxation and real estate laws
- Signed off by LY Legal lawyers
Frequently Asked Legal Questions
Can this be registered with the PPSR?
Yes, the LYD General Security deed is compliant with all laws and is made especially for the purpose of being registered with the PPSR.
How long does this document take to assemble?
Depending on the complexity of the data, this document should take approximately 5-10 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts
Is this document a legal document?
All master documents have been signed off by LY Legal lawyers. Tony Anamourlis of LY Legal advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LYD platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LYD platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”
However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by LY Legal.
The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:
“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”
Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.
Is the document easy to read?
All LYD products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lyd.com.au.
What lawyers sign off on the LYD documents?
All LYD documents are prepared and signed off by LY Legal.
Are the LYD documents reviewed regularly?
All LYD documents form part of the LYD internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is included on this website.
Can I get a sample of this document?
Yes, please email support@lyd.com.au to request a sample document for you to review.