IPA patent 7.10.2.3-security-interests — IP Australia Patent Manual of Practice and Procedure – 7.10.2.3 Security Interests

Also in this Chapter: 7.10.2.1 Recording New Particulars in the Register 7.10.2.2 Change of Ownership ​​​​​​​ 7.10.2.4 Licences 7.10.2.5 Court Orders 7.10.2.6 Equitable Interests 7.10.2.7 Effect of Registration or Non-Registration 7.10.2.8 Trusts 7.10.2.9 False Entries in the Register The Personal Property Securities Act 2009 established a national online PPS Register with electronic registration and search processes. The PPS Register replaced over 40 different registers of security interests in Australia, including the Register of Patents. The Personal Property Securities (Consequential Amendments) Act 2009 amended the Patents, Trade Marks, Designs and Plant Breeder’s Rights Acts to change the recording of security interests against these rights and standardise the rules of priority. Accordingly the Register of Patents is no longer a legal securities Register. From 30 January 2012, mortgages and other security interests newly recorded on the Register of Patents may have no legal effect. Existing and new security interests over patents need to be recorded by the secured party on the PPS Register. Security interests previously recorded on the Register of Patents were not automatically migrated to the PPS Register. Secured parties that had interests recorded on the Register of Patents had a transitional period of 24 months to 30 January 2014 in which to record those interests on the PPS Register and maintain their priority. All new security interests must be recorded on the PPS Register from 30 January 2012. Secured parties will continue to be able to record their interests on the Register of Patents. This will enable registrants to receive notifications, be given an opportunity to be heard, or given the opportunity to make submissions, where appropriate. Parties will need to obtain their own advice on whether they also need to register their interest on the PPS Register.