legal eagle - promotion
- Janelle Brown Partner at Robertson Hyetts Solicitors
cogho’s couch
- Bryan ‘Cogho’ Coghlan program director 3BO/Star FM
what’s mine may in hindsight He may be known as a tough Heathcote be yours Football Club legend but Brendan Baker If you bought something on finance recently, chances are that you have created a “security interest”. The laws affecting security interests are about to change. The Personal Property Securities Act (the Act) is due to begin operation in October. It will establish a national system for the registration of security interests against almost all types of property except land, fixtures and water rights. It will apply to both physical assets and to intangible assets such as intellectual property, licenses, contractual rights and shares. In other words, a security interest can be taken over physical assets like cars, animals and trading stock as well as nonphysical assets like company shares, franchises and business names.
has a new focus on the horizon.
Cog: Welcome to the couch Bakes. First of all… You played for Heathcote Footy club and had an amazing run in the 1990s in the way of lots of Grand Finals but not much success. Tell me about that? Bakes: Cogho, thanks for the opportunity. Yeah it was a pretty good time, I played in some great sides but Mt Pleasant just seemed to have better ones. We only won the two flags and lost seven, but I consider myself lucky as some footballers play their whole careers and never win one, let alone play in nine of them. Cog: Did Mum and Dad push you hard with your sport? Bakes: Not really mate, it was just cricket in the summer and footy in the winter, but in saying that they were always driving me all over the place and giving me a lot support and advice. Cog: Mate, what’s something bizarre that one of your coaches has said to you?
Usually a security interest is created when a party takes an interest in personal property as security for a loan. As well as these traditional securities, the Act will also cover transactions that previously have not been treated as security interests. This will be a big change for businesses that enter into:
Bakes: It was 1990 and I was playing for St Arnaud in the NCFL, we had the best side in the competition but got beaten in the grand final by a point to Charlton. I was lucky enough to be receiving some great remuneration at the time, and after the game the coach accused me of being bribed by Charlton to play dead in the Granny.
• Sale agreements that contain a clause that allows possession but not title to personal property to be given to the purchaser before payment;
Cog: Tell us how hard it’s been to set up the new Hindsight Club and what’s the Goal?
• Operating leases (other than short term arrangements); • Finance leases; • Commercial hire purchase agreements. Currently these types of interests are not necessarily recorded. When the Act commences these interests will need to be registered if you want to be sure your interest will have priority against other claimants. The Act creates the national PPS Register where lenders and businesses can record their security interests. Secured parties, buyers and other interested parties will be able to search the PPS Register to find out if a security interest is registered over the personal property at any time. Without a valid registration the interest you hold in the personal property may be lost. For example, under the current law, someone who does not own that property cannot pass legal title. Under the new Act, if an interest is not registered, a person who has possession but not ownership of the personal property can validly sell legal title to it to a bona fide purchaser for value without notice. A more common situation may arise where the person who has possession of the personal property gets into financial difficulty. Under the current law if you can show you have legal title to the personal property then you can repossess it. Under the Act, if you have not registered your security interest, and someone else (usually the bank) has a registered security interest over the personal property then the bank’s registered interest will take priority over yours. To protect yourself in these situations you must register your security interest properly and promptly. This article provides general information only about the Act. Businesses affected by the new law should obtain specific advice. Robertson Hyetts Solicitors can provide tailored solutions for your business. Contact Janelle Brown on (03) 5434 6666. ■
Bakes: It has been hard to set up mate, a lot of hard work behind the scenes. The goal of the Hindsight Club is to raise money once every year by the way of a race day luncheon at the Bendigo Jockey Club and with the money raised going to Horizon House. We want to support local Bendigo people and help them to move forward in their lives, so we are keeping the money raised local. Cog: There’s a rumour going around that you used to love a sledge when you played cricket as a fiery fast bowler? Please explain. Bakes: They are not rumour’s mate, I thrived on it when I played cricket. If you could get that slight advantage over the batsmen either through sledging or fear It would just make me bowl faster. It was a wonderful feeling to have at your disposal. Cog: What’s the funniest thing you have heard on the field? Bakes: When I was a young fella just out of the under 16s and playing my first senior season back in 1985, we were playing Broadford and they were tough. I lined up at full forward and as I shook the hand of the full back before the bounce he said to me “hey young fella, you kick a goal today and I’m gunna burn your house down.” Tell me the first thing that pops into your head when I say a name… Bryan Coghlan… Fundraising Heathcote... Great times Julia Gilliard… Next question Hindsight Club... Excited HDFNL… Good people, good football and netball Collingwood… Love them or hate them Kylie Minogue... Better than Danni Horse Racing... Friendships and fun 3BO… Community and professional Brendan Baker... Out there Jennifer Hawkins – God’s gift Cog: And wrapping up if you were a drag queen you would need a name. What was the name of your first pet and street name? Bakes: Barnie Wright Thanks for Sitting on the Couch Bakes. ■ 187