SFS Projects v Registrar of Personal Property Securities [2014] FCA 846

A holder of three security interests registered on the PPSR assigned those interests. However, the form the parties sent to the Registrar mistakenly requests that the interests be released, rather than merely record the registration. Accordingly, the interests were released.

The assignee sought orders compelling the Registrar to restore the registrations pursuant to s186 of the PPS Act. The question was whether the Act permits the Registrar to restore registrations where the mistake was made by the interest holders, or limited to apply only to mistakes made by the Registrar.

The court found that the Registrar had power to reinstate registrations incorrectly removed from the register irrespective of who made the mistake. The PPS Act is plainly intended to benefit security holders and supports this interpretation.

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