There are many legal implications for fishing, much of it governed by the South Australian Fisheries Management Act 2007.There is also the newly legislated Federal Personal Properties and Securities Act 2009, which creates a unified law and registry for personal property security.
What is personal property?
Personal property is essentially everything other than land or buildings. This includes things like boats, equipment and crops, but not fishing licenses.
What is a Security Interest?
A security interest is a right made by agreement and secured by an asset, such as a mortgage or retention of title.
The Personal Properties and Securities Register (PPSR)
The PPSR is an online nation-wide register for personal property interests. The PPSA creates a priority system that, much like the land titles system, protects and recognises interests that are registered.
How does this affect to the fishing industry?
Fishing, whether for business or recreational purposes, can involve significant assets.
Even a ‘catch’ is considered personal property and can be used as collateral for a loan. Because of the high cash value of a commercial sized catch, this has made the agricultural and fishing business more attractive to financiers.
The Personal Properties and Securities Register has now replaced the following registers previously used by commercial fishermen:
- Commonwealth Shipping Register
- Statutory Fishing Rights Third Party Interest Public Register
- South Australian Vehicle Securities Register
- South Australia Land Titles’ Registry of Deeds and Crop liens.
Whether you are buying a boat, running a commercial fishing business or lending money to one, speak to Tasman at Hume Taylor & Co to ensure you are protected.
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