Under the Personal Properties and Securities Act (PPSA) most statutory rights, including state issued fishing licenses, are excluded. Therefore any registered security interest on the PPSA will not cover a fishing license.
Can a fishing license still be used for security?
Under the South Australian Fisheries Management Act 2007 you can register a third party interest over a fishing license, which allows the third party rights on the license particularly regarding its transfer. Unlike the PPSA, this register is run by the South Australian Government.
Whether you are a financier or a commercial fisher it is important to remember that despite the PPSA, a separate process must be followed for fishing licenses. If you want your security interest protected, you must register it.
Exceptions
A statutory fishing right granted by the Australian Fisheries Management Authority (AFMA) are however subject to the PPSR (Personal Properties and Securities Register). The PPSR replaced the Fishing Rights Third Party Interest Public Register.
If you would like advice about how to register a security interest over a fishing license please contact Tasman at Hume Taylor & Co to make an appointment today.
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