Agrifunder owns the livestock as reflected by the correctly named invoice and settlement of that invoice. Security for the placement is further reflected by a specific livestock registration (Livestock PMSI) on the Personal Property Securities Register (PPSR).
- Agrifunder will commence the PPSR PMSI registration process on approval of any facility (or earlier by agreement).
- The PPSR registration must be in place prior to any livestock moving onto the Operator’s PIC to correctly record Agrifunder’s interest in those assets. If livestock are present on the property as per the NLIS movement date prior to the PPSR registration date, funding may not be provided
- The preliminary steps of the Agrifunder application process will include conducting searches on the Operator’s legal entities (ABN, ACN &/or Name) to identify any pre-existing registrations that may impede Agrifunder’s PPSR priority. If any do exist, they may need to be fully discharged or amended upon further discussion with the Operator.
- Once Agrifunder’s PPSR PMSI is in place, this will cover all livestock whether current or subsequently purchased. Any ongoing livestock purchases are automatically covered under this security interest without the need to register a purchase each time.
- A PPSR charge can be removed on the completion of all funding arrangements at the request of the Operator.