"An example is where a horse is leased to a trainer who has mortgaged their stables to a bank. The bank registers an interest over all the trainer’s assets including the stables and horses, but the horse owner fails to register an interest in the horse they have leased. The trainer defaults on the loan and the bank takes possession of all the assets. As the horse owner has not registered their interest, the bank may be entitled to take possession of the animal"
I understand if you have a handshake deal with a trainer how this PPSA is important you are registering your financial interest in the horse. Now i'm not a lawyer but if i've got a formal lease in place that is registered with the appropriate HR authority that has me listed as the owner and the trainer listed as the leasee - then doesn't that automatically show that i have a financial interest in the horse.
Can a lawyer explain it so us normal people that rely on common sense can understand it.