What is a PPSA in the UK?

The PPSA establishes an entire regime for the creation, registration and enforcement of security interests over personal property, whether tangible or intangible. It commenced on 30 January 2012.

What is PPSA Australia?

The Personal Property Securities Act 2009 (Cth) (“PPSA”) is a piece of commonwealth legislation which came into effect in 2012. The PPSA has reformed lending that is secured by any collateral other than land or interests in land, changing the way in which business take security over collateral.

What is PPS property?

PPS Property means all property (other than Excluded Property) over which the Borrower or a Security Provider is legally capable under the PPS Act of granting a security interest.

What is a security interest under the PPSA?

A security interest under the PPSA is an interest in personal property provided for by a transaction that, in substance, secures payment or performance of an obligation, without regard to the form of the transaction or the identity of the person who has title in the property.

Who can be a secured party?

Defined in the UCC as: A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding. A person that holds an agricultural lien.

What is the Personal Property Securities Act 2009 Cth designed to cover?

Personal Property in the Personal Property Securities Act The PPSA affects all security interest in personal property. Personal property covers almost all tangible and intangible property. The key exception is real property. Accordingly, if you are granting a mortgage over your real property, the PPSA will not apply.

Why was the PPSA introduced?

The Personal Property Securities Act 2009 (Cth) (PPSA) introduced comprehensive Commonwealth legislation which now governs all aspects of the use of personal property as security for credit or the performance of obligations. It erodes some traditional rights of the holder of title in personal property.

What is PPS Australia?

The Personal Property Securities (PPS) register provides a single online place for people around Australia to: register their security interests in personal property to protect those interests. search to see if personal property is covered by a security interest that may mean, for example, it can be repossessed.