Radical and revolutionary – function over form. the
commencement of the Personal Property Securities Act 2009 (Cth)
(PPSA) on 30 January 2012 means that australia now joins the united
states, Canada and new Zealand with a comprehensive system for
recognising, registering and enforcing security interests over
personal property.
Overview
In very broad terms, personal property means any asset other
than real property. Subject to certain statutory exceptions, it
covers all forms of moveable goods as well as all forms of
intangible property, like intellectual property, financial products
and accounts receivable. Goods that are affixed to land are
excluded. When a security interest has attached to personal
property it is called collateral, the entity giving the security
interest is called the grantor, the entity liable for the secured
obligation is the debtor (which may also be the grantor) and the
holder of the security interest is the secured party.
