What is the PPSA?
The Personal Property Securities Act 2009 (Cth)
(PPSA) is a law about security interests in
personal property which applies Australia-wide. The PPSA is one of
the most significant commercial law reforms in recent times and
came into effect on 30 January 2012. The PPSA affects all
"security interests" in personal property and impacts a
broad spectrum of industries, including construction.
How does the PPSA work?
The PPSA regulates security interests in personal property,
which is all property other than land and fixtures (subject to some
exclusions) provided for by a transaction that secures payment or
performance of an obligation. An excavator, crane, a lift intended
for installation and even intellectual property can all constitute
personal property. The PPSA also applies to certain deemed security
interests that include many equipment leasing arrangements.
