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ARTICLE · 16 SEPTEMBER 2011

PPSA terminology

When it is implemented, the PPSA will introduce an assortment of new terminology.

AustraliaFinance and Banking

In Brief

The Personal Property Securities Act 2009 (PPSA) was due to come into force on 31 October 2011, however, the Commonwealth Attorney General's department has now confirmed that this date is not achievable and it is now targeting a date before 1 February 2012.  

New terminology

When it is implemented, the PPSA will introduce an assortment of new terminology and concepts to the area of security over assets.  Some of the new terms include:

Now

PPSA

chargee

secured party

chargor

grantor

secured property

collateral

charge deed

security agreement

fixed charge

security interest in a circulating asset

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