PPSR glossary

46 terms, one line each. Click through for the longer version and where the term appears on the register.

Access code and token: The credentials that control an SPG and each registration.
Accession: Goods installed in or affixed to other goods, such as an engine fitted to a truck.
Address for service: The address on the SPG where the PPSR and grantors send notices, including verification statements and amendment demands.
All present and after-acquired property (AllPAAP): A collateral class covering everything the grantor owns now or later; the class a bank uses for a general security deed.
Amendment demand: A grantor's formal demand that a registration be amended or removed.
Attachment: The moment a security interest comes into existence against the grantor.
Authorised search purpose (s172): One of the reasons listed in the PPSA that permits a search against an individual grantor.
Collateral: The personal property the security interest is over.
Collateral class: The category chosen on the register to describe the collateral.
Commercial property: Personal property that is not consumer property: goods held by a business or used in an enterprise.
Consumer property: Personal property held by an individual for personal, domestic or household use.
Deed of company arrangement (DOCA): A binding agreement between a company and its creditors, approved at the second creditors' meeting, that lets the company continue.
Duration (end time): How long a registration lasts: up to 7 years, up to 25 years, or no end time.
Financing change statement: An amendment, renewal, transfer or discharge of an existing registration.
Financing statement: The legal name for a PPSR registration.
Fixture: Goods attached to land so that they become part of it.
Grantor: The person who grants the security interest: the customer, buyer, hirer or borrower.
Grantor search: A PPSR search by the grantor's identifier (ACN, ABN or individual details) returning every current registration against them.
Individual grantor: A grantor who is a natural person, including a sole trader, identified by name and date of birth.
Inventory: Goods the grantor holds for sale or lease, or uses up in its business.
Liquidation: The winding up of a company: its assets are sold and the proceeds paid to creditors in a fixed order.
Organisation grantor: A grantor that is a company, trust, partnership or other body, identified by ACN, ABN or ARBN.
Perfection: The step that makes a security interest effective against third parties and insolvency practitioners, usually registration.
PMSI (purchase money security interest): A security interest that secures the purchase price of goods, or a lessor's interest under a PPS lease; it can rank ahead of earlier registrations.
PPS lease: A lease or bailment of goods for more than two years, or for an indefinite term, by a lessor regularly engaged in leasing.
PPSA: The Personal Property Securities Act 2009 (Cth), the law behind the PPSR.
PPSR: The Personal Property Securities Register, Australia's national online register of security interests in personal property.
Priority: The order in which competing security interests are paid out of the same collateral.
Proceeds: Whatever the grantor gets when it deals with the collateral, such as money from selling it.
Proof of debt: The form a creditor lodges with an administrator or liquidator to claim what it is owed.
Registration: An entry on the PPSR recording a security interest; the main way to perfect an interest.
Registration timing: The windows that decide whether a registration gets PMSI priority and survives s588FL.
Retention of title (ROT): A clause in supply terms that keeps ownership of goods with the supplier until the customer pays.
Search certificate: The PPSR's formal record of a search and its result, admissible as evidence of what the register showed at that time.
Section 588FL (20 business days): The Corporations Act rule that a security interest from a company must be registered within 20 business days of the agreement, or at least six months before insolvency, or it vests in the company.
Secured party: The person who holds the security interest: the supplier, lessor, lender or consignor.
Secured party group (SPG): The identity a secured party uses on the PPSR; one or more secured parties with a number and an access code.
Security interest: An interest in personal property that secures payment or performance of an obligation.
Serial number search: A PPSR search by VIN, chassis, HIN or other serial number for registrations over that specific item.
Serial-numbered property: Motor vehicles, watercraft, aircraft and some intellectual property, which can be registered and searched by serial number.
Super-priority: The PMSI's ability to rank ahead of an earlier-registered all-assets security interest over the same goods.
Unsecured creditor: A creditor with no security interest over the debtor's property, paid last in an insolvency.
Verification statement: The PPSR's confirmation of a registration, sent to the secured party's address for service.
Vesting (s267): The rule that an unperfected security interest passes to the grantor when the grantor becomes insolvent.
VIN: The 17-character vehicle identification number used to register and search motor vehicles on the PPSR.
Voluntary administration: A process where an independent administrator takes control of an insolvent company to decide its future.