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.
An AllPAAP registration is why a supplier needs a PMSI: it covers goods the customer acquires after the bank registered, including goods a supplier delivers on retention-of-title terms. It is common to see several AllPAAP registrations against one business.
Related terms
- Collateral class — The category chosen on the register to describe the collateral.
- Super-priority — The PMSI's ability to rank ahead of an earlier-registered all-assets security interest over the same goods.
Need this registered, not just defined?
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