The Act and PPSR apply to security over personal property – property that is not land or fixtures to land (i.e. real estate and buildings).
Personal property can be owned by a commercial organisation or an individual.
A business can use personal property as collateral (as security for a debt owed to sellers or financiers), and this can include goods leased or hired, or received on consignment.
A security interest must be registered on the PPSR by the secured party to ensure their interest is secured.
The debtor, buyer or customer who offers the collateral as security is called the grantor under the Act.
For more information on key concepts see Key concepts explained.