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In addition to the types of chattel security arrangement already described, there are many other kinds of agreement involving chattels (and other personal property) that can be used for the purposes of securing payment of a debt. Historically, chattel securities were distinguished by name and each of them was subject to quite complex common law and statutory rules.
More recently, Commonwealth legislation has simplified the approach to all chattel securities, with the added advantage that the rules are now uniform throughout Australia. The relevant Act is the Personal Property Securities Act 2009 (Cth) (PPSA), which commenced operation on 30 January 2012. Under this Act, a generalised approach is taken to the regulation of all kinds of chattel security arrangements. For this purpose, a new terminology has been established. Click on each of the words and phrases in the list below for an explanation of their meaning.
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