Glossary of terms

Terms you need to understand when using the PPSR


Application Programming Interface. Web services that allow two systems to talk to each other. Rather than use the PPSR website, API users can integrate PPSR functionality directly into the software they use.


A security interest becomes ‘attached’ when there is a contract to sell, supply or hire out goods to the debtor, or when funds are lent to someone offering property as collateral. The debtor must have signed or agreed to a security agreement in respect of the collateral. Attachment is not sufficient to protect the interest of the creditor – to do this, the security interest must be perfected.

Change demand

Where a debtor, or another party with an interest in the collateral, demands a change to information contained in the financing statement, for reasons set out in the Personal Property Securities Act 1999.

Change demand PIN

The personal identification number assigned to a change demand (see above) once it has been registered.


Personal property that is subject to a security interest. A description of the collateral is one of four key elements required to register a financing statement on the PPSR (unless the collateral type is 'all present and after acquired personal property').


A person or organisation to whom a debt is owed. In the PPSA (Personal Property Securities Act) and PPSR (Personal Property Securities Register) they are referred to as a secured party.


A person or organisation that owes money, or the performance of an obligation, to a secured party.

Debtor PIN

The personal identification number that a debtor or interested party is required to enter before lodging a change demand on the PPSR.


A release of obligations. In terms of the PPSR, financing statements are discharged when the debtor has paid all money owing or has performed all obligations.

Financing change statement

The information registered to amend a financing statement in the PPSR. This can be used to renew, discharge, or subordinate a financing statement, or to amend details.

Financing statement

The information required to register a legal claim to property (security interest) on the PPSR. A financing statement includes the debtor details, collateral details, secured party group details and the expiry date. The maximum term of registration is five years and can be renewed at any time before the expiry of that term.

Financing statement PIN

A unique access code assigned to a financing statement. A secured party needs this, as well as its secured party group ID and password, to register a financing change statement.

Financing statement number

A number assigned to a financing statement when it has been saved in the ‘pending’ database. It is used to recall the draft statement so that registration can be completed. Once the financing statement has been registered, the financing statement number becomes the financing statement registration number.

Financing statement registration number

The number assigned to a financing statement once it has been registered. This number can be used to search for the financing statement both while it is active and after it has been discharged.

The financing statement registration number (together with the financing statement PIN, the secured party group ID and password) is required to register a financing change statement and, together with the debtor PIN, to lodge a financing statement change demand. The financing statement registration number is contained in the verification statement.


Where a security interest is attached, and the secured party has either registered a financing statement on the PPSR or has possession of the collateral.

Person acting on behalf of secured party

Person nominated by a secured party to receive all email or other correspondence relating to a financing statement, including the verification statement. The person can be referred to by name or job title.

Person acting on behalf of a debtor organisation

Person nominated by a debtor organisation to act on their behalf. The person can be referred to by name or job title.


Personal Property Securities Act 1999.


Personal Property Securities Register.

Personal property

For the purposes of the PPSR, any property other than land, buildings, fixtures, and ships greater than 24 metres in length. Some examples of personal property are motor vehicles, household appliances, livestock, machinery, investment securities and documents of title.

Priority date

The date on which a financing statement is registered in respect to certain collateral, over which a secured party can claim priority (over other creditors).


Identifiable or traceable personal property derived directly or indirectly from specified collateral (or proceeds of collateral) to which a security interest is attached.

purchase money security interest (PMSI): a security interest granting ‘super-priority’ over certain collateral. A PMSI may exist if a seller provides goods which have not been paid for, on the basis that they retain the title of the goods until payment has been made; or if a lender has provided finance for a specific purchase. For example:

  • A hire purchase agreement relating to the purchase of a television
  • A loan by a bank for the purchase of a car where the car is used as security for the loan and the proceeds are applied to its purchase.

For a PMSI to exist, the financing statement must be registered no later than 10 working days after the debtor has obtained possession of the collateral.

Registering party

Aregistered user of the PPSR who registers a financing statement or financing change statement on behalf of a secured party.


The Registrar of Personal Property Securities, appointed under the Personal Property Securities Act (PPSA).

Retention of title terms

A provision in a contract for the sale of goods where the seller retains rights to the goods until certain obligations (usually payment of the purchase price) are fulfilled by the buyer. Sometimes called a ‘Romalpa clause’.

Secured party

The seller, owner, lessor, consignor (seller on behalf), financier, or any person or organisation that holds a security interest in personal property (collateral) registered in the PPSR. Where the secured party is an organisation, they must nominate a person to act on their behalf.

Secured party group

A secured party group (SPG) represents the secured party on the PPSR and can consist of one or more individuals or organisations with a security interest.

Security agreement

An agreement between debtor and creditor that creates or provides for a security interest in specified personal property.

Security interest

A legal claim on personal property (collateral) established to secure payment of debt or other obligation.


An agreement between secured parties regarding priority over specified collateral, when the party with a superior claim defers to an inferior financing statement.


Where a previous decision by a secured party to defer to an inferior claim is reversed.

Verification statement

The information sent to the registering party and all members of the secured party group (or person(s) acting their behalf) confirming the registration of a financing statement or financing change statement. The verification statement also contains the financing statement registration number and the debtor PIN.