Personal Property is given a wide definition by the Personal Property Securities Act 1999 (PPSA). With a few exceptions it covers any property someone can own, other than land.
When personal property is offered as security in a lending or leasing transaction the PPSA refers to it as collateral. Usually there are two distinct parties involved in the creation of a security interest; the secured party (lender, grantee or lessor) and the debtor (borrower, grantor or lessee). The PPSA and PPS Regulations 2001 describe what information a secured party needs to enter in a financing statement in the Personal Property Securities Register (PPSR) in relation to each security interest.