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- Securities — Personal Property
- Personal property security agreements
General security agreement and specific security agreement
Generally, a general security agreement, or a GSA, is used when a secured party wishes to take an interest over all of the grantor’s personal property as security for payment or performance of an obligation. “All of the grantor’s personal property” would include, for example, tangibles such as goods, and intangibles such as intellectual property. This document is often in deed form, and may therefore be called a general security deed, or GSD.
Generally, a specific security agreement, or a SSA, is used for securing an interest in various types of collateral that is “personal property” to which the Personal Property Securities Act 2009 (Cth) (PPS Act) applies (such as serial numbered collateral like motor vehicles, and goods), and “other property” that is personal property outside the scope of application of the PPS Act. Again, this document is often in deed form, and may therefore be called a specific security deed, or SSD.
This guidance note provides an overview of the GSA and the SSA, with practice tips to aid legal practitioners when drafting or reviewing these documents.
See General security agreement and specific security agreement.
