After you’ve made your final lease payment, we’ll remove our interest from the PPSR upon your request.
The PPSR is the official government register of security interests in personal property — debts or other obligations that are secured by personal property.
When someone registers a security interest on the PPSR, they are letting the world at large know that they claim to have a security interest over personal property, including company assets like rented or leased hospitality equipment.
A security interest is most commonly created when a secured party (such as a lender) takes an interest in personal property of a grantor (such as a borrower), as security for a loan or other obligation.
The security interest means the secured party can take the personal property (known as collateral) if the secured obligation is not met.
Security interests can arise only when there is agreement between the grantor and the secured party.