What is a Specific Security Agreement (SSA)?

An SSA is a security interest over a particular asset.  

This security is perfected when it is registered on the Personal Property Security Register. The asset must be uniquely identifiable to be secured on the PPSR.  Homogeneous products like stock etc can therefore not have a SSA registered against them.

It will accompany a loan agreement and allow the lender to take control of the asset which the SSA is registered over.  In the case of a vehicle (for instance) this would allow the lender to repossess and sell the vehicle in the event of loan default.

A company may have several GSA's registered over it but the first GSA holder takes priority in enforcement and collection.

What is a General Security Agreement (GSA)?

A GSA is a security interest over a company or an individual.  

This security is perfected when it is registered on the publicly view-able Personal Property Security Register. 

It will accompany a loan agreement and allow the lender to take control of the asset which the GSA is registered over.  In the case of a company this would be the appointment of a receiver.

A company may have several GSA's registered over it but the first GSA holder takes priority in enforcement and collection.

What is the PPSR?

The PPSR (Personal Properties Security Register) is a central register of all the security interests in companies and individuals. The PPSR is managed by the New Zealand Companies Office.

Every time security taken for a loan this is registered on the PPSR at www.ppsr.govt.nz. This ensures that the same security cannot be used for a loan twice and enables the lender to take possession of the security and sell it in the event of a default.