On 20 May 2017, amendments to the Personal Property Security Act (PPSA) came into effect that change (again) the criteria for determining the existence of a PPS Lease.

A PPS Lease is a lease or bailment where the agreement to lease or bail the property exceeds a specified timeframe either.

  • Explicit definition in the contract document (including options to renew); or
  • By conduct (where the lessee’s or bailee’s possession extends beyond the specified period)