• 2017 amendments to the PPS Lease Law

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)