To introduce some of the key new terms used under the PPSA following the Basic Diagram:

• All secured property is called collateral.
• The borrower D is called the debtor.
• The party granting security (D) is called the grantor.
• The fixed and floating charge is likely to be called a general security agreement/interest or an all-assets security agreement/ interest.
• The floating element of the fixed and floating charge will be called a circulating security interest.
• The bank account over which Bank A holds security will be called an ADI account.
• The car that D owns will be one example of a motor vehicle, which in turn is one example of serial numbered property.
• The accounts receivable owned by D will be called accounts.

The next section describes some of these terms in greater detail.