The Purchase Money Security Interests (PMSIs) Rules mean that inventory PMSIs must, effectively, be pre-registered against a grantor, certainly before supply of the inventory, and usually before entering into a PMSI security agreement.

Pre-registration of security interests, even before a security agreement is entered into or a security interest attaches, is possible under the PPSA, provided there are reasonable grounds to believe that a security interest will be taken in the future¹.