Document background
The Purchase Money Security Agreement is essential when a party requires financing to purchase goods or assets in Singapore. It provides the financier with a security interest in the purchased property, ensuring priority over other creditors under the Personal Property Securities Act 2023. This document is commonly used in commercial transactions where immediate full payment isn't possible, detailing the purchase terms, payment schedule, and the secured party's rights in case of default. The agreement must comply with Singapore's registration requirements and security interest perfection rules.
