The PPSA is anticipated (at the time of writing) to come into force sometime in early 2012. This date is called the registration commencement time¹.

After the registration commencement time, there are three conceivable sources of security interests under the PPSA.

First, security interests of a type that would be regulated as security interests under the PPSA and that arose
before the registration commencement time, under security agreements entered into before the registration commencement time. These are called transitional security interests under the PPSA².

Second, security interests of a type that would be regulated as security interests under the PPSA and that arise after the registration commencement time, but under security agreements entered into before the registration commencement time. These are also called transitional security interests under the PPSA³.

Third, security interests of a type regulated under the PPSA that arise after the registration commencement
time under security agreements also entered into after the registration commencement time. This is the easy category. All security interests that arise under security agreements entered into after the registration commencement time are immediately subject to the PPSA. These security interests must attach, be enforceable against third parties, and be perfected in accordance with the PPSA.

The first and second categories of transitional security interests carry slightly more detail. Each is discussed in turn in the next sections.