What is a PPSA?
PPSA: Personal Property Security Act. This is Provincial Legislation across Canada , which provides a set of rules and priorities for the purchase and sale of moveable property where the lender/creditor has a Security interest in the property. The equivalent legislation across the United States is the UCC (Uniform Commercial Code). PPSA Registration: A Creditor/Lender can register a financial statement in a provincial wide database, which will serve as notice to all third parties that there is a Lien registered against the Security if a PPSA search is conducted on the Personal Property. This will serve as notice to all parties that are interested in purchasing the Personal Property that a Creditor/Lender holds a Security Interest in the property. Note: liens are registered by way of a PPSA registration and not on title as is the case in the US . PPSA Search: A search for any Lien registrations in the PPSA Register. Database maintained by Provincial Governments.
