PPSA (Personal Property Security Act)

When referencing the PPSA, we usually refer to legislation in place which allows a person or business to expose some claim to title on a piece of personal property (typically referred to as collateral or security) in exchange for financing or credit.

The Personal Property aspect of the PPSA indicates that the scope of these rights and notices are restricted to non-real estate, movable properties. Real property mortgages and liens are not governed by a PPSA.

There is no single PPSA in Canada; each province and territory has enacted their own version of a 'PPSA' and manages individual lien registries.

Due to this fact, though similar in many respects, there are both subtle and significant differences between any two provinces' lien registration, and management process.

Obviously this complicated system of acts and jurisdictions can be a serious impediment to business as your agents are now expected to maintain some level of expertise with numerous acts and disparate provincial registry interfaces and processes.

The consequence of failure is not insignificant as an improperly registered, or managed, lien can greatly reduce or nullify a rightful claim to property.