What is personal property under the PPSA?

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What is personal property under the PPSA?

Personal property has a wide definition under the PPSA. It is essentially any form of property other than land. It includes tangible property such as cash, stock in trade, artworks, motor vehicles, boats, aircraft, equipment, as well as intangible property such as patents, licences and financial property.

What does the PPSA apply to?

The PPSA Regulations provide that the PPSA applies to a “mortgage-backed security” and to a real property mortgage loan if transferred to a person in connection with the issue by the person of a mortgage-backed security.

What is the first stage in entering into a secured transaction under the Personal Property Security Act?

The “steps required for perfection” under the Personal Property Security Act include registration. The secured party registers a document called a “financing statement” with the Personal Property Registry. The financing statement is a one-page form prescribed by government regulation.

Does PPSA apply to land?

The PPSA does not apply to land, including fixtures (ie goods that have become part of the land). While there is a definition of ‘fixtures’ in the legislation, this does not displace the general law understanding of fixtures.

What does the Personal Property Securities Act PPSA do to help you if you are a businessperson to protect yourself?

Use PPSA Registration properly to protect yourself from your debtors. The Personal Property Securities Act, 1999, allows you to retain an interest in goods you have sold until they have been paid for in full.

Is a share personal property?

Intangible personal property refers to something that does not have a physical embodiment, however, it does represent something of value. An example of intangible personal property include shares and chooses in action.

Are securities considered property?

Stocks, bonds, and bank accounts fall under intangible personal property. Just as some loans—mortgages, for example—are secured by real property like a house, some loans are secured by personal property.

Can you file a UCC in Canada?

In the U.S., UCC filings are filed in the jurisdiction where the registered organization was formed for non-fixture collateral. In Canada, generally, the filing office where the financing statement is registered is based on the collateral type and location.

How do I do a lien search in Ontario?

Access Now provides online access to the personal property security registration system in Ontario….You can reach the ServiceOntario contact centre at:

Toronto: 416-325-8847.
Toll-free: 1-800-267-8847.
Toronto TTY : 416-325-3408.
Toll-free TTY : 1-800-268-7095.

Can fixtures be personal property?

2008. Personal property is defined in the PPSA to mean property (including a licence) other than land: s 10. Land is defined to include all estate and interests in land, whether freehold, leasehold or chattel, but does not include fixtures. Fixtures are defined as goods, other than crops, that are affixed to land.

What is the personal property Security Act in Ontario?

• Personal Property Security Act (Ontario) (“PPSA”) provides a comprehensive set of rules to govern the rights of creditors and debtors when personal property is used as collateral to secure payment of debt

What is personal property Security Act (PPSA)?

What are the provisions of securities law in Ontario?

(3) The provisions of Ontario securities law that apply to recognized exchanges, recognized quotation and trade reporting systems and recognized self-regulatory organizations also apply with necessary modifications to the council, committee or ancillary body. 1997, c. 19, s. 23 (3); 2010, c. 26, Sched. 18, s. 11 (4).

What does section 32 (1) of the Ontario Securities Act mean?

4. 32 (1) Every person and company registered under this Act shall comply at all times with Ontario securities law, including such regulations that apply to them as may be made relating to,