What is PPSA in Alberta?

What is PPSA in Alberta?

In 1990, the Government of Alberta passed the Personal. Property Security Act (PPSA) to govern dealings between creditors and debtors. This act modernized credit law in the province by amending or repealing several acts, some of which traced their origins back to the nineteeth century.

What does PPSA apply to?

security interests
The PPSA applies to security interests in accounts, transfers of accounts by way of security and even outright sales that do not involve securing an obligation.

When did PPSA come into effect in Alberta?

Alberta’s Personal Property Security Act (the “PPSA”) originally came into force in 1990 and produced a significant improvement in secured transactions in Alberta by removing many of the restrictions and limitations that prevented the use of secured credit.

What is PPSA law?

The Personal Property Securities Act 2009 (PPSA) will have a wide-ranging impact on Australian businesses. The PPSA will regulate the creation of a security interest over personal property, the priority of competing security interests, and their enforcement.

How much does PPSA registration cost?

Registrations – for 7–25 years – new fee is $25 (reduced from $34) Registrations – no end date – new fee is $115 (reduced from $119).

How do I register with the PPSA?

To register a PPSA, you need four pieces of information:

1. The Period – the number of years the PPSA must exist for.
2. The Debtor – The person you are lending to.
3. The Secured Party – the lender, financer, or lessor.
4. The Collateral Description – a description of the collateral related to the PPSA.

Does PPSA apply to land?

The PPSA does not apply to land, including fixtures (ie goods that have become part of the land).

Does the PPSA apply to real property?

The PPSA excludes dealings in land, fixtures or “real property”, including matters relating to the sale and ownership of land and the buildings attached to the land. Land includes more than simply real property. Hence, it will fall outside of the category of personal property as defined by the PPSA.

What are consumer goods under PPSA?

The PPSA defines “consumer goods” as goods that are used or acquired for use primarily for personal, family or household purposes. In adopting a plain meaning interpretation of these words, Ontario courts have held that a corporate debtor cannot own “consumer goods” as defined.

What is personal property under the PPSA?

This is property to which the Personal Property Securities Act 2009 (Cth) applies. It is property, other than land, buildings and fixtures to land including: goods. intellectual property (such as copyright, patents and designs), bank accounts and debts (sometimes known as receivables) …

What is PPSA register?

A lien registered under the PPSA or RSLA act is a publicly accessible document. Any company or individual can order a search to determine if another company or individual has any liens against themselves. Your bank may use a transaction code called “PPSA” which is similar to the name of our website.

Who can register a PPSA?

Who can access PPSA / lien information? PPSA is public information. Any individual can search, register, or amend a PPSA request.

What is the personal property Security Act in Alberta?

The Personal Property Security Act (PPSA) In Alberta The Personal Property Security Act (Alberta) governs the personal property security transactions in the Province of Alberta. The PPSA is a code that provides for the creation, perfection, priority and enforcement of security interests in personal property in the Province of Alberta.

Is the PPSA’s 41 applicable to the case at Bar?

Of course, some of the provisions contained in PPSA s 41 are not applicable to the case at bar, but this Court felt it wise to include the whole of the section in the interests of […] 10. […] 1. whether the Personal Property Security Act, RSA 2000, c P-7 ( PPSA ), applies where there has been a seizure effected pursuant to court order; […]

What does PPSA’s 3 ( 2 ) ( a ) mean?

[47] As mentioned earlier, PPSA s 3 (2) (a) says the PPSA applies to “every transaction that in substance creates a security interest, without regard to its form and without regard to the person who has title to the collateral.” This means that the PPSA applies to the transactions involving Gator Frac. […]

How is a security interest perfected under the PPSA?

[14] In the Beltline case (at para 13), the Court of Appeal draws our attention to sections 24 and 25 of the PPSA ; pointing out that a security interest can be perfected either by registration or by taking possession of the collateral ( s. 25 ): […] 7. […] 3.