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The Act reformed the law relating to security interests in personal property and established the PPSR. The PPSR became operational on 1 May 2002. It replaced a number of existing registers including the Chattels Register, Motor Vehicle Securities Register and the Register of Company Charges. [4]
The Personal Property Security Act ("PPSA") is the name given to each of the statutes passed by all common law provinces, as well as the territories, of Canada that regulate the creation and registration of security interests in all personal property within their respective jurisdictions.
Accountants distinguish personal property from real property because personal property can be depreciated faster than improvements (while land is not depreciable at all). It is an owner's right to get tax benefits for chattel, and there are businesses that specialize in appraising personal property, or chattel.
The Canadian PPSAs were subsequently followed by the New Zealand Personal Property Securities Act 1999, the Vanuatu Personal Property Securities Act 2008, the Australia Personal Property Securities Act 2009, the Papua New Guinea Personal Property Security Act 2012, the Jersey Security Interests Law 2012 (covering intangible personal property ...
The document used by lenders to obtain a lien on real property is a mortgage or deed of trust. The security agreement sets out the various rights the grantee will have with respect to the collateral, which are in addition to all other rights which the lender may have by law, such as those rights contained in Article 9 of the Uniform Commercial ...
The division of property into real and personal represents the division into immovable and movable incidentally recognized in Roman law and generally adopted since. "Things personal", according to Blackstone, "are goods, money, and all other movables which may attend the owner's person wherever he thinks proper to go" (Comm. ii. 16).
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
The Securities Act of 1933 regulates the distribution of securities to public investors by creating registration and liability provisions to protect investors. With only a few exemptions, every security offering is required to be registered with the SEC by filing a registration statement that includes issuer history, business competition and material risks, litigation information, previous ...