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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.
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 ...
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 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 Code which has been adopted in some form by each state in the United States. The Security ...
Personal property is a standard coverage on a homeowners insurance policy. It covers belongings like furniture and clothing, paying up to a certain limit if they are stolen or damaged by a covered ...
A lien (/ ˈ l iː n / or / ˈ l iː ən /) [Note 1] is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the lienee [3] and the person who has the benefit of the lien is referred to as the lienor ...
The proposed Act was built on provincial securities regulation and harmonized existing legislation in the form of a single statute. It benefits from the work of the Expert Panel on Securities Regulation and other reform efforts and reflects domestic and international best practices.