"PPSA Registrations - Back to the Way We Were”,
Legal Alert, Vol. 30, No. 2, May 2011
Date:
May 1 2011
In this article, Le Nguyen and Alison Beer discuss amendments to the Ontario Personal Property Security Act (the “PPSA”) contained in Bill 68 and their significance.
The PPSA is generally similar to personal property security legislation in other common law provinces and territories. Ontario, however, is distinct in that it still operates a “check-the-box” registration system. Despite calls for reform, to date the Ontario government has not indicated when the PPSA registry system will be overhauled to become more closely aligned with the systems in place in other common-law jurisdictions in Canada.
Bill 68, passed into law on October 25, 2010, restores the language of the former s.46(3) in section 46(2.1) of the PPSA and is expected to restore some certainty regarding the effect of having a collateral description in a PPSA registration.
Reprinted by permission of Carswell, a division of Thomson Reuters Canada Limited.
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