Remedies Under Security Interests in Canada: An Overview
Date:
July 1 2002
The Personal Property Security Act (the PPSA) currently in force in all of Canada’s nine common law provinces and in two of its territories is based upon Article 9 of the Uniform Commercial Code of the United States and provides one legal structure for all commercial and consumer financing transactions which create, in substance, a security interest in personal property. The PPSA recognizes that all security devices, regardless of form, have the purpose of securing payment of a debt or performance of an obligation. Prior to the implementation of the PPSA, most provinces had a variety of legislation affecting personal property. In addition to the various pieces of legislation, the rules of common law and equitable principles were still applicable to personal property transactions.
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