Mod 9 Flashcards
What are the two main functions of the Personal Property Security Act?
- Provide a unified set of rules for creating and enforcing security interests in personal property
- Establish a province-wide, publicly accessible, automated registry for recording personal property security interests
What does the PPSA apply to?
any transaction that creates a security interest i.e. lease, chattel mortgages
When does attachment occur?
When the loan money is disbursed or personal property is given to the borrower; or when the security agreement is executed
When does perfecting occur?
Once the General Security Agreement/Financing Statement are registered with the PPR
How long has the PPSA been in place?
Since October 1990
What two statutes does the PPR system hold registrations for?
-Personal Property Security Act
-Civil Enforcement Act
What two main tasks can be completed using the APPRES system?
Registrations and Searches
How can you become accredited in APPRES?
taking classroom training or challenging an exam, passing with 80% or higher
What search provides all registrations where one person is named as the debtor?
Individual Debtor Name Search
What search provides all the details of one particular Financing Statement?
Registration Number Search
What does attachment mean?
The creation of a security interest with the lending of money, the possession of the property that becomes the security interest and the execution of a security agreement.
What is perfection?
protection of a lender’s security interest through the possession of the property by the lender; or the registration of a financing statement
What document is required to initially register a security agreement?
Financing Statement
What search is conducted to see if a debtor’s property has been seized?
Distribution Seizure Search
What search is conducted to see all the registrations one particular lender has made?
Business Secured Party Search
