We continue to see an increase in requests for services involving our neighbors to the North. Of those requests, Personal Property and Security Act (PPSA) registrations are topping the list. The PPSA is commonly thought of as the Canadian version of the Uniform Commercial Code (UCC) filings by many in the industry.
We often touch on the standard UCC Financing Statement because it is so widely known by the industries we serve, but we wanted to touch on several other situations that are not as generally understood.
There are two methods to filing a UCC, one is to send in the paper filing either through a courier or through the mail. The other is to record the UCC electronically through the state’s filing system. Both are equally effective, but there are some things that need to be considered when determining which method to use.
Why allow a PMSI to disturb the relatively straightforward order-of- filing priority scheme? There are at least two reasons: Facilitating seller financing Limiting the power of existing secured parties. Sometimes …