Alberta Personal Property Security Act

The Alberta Personal Property Security Act (PPSA) is a law that governs the creation and registration of security interests in personal property. This means it regulates how businesses and individuals can secure loans or credit by using personal assets, like vehicles or equipment, as collateral. When a borrower defaults, the lender has the right to seize the asset. The PPSA establishes a public registry where these interests are recorded, ensuring transparency and priority in claims, protecting the rights of lenders while also informing potential buyers about any existing claims on the property.