Ontario Personal Property Security Act

The Ontario Personal Property Security Act (PPSA) is a law that governs secured transactions involving personal property. It establishes a framework for creditors to secure loans with personal assets, such as vehicles or equipment. Under the PPSA, creditors can register their security interests, making them publicly known. This helps protect lenders' rights in case of borrower default. The act outlines the procedures for registration, priority of claims, and enforcement rights, ensuring clarity and legal protection for both borrowers and lenders in the use of personal property as collateral.