Personal Property Security Registration System

The Personal Property Security Registration System is a legal framework that allows lenders to register their security interests in a borrower's movable assets, such as equipment, inventory, or receivables. This registration gives notice to others about the lender's rights, helping protect their interest if the borrower defaults. It creates a public record, reducing disputes and ensuring transparency. Essentially, it’s a system used by lenders to secure loans using personal property, making sure they have legal priority over other creditors and providing a clear record of their secured interest.