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ARTICLE · 01 APRIL 2014

A Banker Asked Us: PPSA Acknowledgments For Motor Vehicle Registrations

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On a new financing, do we really need to obtain an Ontario PPSA acknowledgment or estoppel letter from a motor vehicle lessor?

CanadaFinance and Banking
Richard Dusome
Richard Dusome
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Q:        On a new financing, do we really need to obtain an Ontario PPSA1 acknowledgment or estoppel letter from a motor vehicle lessor with a prior registration filed against our corporate borrower? Our borrower says it is clear that the prior registration is a motor vehicle lease, and it does not want to have to chase it down before closing.

A:        Like applying sunscreen, obtaining PPSA estoppel letters or acknowledgments for motor vehicle lease registrations can seem tedious at times.  However, a lender could possibly get burned if it fails to do so. 

The problem stems from Ontario's "check the box" registration system for recording the classes of collateral which are subject to a security interest, and the ability of a secured party to shelter or perfect more than one security agreement under a single registration.

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