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ARTICLE · 03 JUNE 2024

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Alberta PPSA: Long Awaited Updates Coming Into Force On June 1, 2024

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On June 1, 2024, amendments to the Alberta Personal Property Security Act and regulations made under the Red Tape Reduction Statutes Amendment Act, 2023, SA 2023, c 5 (the Amendments) will come into effect.

CanadaFinance and Banking
David Kolesar
David Kolesar
Amanda Robertson
Amanda Robertson
Gillian Harrington
Gillian Harrington
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On June 1, 2024, amendments to the Alberta Personal Property Security Act and regulations made under the Red Tape Reduction Statutes Amendment Act, 2023, SA 2023, c 5 (the Amendments) will come into effect.

The Amendments will better harmonize Alberta's secured transaction regime with Ontario, British Columbia, and Saskatchewan, which adopted similar updates in 2015 (in the case of Ontario) and 2019 (in the case of British Columbia and Saskatchewan).

Among other things, the Amendments set out new choice of law rules for determining the law applicable to the validity, perfection, and effects of perfection of a security interest against certain types of collateral. The original choice of law rules were derived from Article 9 of the Uniform Commercial Code (1972) and have historically given rise to confusion due to (i) the lack of definitions or Canadian case law regarding the interpretation of terms such as "place of business" and "chief executive office", and

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