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ARTICLE · 28 JANUARY 2016

Dude, Where's My Debtor?: Changes To Ontario's Personal Property Security Act

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Section 7(3) of the Ontario PPSA sets out the rules for determining where the debtor is located.

CanadaFinance and Banking
Simon Williams
Simon Williams
Daniel Doubilet
Daniel Doubilet
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On December 31, 2015, long-awaited1 amendments to the conflict of laws provisions of the Personal Property Security Act (Ontario) (the Ontario PPSA) came into force. The amendments are intended to bring clarity to the rules for determining the debtor's location under the Ontario PPSA—the singular test that decides the applicable provincial laws that govern the taking of security over certain classes of intangible assets (including accounts receivable, deposit accounts, and contractual rights) and certain mobile goods, and consequently, the appropriate jurisdictions in which secured parties should register financing statements.

What You Need To Know

  • As of December 31, 2015, secured parties need to consider new criteria when ascertaining the location of the debtor for purposes of determining where to register in order to perfect security over the affected classes of collateral. Under the new rules, a debtor's location may generally be determined by reviewing

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