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ARTICLE · 19 JUNE 2019

Ontario PPSA Amended To Recognize Electronic Chattel Paper

Blake, Cassels & Graydon LLP
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Amendments to the Ontario Personal Property Security Act (PPSA) were enacted on May 29, 2019, which will make it easier for lessors and financiers to originate

CanadaFinance and Banking
Michael Burke
Michael Burke
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Amendments to the Ontario Personal Property Security Act (PPSA) were enacted on May 29, 2019, which will make it easier for lessors and financiers to originate, finance and securitize electronic chattel paper (e.g., leases, conditional sale contracts and chattel mortgages) once they have implemented secure electronic-vaulting systems. These amendments are based on, but are not identical to, the electronic chattel paper provisions in Article 9 of the United States Uniform Commercial Code (UCC). These changes will be of great interest to automotive and other equipment finance companies, especially those who finance the sale or lease of vehicles and equipment through dealer networks.

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