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ARTICLE · 03 NOVEMBER 2010

PPSA Collateral Classification Problem Resolved

Blake, Cassels & Graydon LLP
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On August 1, 2007, the Ontario government inadvertently repealed the section of the Ontario Personal Property Security Act (the PPSA) that provided that a collateral description could limit the scope of a collateral classification in a financing statement to perfect a security interest only in the collateral described.

CanadaFinance and Banking
Michelle Laniel
Michelle Laniel
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Copyright 2010, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Financial Services, November 2010

On August 1, 2007, the Ontario government inadvertently repealed the section of the Ontario Personal Property Security Act (the PPSA) that provided that a collateral description could limit the scope of a collateral classification in a financing statement to perfect a security interest only in the collateral described. The repeal of this subsection (section 46(3)) led to uncertainty as to whether a subsequent secured party could rely on a collateral description in a financing statement and led to many secured parties requiring estoppel letters or other comfort on filings that would not have been an issue previously.

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