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ARTICLE · 14 JANUARY 2011

The New Subsection 46(2.1) of The Personal Property Security Act

Aird & Berlis LLP
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In the June 2010 issue of Collateral Matters, I detailed some of the proposed amendments to the Personal Property Security Act (Ontario) (the "PPSA") that were contained in Ontario’s "Open for Business Act" ("Bill 68").

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Article by Aaron Collins1

Introduction

In the June 2010 issue of Collateral Matters, I detailed some of the proposed amendments to the Personal Property Security Act (Ontario) (the "PPSA") that were contained in Ontario's "Open for Business Act" ("Bill 68"). Bill 68 has now received Royal Assent on October 25, 2010, and the amendments to the PPSA which are now in force include: (i) narrowing the definition of a purchase-money security interest ("PMSI") to exclude sale-leaseback transactions; (ii) extending the length of time a creditor has to register a PMSI from 10 to 15 days; (iii) providing for additional situations in which a debtor can demand a financing change statement from a creditor to remove or limit collateral classification; and (iv) providing that the description of collateral on a financing statement or financing change statement will limit the scope of a check-box classification.

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