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ARTICLE · 22 MARCH 2023

PPSA Registrations For A GSA vs For A Guarantee

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Is there a difference between perfecting a general security agreement through a PPSA registration and registering a PPSA in respect of a loan guarantee? Why are they different and why will some...

CanadaReal Estate and Construction
Zev Zlotnick
Zev Zlotnick
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Is there a difference between perfecting a general security agreement through a PPSA registration and registering a PPSA in respect of a loan guarantee? Why are they different and why will some lenders forgo the PPSA against a guarantor?

The Personal Property Security Act (Ontario) ("PPSA") sets out the framework for creating, registering and perfecting security interests in Ontario against personal property. Moreover, the Personal Property Security Registration system establishes priorities between secured parties with competing interests in the same personal property.

Most lenders utilize a general security agreement to take security on all of a debtor's existing and after-acquired personal property. In a real property loan transaction, the general security agreement creates a security interest in favour of the lender over all of the borrower's personal property located at the mortgage loan real property. The general security agreement does not extend to the

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