P.P.S.A. Notice of Disposition
Comply with the terms of your province’s P.P.S.A. by notifying the debtors and any other interested parties that secured assets will be sold if demands are not met.
Whose it for?
- Financial Lenders
- Leasing Companies
What does P.P.S.A. stand for?
P.P.S.A. means Personal Property Security Act. Each province has their own version of the Act, which regulates how security interests against moveable assets are registered and enforced.
When should a Notice of Disposition be issued?
Creditors should already be in possession of the property (after it has been seized by a Bailiff or returned by the debtor) and should be in a legal position to proceed with disposition of the property before issuing this notice.
How do I know if I can legally dispose of assets?
Creditors must be sure to comply with P.P.S.A. regulations to maintain their priority to the goods and their right to sell them upon default. If you are unsure if you are in a position to legally dispose of personal property you should consult a lawyer in your area for clarification.
What does it look like?
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