|
Personal Property Registry - Purpose and Content
Personal Property Registry forms part of The Property Registry,
Special Operating Agency of the Province of Manitoba. Select "About
Us" above for more information. The Personal Property Registry
provides public notice of security interests (liens) in collateral
(personal property) of debtors by secured parties. Secured parties
are typically financial institutions such as banks or credit unions,
but they can also be individuals. Similarly, debtors may also
be businesses, companies or individuals.
By "personal property", we mean all movable goods and
possessions, not land or buildings. The Registry keeps records
of all personal property registered as security for a loan, or
collateral in Manitoba. Both consumers and moneylenders can check
for indebtedness or liens against personal property before buying
it or accepting it as collateral. Within the Personal Property
Registry, collateral is divided into two categories: serial numbered
goods (such as boats, aircraft, mobile homes, motor vehicles,
outboard motors, and trailers); and general collateral goods (such
as furniture, the assets of a company, crops, fixtures or the
rights to a patent).
Creditors register their financial interest in personal property
pledged as collateral. For example, a bank lending you money to
buy a car registers a notice in the Registry that it has a security
interest in the car. This security interest ensures payment of
the bank's loan. A person wanting to buy a used car in a private
sale can check the Registry to see if a security interest is recorded
against the serial number. |
|