 |
Lien as security for payment
The following is meant solely to help the reader understand the main features of primary regulations governing this activity, and not meant in any way to provide a legal interpretation.
A lien is a legal claim on property as security for payment.
Personal Property Security Act:
The Personal Property Security Act (PPSA) focusses on personal property that is used as security for loans. The PPSA applies to agreements which create a "security interest" (an interest in personal property securing the performance of an obligation) and treats all such "security agreements" in the same manner whether the agreement is a chattel mortgage, a conditional sale or another form of security agreement.
The PPSA contains provisions relating to the registration, priority and rights and remedies on default, of security interests. The PPSA establishes the Personal Property Registry (PPR). The PPR is a notice registry. The PPR will register only a brief summary of the security taken by the secured party and will not file the document creating the security interest. Registrations under the PPSA serve to notify the public that a security interest has been granted by a debtor to a secured party.
A number of transactions are expressly excluded from the application of the PPSA, including statutory liens such as those that come under: Woodworker Lien Act (see Woodworker); Tugboat Worker Lien Act (see Tugboat); Warehouse Lien Act (see Warehouse). Such liens are excluded because they arise by operation of law and not out of an agreement between the debtor and the secured party.
Personal Property Security Act and Regulation:
http://www.qp.gov.bc.ca/statreg/stat/P/96359_01.htm
http://www.qp.gov.bc.ca/statreg/reg/P/PersonalProperty/227_2002.htm
Primary Contact
Ministry of Finance
Financial and Corporate Sector Policy Branch
PO Box 9418 Stn Prov Govt
Victoria B.C. V8W 9V1
Tel: (250) 387-1269
Fax: (250) 387-9093
http://www.fin.gov.bc.ca
Personal Property Searches
Personal Property Registry
940 Blanshard Street, 2nd Floor
Victoria, BC, V8W 3E6
Tel: (250) 356-8609 or
Tel: (604) 775-1043 (direct line from Greater Vancouver)
Fax: (250) 387-3055
http://www.fin.gov.bc.ca/registries/default.htm
A search fee is required. Search facilities are also available at Government Agent Offices throughout the province.
|
