Personal Property And Securities Act In King
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Other types of intangible personal property include life insurance contracts, securities investments, royalty agreements, and partnership interests.
The PPSA applies to security interests in relation to personal property. Understanding the PPSA therefore starts with understanding these two concepts. Where a security interest in personal property exists, there can be important consequences if the secured party fails to take steps to protect its interest.
A security interest generally is created with a security agreement, which is a contract governed by Uniform Commercial Code (UCC) Article 9, as well as other state laws governing contracts.
Most security interests are granted by the person who owns the property to secure their own indebtedness. But it is also possible for a person to grant security over their property as collateral for the debts of another person (often called third party security).
In order to have an enforceable security interest, the party's security interest must first "attach." Attachment occurs when (1) the creditor gives value, (2) debtor has rights in the collateral, and (3) there is an authenticated and signed security agreement, or the party takes control or possession of the collateral.
Personal Property Security Act, R.S.O.
It includes equipment used in the production of income or held as an investment; billboards; foundations for the equipment; and all other tangible property other than real property.
Where to Report Personal Property on Your Taxes. Claim the itemized deduction on Schedule A – State and local personal property taxes (Line 5c). Taxes you deduct elsewhere on your return — like for a home office or rental — don't qualify for this deduction.
