This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".
Personal Property And Securities Act In Kings
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State:
Multi-State
County:
Kings
Control #:
US-00123
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Word;
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FAQ
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.
If you have a security interest, registering it on the PPSR is optional but it's an important way to help protect yourself. If you don't register on the PPSR you risk losing your goods or being left out-of-pocket.
Other types of intangible personal property include life insurance contracts, securities investments, royalty agreements, and partnership interests.
A secured party may perfect a security interest by having possession, either itself or through a third party, of the collateral. Possessory security interests are the oldest form of security interests in personal property. As commerce has expanded, however, possessory security interests are increasingly less common.
The usual method for perfecting a security interest is by filing a financing statement (UCC-1) in the proper place. The financing statement is a brief and relatively simple document.
A security interest in a certificated security—or any uncertificated security, for that matter—can be perfected by the proper filing of a UCC-1 financing statement. Alternatively, a secured party can perfect an interest in a certificated security by control of the certificate.
A lender can perfect a lien on a borrower's deposit account only by obtaining "control" over the account, which requires one of the following arrangements: (1) the borrower maintains its deposit account directly with the lender; (2) the lender becomes the actual owner of the borrower's deposit accounts with the ...
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.
Personal Property Security Act, R.S.O.