Difference between revisions of "Creditors' Remedies against Debtors (10:III)"

The ''Personal Property Security Act'' [PPSA] establishes a system for the registration, priority, and enforcement of secured loan and credit transactions involving personal property in B.C.  Secured creditors holding agreements that create or provide for security interests (i.e. chattel mortgages and conditional sales agreements) must register these security agreements in order to “perfect” its interest and establish its priority in regards to third parties. See “Perfection” at page 3.

For agreements that are subject to the PPSA, Part 5 of the PPSA outlines the creditor’s remedies (ss 56 - Rights and remedies, 57 - Collection of payments under intangibles or chattel paper, 58 – Right of seizure or repossession, and 67 - Rights and remedies: consumer goods).  For agreements that involve fixtures, crops or accessions, ss 36 – 38 apply.  In addition, Part 6 contains some sections (i.e. ss 68(2) - Good faith and commercially reasonable, and 72 - Notice) that are of procedural importance.