Difference between revisions of "Security Agreements"

[https://www.canlii.org/en/bc/laws/stat/rsbc-1996-c-359/latest/rsbc-1996-c-359.html#sec19_smooth Section 19] is a key section in the ''Personal Property Security Act''. It says that a security interest is “'''perfected'''” when it has “attached” to the property, and when “all steps required for perfection” under the Act have been completed. Perfection gives the secured party certain rights and remedies under the Act. Those statutory rights and remedies mean that the distinctions between title and possessory interests are not as important as under the old laws. It is important for creditors to ensure that they comply with the requirements of the PPSA to gain the statutory rights of a secured party.

The “steps required for perfection” under the ''Personal Property Security Act'' include '''registration'''. The secured party registers a document called a “'''financing statement'''” with the [https://www2.gov.bc.ca/gov/content/employment-business/business/managing-a-business/permits-licences/bc-registry-services-personal-property-registry Personal Property Registry]. The financing statement is a one-page form prescribed by government regulation. The essential terms of the agreement must be set out in the financing statement, which includes a description both of the parties and of the property over which security has been taken.