Personal Property Registry
On May 7, 2001, the Personal Property Security Act came into force in Nunavut. The new Act substantially changes the way security interests in personal property are registered in Nunavut. The Personal Property Registry (PPR) is a centralized computer registry that allows both individuals and institutions to record their financial interest in personal property (cars, boats, equipment, appliances, etc.). If, for example, you purchase a vehicle and arrange for financing through a bank or finance company, the vehicle is usually the security for your loan. The bank or financing company is the secured party and until you have repaid the loan, they have an interest in the vehicle. The bank or financing company will register notice of this security interest in the PPR.
The purpose of registration is to establish the registrant's priority against other parties who have a secured interest in the vehicle, and against a purchaser of the car. This information can be accessed electronically by any individual or company who may wish to purchase the vehicle or grant another loan using the vehicle as collateral. Financial institutions, lawyers and commercial organizations now have the ability to enter notices of security interests or conduct searches in an on-line Personal Property Registry from their office or home computers. Account holders can access the on-line registry from 7:00 am to 6:00 pm Mountain Standard Time, Monday through Saturday.
The enactment of the Personal Property Security Act resulted in the repeal of the following Acts: Assignment of Book Debts Act, Bills of Sale Act, Conditional Sales Act, Corporation Securities Registration Act, and Document Registry Act. Several other acts were amended, including the Business Corporations Act, Factors Act, Garage Keepers Lien Act, and the Sale of Goods Act. The Act provides for the transition from the existing paper-based registry to the new electronic registry.
Types of Registrations
- PPSA Financing Statements
- Children's Law Act or Family Law Act Financing Statements
- Factors Act or Sale of Goods Act Interests
- Garage Keepers Liens
- Federal Writs of Execution
- Maintenance Orders Enforcement Act Orders (only registered by the Administrator under the Maintenance Orders Enforcement Act)
- Territorial Writs of Execution
The following are links to the Personal Property Security Act legislation: