PERSONAL PROPERTY SECURITY: SUBSIDIARY LEGISLATION

PERSONAL PROPERTY SECURITY: SUBSIDIARY LEGISLATION

PERSONAL PROPERTY SECURITY REGULATIONS

ARRANGEMENT OF REGULATIONS

    REGULATION

PART I
PRELIMINARY

    1.    Citation

    2.    Interpretation

PART II
ADMINISTRATION OF THE PERSONAL PROPERTY SECURITY REGISTRY

    3.    Registrar of the Personal Property Security Registry

    4.    Access to the Registry

    5.    Conditions for the provision of Registry services

PART III
REGISTRATION OF FINANCING STATEMENTS

    6.    When financing statement may be registered and authorization to register

    7.    All required information to be provided

    8.    Duties and responsibilities of the Registry

    9.    Duties of a secured party

PART IV
SEARCHES AT THE REGISTRY

    10.    Searchable record and criteria

    11.    Requirements for searching

    12.    Search results and certificates

    13.    Search and effectiveness of the financing statement

PART V
FINANCING STATEMENTS

    14.    Information required in an initial financing statement

    15.    Identification information of a debtor who is an individual

    16.    Identification information of a debtor who is an organization

    17.    Change of identification number

    18.    Identification of secured party

    19.    General requirements for description of a collateral

    20.    Description of serial-numbered goods

    21.    Term of effectiveness of the registration

    22.    Information required for registering prior security interest

    23.    Maximum amount of the secured obligation

    24.    Registration of a financing change statement

    25.    Information required in a financing change statement

    26.    Enforcement form

    27.    Cancellation of enforcement form

    28.    Discharge of registration

PART VI
MISCELLANEOUS MATTERS

    29.    Liability of the Registry

    30.    Registrar may enter into agreements

    31.    Judicial proceedings

    32.    Damages

    33.    Registry forms

    34.    Forms that satisfy the requirements of the Act

    35.    Other forms necessary for the implementation of the Act

        FIRST SCHEDULE

        SECOND SCHEDULE

G.N. 6/2015

PERSONAL PROPERTY SECURITY REGULATIONS

under s. 122

PART I
PRELIMINARY

1.    Citation

    These Regulations may be cited as the Personal Property Security Regulations.

2.    Interpretation

    In these Regulations, unless the context otherwise requires—

    “address” means—

    (a)    a physical address or a post office box number, city, postal code and district;

    (b)    village, traditional authority and district; or

    (c)    an electronic address;

    “amendment” means a modification of information contained in a registration to which the financing change statement relates;

    “initial financing statement registration number” means the unique identifier assigned to the initial financing statement on its registration that is permanently associated with such financing statement;

    “serial number” means—

    (a)    in the case of a motor vehicle, the vehicle identification number marked or attached to the body frame by the manufacturer;

    (b)    in the case of a boat and train, the serial number marked on or attached to the boat or train by the manufacturer; and

    (c)    in the case of an aircraft, the registration marks assigned to the airframe by the relevant authority or the serial number marked on or attached to the airframe by the manufacturer; and

    “serial-numbered goods” means a motor vehicle, train, boat or aircraft that has a serial or identification number permanently marked on or attached to its principal part by a manufacturer or a relevant authority.

PART II
ADMINISTRATION OF THE PERSONAL PROPERTY SECURITY REGISTRY

3.    Registrar of the Personal Property Security Registry

    (1) The Registrar General shall be the Registrar of the Personal Property Security Registry (in these Regulations otherwise referred to as the “Registry”) and shall supervise and administer the operation of the Registry.

    (2) In addition to the powers conferred to by the Act, the Registry shall also receive, store, and make accessible to the public registrations with respect to security interests in personal property for the purpose of implementing the purposes referred to in the Act.

4.    Access to the Registry

    (1) Any person may have access to the Registry to submit financing statements or to conduct a search in accordance with the requirements of the Act and these Regulations.

    (2) Each office of the Registry shall be open to the public during the days and hours specified for that office by the Registrar.

    (3) Registry office locations and opening hours shall be published on the Registry’s website and posted at each office.

    (4) Notwithstanding subregulation (2), the Registrar may suspend access to the Registry or to Registry services in whole or in part only for maintenance or servicing purposes, or where circumstances arise that make it impossible or impractical to provide access.

    (5) Notice of the temporary suspension of access or service and its expected duration shall be published on the Registry’s website and at the offices of the Registry.

5.    Conditions for the provision of Registry services

    (1) A financing statement shall not be registered if—

    (a)    it is not submitted in the form prescribed in the First Schedule to these…