About the definitions
1. These are brief/summary definitions only. For full definitions see the PPSA and its Regulations.
2. These definitions pertain to primary use of the terms in the Personal Property Registry and its outputs. These definitions do not address the full scope of how these terms are used, such as secondary use of the terms within PPR or within sections of the PPSA unrelated to registration.
Additional information
Although often empty (unused), the "Additional Information" section of a registration serves multiple purposes. Uses include to describe subordination, partial transfer of collateral, partial transfer of security interest, and other registration matters that can not be adequately described elsewhere within the registration.
Amendment
A registration action (financing change statement) to add, delete or update information within the registration other than the expiry date.
Collateral
Collateral is personal property that is subject to a security interest or lien. Very often this will be a vehicle but could be any personal property (other valuable property someone owns like antiques or furnishing, the inventory of a store owner or even intangible property). Collateral is divided in two categories: serial numbered goods (motor vehicles, trailers, mobile homes, aircraft, boats or outboard motors for boats) and general collateral (all other kinds of personal property).
Confirmation statement
An official report issued by the Registry that describes a registration action such as a new registration, renewal, amendment, discharge or reregistration. A confirmation statement provides a snapshot of the current contents and status of the registration after completion of that registration action.
Debtor
A debtor is a person who owes an obligation related to the collateral listed in a registration. Most often a debtor is a borrower named in a secured loan agreement, but the debtor may also be a guarantor, another owner of the collateral, or have another relationship to the collateral. A debtor can be either an individual debtor or a business debtor.
Discharge
A registration action (discharge statement) to end the effectiveness of a registration. A discharge applies to all contents of a registration.
Financing statement
"Financing statement" is Personal Property Registry’s name for the collection of data included in a registration. Depending upon the context, the term "financing statement" may refer to any of the following:
- A new (original) registration.
- A financing change statement to renew, amend or reregister a registration.
- A discharge statement.
Garage keeper
A garage keeper is a person who renders service upon a motor vehicle in a garage, in the ordinary course of business.
Garage keeper’s lien
A garage keeper's lien is a property interest registered in the PPR. Under The Garage Keepers Act a garage keeper acquires a lien on a motor vehicle or farm vehicle when they provide repair, towing, storage or other services for that vehicle.
The garage keeper may also retain custody or possession of the vehicle until they are paid. If the garage keeper surrenders custody or possession, then the garage keeper must register the lien in the Personal Property Registry for the lien to continue.
General collateral When describing collateral in a Personal Property Registry registration, general collateral is a classification that refers to all personal property other than serial numbered goods. A general collateral description within a registration is a free text field.
Global change
A change made to secured party information on multiple active registrations with only one transaction. A global change can only be made to registrations that were registered with that party code.
A registration action (financing change statement) to update secured party information on multiple active registrations via a single request. A global change only affects secured party information entered using a party code. A global change UPDATE replaces the currently registered data with the party code's latest data. A global change TRANSFER replaces one party code with a different party code.
Lien
A lien is a commonly used term used for an interest in or claim against personal property. A garage keeper's right under The Garage Keepers Act to retain a vehicle until paid is an example of a lien. In PPR, a financing statement under The Garage Keepers Act is a notice of a lien.
The term “lien” is also used generically. Some people refer to a security interest under the PPSA and other registered and unregistered property interests as a lien.
Party code
A unique code assigned by the Personal Property Registry application. The party code is associated with a name, address, and other contact information. A registrant may then use the party code to enter consistent information for a secured party or registering agent in a registration.
Printed search result
An official report issued by the Registry that lists all registrations matching the search criteria at the stated search date and time. It includes the current registration details for all exact matches and for similar matches which you specified for inclusion in the report.
Registering agent
A person optionally identified within a registration as having registered on behalf of a secured party. If requested, the Personal Property Registry application will send a copy of the confirmation statement to the registering agent.
Renewal
A registration action (financing change statement) to extend the expiry date of a registration.
Reregistration
A registration action (financing change statement) to restore the effectiveness of an expired or discharged registration. The reregistration must be completed within 30 days of the expiry or discharge.
Search result
In response to Personal Property Registry search by registration number, debtor name or serial numbered collateral, a list of all registrations matching the search criteria at the stated search date and time.
Security agreement
A security agreement is written documentation between a secured party (usually a lender) and a debtor (usually a borrower) that describes a security interest in personal property.
Security interest
A security interest is a legal claim on personal property. Most often a security interest secures repayment of a debt or obligation, but there are also other types of security interests. A financing statement under the PPSA is a notice of a security interest.
Secured party
Under the PPSA, a secured party is a person who has been given a security interest in personal property or who holds a security interest for the benefit of another person.
In the Personal Property Registry, "secured party" also refers to other persons who are listed in a registration as benefitting from the property interest, for example: a garage keeper under The Garage Keepers Act, and a government representative under various provincial and federal acts which authorize registration in the Personal Property Registry.
Section 50 discharge/amendment
A demand to a secured party requiring that a registration either be discharged or amended according to section 50 of the PPSA. This demand can be initiated by a debtor, or any person with an interest in the collateral described in the financing statement.
Serial number
A string of letters or numbers that uniquely identify an item of personal property. For example, every motor vehicle should have a 17-character vehicle identification number (VIN). For other categories of serial numbered goods the Personal Property Registry Regulation defines the serial number to be used when registering or searching.
Serial numbered goods
When describing collateral in a PPR registration, serial numbered goods refers to specific categories of property as defined in the Personal Property Registry Regulation. These categories are motor vehicles, trailers, mobile homes, aircraft, boats, and outboard motors for boats. Note that not all property that has a serial number is deemed to be "serial numbered goods" under the PPSA and in PPR.
Term
The term of a financing statement is the period of effectiveness as measured from the registration date to the expiry date. For a financing statement under PPSA or most other Acts which authorize registration in the PPR, the term may be specified as a specific expiry date, a period in years or months, or infinity (no expiry). For a financing statement under The Garage Keepers Act the term is eight months.