Helpful Terms

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Personal Property Security Act ("PPSA")
An act that sets out the rules on how to take security on assets and what registrations for liens must be filed when a person is required to register any interest that he has in the property of another before the security is valid.  The Registry can therefore be used if an institution is considering taking security on various assets or if a person is contemplating purchasing an item such as a vehicle and wants to ensure that he purchases it free and clear of any encumbrances.