PPSA registration period and renewal

When a search shows a lender’s registration, check its registration period. Whether it has run out, and what that means for the lender’s position, is a question about the registration period. See how to run a PPSA registry search before buying a business’s assets.

Ontario

Under s. 51 of Ontario’s Personal Property Security Act, a financing statement may be registered for a perpetual period or for the number of years set out in it. The period ends at the earlier of discharge or the end of the period as changed by later financing change statements, and the statement is effective only during that period. Under s. 52, a registration may be extended before it ceases to be effective, and if it has ceased, the interest may be perfected again by registering a new financing statement.

British Columbia

British Columbia’s Personal Property Security Act (s. 44) makes a registration effective, except as otherwise prescribed, for the period indicated on the financing statement. A registration may be renewed by registering a financing change statement at any time before it expires. See financing change statement. This entry covers Ontario and British Columbia only; check the Act in the province where the registration is.