This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".
Tangible personal property includes physical objects, including inventory (including packaging, manuals, and instructions), merchandise, raw materials, work in process, equipment, machinery, tools, office equipment, supplies, furnishings, and fixtures.
Personal Property Security Act, R.S.O.
Although intangible personal property cannot be touched or felt, it has a value and there are documents showing value and ownership of the intangible personal property. Examples of intangible personal property are stocks, bonds, mutual funds, and securities.
Other types of intangible personal property include life insurance contracts, securities investments, royalty agreements, and partnership interests.
Types of Personal Property: Intangible personal property (e.g., stocks, bonds, intellectual property)
The PPSA applies to security interests in relation to personal property. Understanding the PPSA therefore starts with understanding these two concepts. Where a security interest in personal property exists, there can be important consequences if the secured party fails to take steps to protect its interest.
There are two major types of registrations. PPSA and RSLA (or Garagemens Lien) A PPSA (Personal Property Security Act) is used to indicate security has been put in place for financing, leasing or lending of funds where collateral is provided.
A PPSA Search is a Personal Property Security Act search. A PPSA search is a fast way to search for liens and encumbrances against assets that have serial numbers or identification codes filed under the PPSA.
The Personal Property Security Act (PPSA) provides a comprehensive set of rules to govern the rights of creditors and debtors when personal property is used as collateral to secure a debt.
