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Personal Property Security Act (PPSA)
Used in all jurisdictions in Canada
Creates a unified approach toward the use of personal property as security
Formal requirements and procedures for all types of securities are now the same
PPSA allows other forms of personal property (licences, shares, bonds) to be used as security and to be treated uniformly PPSA can allow secured creditor to take possession of goods even when goods are in the hands of an innocent purchaser or 3rd party.
Acoording to the above concept of PPSA, please give a real-life example illustrate PPSA, a real-life example illustrate allows other forms of personal property (licences, shares, bonds) to be used as security and to be treated uniformly, and a real-life example illustrate allow secured creditor to take possession of goods even when goods are in the hands of an innocent purchaser or 3rd party.
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