Filing “UCCs” in Canada
Did you know that you can file a UCC in Canada? Okay, so it’s technically not a UCC since the Uniform Commercial Code system is an American one, but Canada does have a system called the Personal Property Security Registration System which is analogous to and based upon our UCC system.
This system, much like our Uniform Commercial Code, records and reproduces info regarding loans where collateral is used to secure the loan. This system also records and reproduces information regarding repair and storage liens.
If you need to file a financing statement, you will have to complete and submit a document, which has to be done electronically, to the Companies and Personal Property Security Branch of the Ministry of Government Services. Within 30 days of registering the financing statement, the lender must provide the borrower with details of the registration so that the borrower can review and advise of any errors as necessary.
Unlike the US, where financing statements are active for 5 years unless a continuation is filed, the lenders must select the time period for the registration, which can be for as long as 25 years, or for a perpetual period (note: this only pertains to business loans; consumer loans can only register for up to 5 years at one time). Once the consumer loan is repaid, the lender registers a “discharge” within 30 days, similar to our termination filings.
With proper licensing, both PPSA searches and registrations can be accomplished via remote database access. Many public records firms here in the United States have achieved authorization and can complete your Canadian requests efficiently and affordably.
Updated Post: Filing Financing Statements in Canada
Good life to you,
Does the P.P.S.R.S have an equivalent to the U.C.C.-1 Financing Statement?
And where can I find this canadian equivalent, and file one?
Thank you in advance for this info.
Hi Michel,
Thanks for reading our post! The best way to file the Canadian equivalent is through a service company with authorization and expert knowledge in the field. I highly encourage you to submit your request here: http://ficoso.com/contact.aspx and we can assist with your filing right away.
Thanks,
Samuel
Thank you Samuel for the offer,
I’m actually looking into discovering for myself, the steps I should be doing for my filing, I just learned that ppsa is for outside of Québec and rdprm is for ‘here’ inside Québec. My initial question was related to: offices to go to; forms to fill up; and general filing procedures that individuals should do, to be in full respect of applicable law.
Can you give me some helpful directions that will make me go forward in my personal filings related to the UCC ?
Michel
Hi Michel,
Thank you for your inquiry. Our specialist will email you some information privately.
Samuel
I too am curious about what forms to fill out etc. Could you also send me the same information regarding my personal filings? I live in British Columbia and require the same PPSR filing statement information.
Thanks
Todd
Please send me information on filling my PPSR in Canada and where the available forms can be located to be able to complete my personal fillings related to my UCC.
Thanks
Theresa
I also live in Quebec what I would like to know is where do I start and what are the fees in other words the best way to go.
robert
Our representative will email you directly with more information. Thanks for your questions.
i would also like information you to email to Michel, robert, about ppsr/ucc for i to would like to know more, be able to complete my personal fillings related to my UCC. i live in bc
thanks
Hi,
I am also interested in getting documents and information for filling in Quebec. Could you please help?
Best regards,
We will send you a private message regarding this.
Hello,
Could you please send me information on how I could file PPSRs?
Thank you!
Hi
please email me concerning the procedure and companies to work with to file in canada and quebec, it would be greatly appreciated. i find your blog extremely helpfull, great work
regards
Adon
Hi Adon, Thank you for your request. Please review this updated blog post (http://blog.ficoso.com/2011/01/25/filing-financing-statements-in-canada/) on how to file “UCC” in Canada. Thanks, Samuel
I need to file a financing statement in Peterborough Ontario and need to know a website where I can do so. Does anyone know where I should file? Thanks.
Hi Tona, You can read more about filing UCCs in Canada here: http://blog.ficoso.com/2011/01/25/filing-financing-statements-in-canada/. Our representative will also send you an email with more information. Thanks, FCS-Samuel
How would i file a PPSR in Canada if i am in the U.S.?
Hi Debby – Please take a look at our updated blog post for more information on PPSR – http://blog.ficoso.com/2011/01/25/filing-financing-statements-in-canada/ .