Joyce M. Bernasek, Jeremy Lin
May 9, 2017
The Burden Reduction Act, 2017 (the Act) came into force on March 22, 2017, and amended the Personal Property Security Act R.S.O. 1990 (the PPSA). The effect of the amendment is to allow the debtor to waive the requirement in the PPSA for a secured party to provide a copy of a verification statement to a debtor within 30 days after the date of registration. In practice, general security agreements often provide a waiver by the debtor of the right to receive such notice.
However, it was previously unclear whether such a waiver would be effective. This amendment provides certainty that such waivers will be effective.
If you have any questions, please contact Joyce M. Bernasek.