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What is the Personal Property Security Act and how is Nova Scotia's different from Manitoba's?
Can you explain to me what the Personal Property Security Act is and how it works?
Certainly. The Personal Property Security Act, or PPSA, is a Canadian law that regulates how secured transactions involving personal property are conducted. Under the PPSA, a lender can protect their security interest in specific personal property by registering a security interest with the appropriate government agency. This ensures that the lender has first priority over other creditors in the event that the borrower defaults on the loan.