PPSA 1101 - Understanding the Basics of the Personal Property Security Act

Scheduled Instruction 

3 hours

About the PPSA

The PPSA governs security interests in personal property. In force in each common law province and territory, it is one of Canada’s most important commercial statutes. Transactions governed by the PPSA include conventional secured loans, conditional sale contracts, security leases, leases for a term of more than one year, security consignments, commercial consignments, security trusts, and transfers of accounts and chattel paper. Failure to comply with the technical requirements of the PPSA can be fatal to a secured party’s claim to the collateral. Sound command of the statute is therefore an absolute must for any successful commercial lawyer, banker or finance specialist, all of whom are invited to enrol in PPSA 1101.

About the Course

This course is designed for enrollees who wish to gain basic proficiency with the PPSA and its Regulations. In your daily business and practice, are you being asked questions about the PPSA for which you do not have ready answers? Are you encountering seemingly simple PPSA issues that require hours of painstaking research? If you did not enrol in a secured transactions course while in university, or are simply interested in learning about how the PPSA affects your business and practice, consider enrolling in PPSA 1101.

Program

Session 1: Terminology & Taxonomy - 1:00-1:30pm   

Like any commercial statute, the PPSA is replete with technical terms and concepts. For example, it recognizes seven distinct categories (and numerous additional subcategories) of personal property.

Session 2: Scope of the PPSA - 1:30-2:00pm   

The PPSA applies to many commercial transactions including those that fall outside the realm of conventional security. Examples include conditional sale contracts, security leases, leases for a term of more than one year, security consignments, commercial consignments, security trusts, and transfers of accounts and chattel paper.

Session 3: Attachment of a Security Interest - 2:00-2:30pm   

The PPSA facilitates the contractual creation of security interests in personal property. The statutory requirements for attachment of a security interest are therefore hybrid in nature, pertaining to matters of both contract and property.

Refreshment Break - 2:30-2:45pm 

Session 4: Perfection of a Security Interest - 2:45-3:15pm   

A secured party must perfect a security interest to ensure its effectiveness against and priority over competing third party interests. For any given collateral, perfection requires the coincidence of attachment and a completed perfection step. Depending on the nature of the collateral involved, a secured party may avail itself of one or more of the following perfection steps: registration, possession, control, delivery.

Session 5: Priority Disputes Involving Security Interests - 3:15-3:45pm   

Priority refers to the ordering or ranking of competing security interests in personal property. However, the term is also used in more colloquial fashion as a generic reference to a security interest’s position in relation to any third party interest. A secured party who wishes to assert priority against third parties (like buyers, trustees in bankruptcy or other secured parties) should ensure, at the very least, that its security interest is perfected.

Session 6: Enforcement in the Event of Debtor Default - 3:45-4:15pm   

A secured party’s enforcement rights become operative when the debtor commits an act of default. The PPSA lays out detailed rules of enforcement for a secured party who, in its collection effort, chooses to pursue a debtor’s collateral.

Enrolment Price

Free Enrolment for Saskatchewan Articling Students and current University of Saskatchewan law students (Student Enrollees).

Base Enrolment: $400 + GST

Deluxe Enrolment: $530 + GST (includes a copy of Bangsund on the Personal Property Security Act: The CCPPSL Model (Toronto: Thomson Reuters, 2021), which ordinarily retails for $150 + GST)

Terms of Enrolment

1. Registration. Course registrations are processed on a “first come, first serve” basis. Shortly after submitting your online registration or mailing your paper registration, you will receive an email confirming your enrolment. If your registration cannot be accepted for any reason (e.g. venue capacity limits), you will be notified by email and issued a full refund if you have already paid. 

2. Course Materials. As a Student Enrollee, Base Enrollee or a Deluxe Enrollee, you will be furnished with a hard copy of the course materials during your attendance at the course. Shortly after the course, you will also receive a pdf copy of the course materials via email.

3. Book. As a Deluxe Enrollee, you will additionally be furnished with a copy of Bangsund on the Personal Property Security Act: The CCPPSL Model (Toronto: Thomson Reuters, 2021) during your attendance at the course.  

4. Cancellation & Partial Refund.  The cancellation deadline date is the date that precedes the course date by five business days. If you deliver notice of cancellation via email to Clayton Bangsund at clayton.bangsund@juliuserwin.com on or before the cancellation deadline date, you will receive a refund less a $50 administration fee. 

5. Credit for Future Course

a. Election for Credit. As a cancelling Enrollee, instead of receiving a partial refund, you may elect to receive a full credit for enrolment in any future offering of the course, or alternatively, another course with an enrolment price of equal or lesser value. You may also apply your credit toward partial payment of the enrolment price for any future course with a higher enrolment price than the course from which you have cancelled. 

b. Course Materials in the Event of Election for Course Credit. If, as a cancelling Base Enrollee, you elect to receive credit for enrolment in a future course, a pdf copy of the course materials will be emailed to you shortly after the date of scheduled course delivery. If, as a cancelling Deluxe Enrollee, you elect to receive credit for a future course, then your copy of Bangsund on the Personal Property Security Act: The CCPPSL Model (Thomson Reuters, 2021), along with a hard copy of the course materials, will be mailed to you shortly after the date of scheduled course delivery, and you will also receive a pdf copy of the course materials via email. For greater certainty, you will not receive an additional book at the future course you attend unless you pay an additional $130 + tax. However, just as any Base Enrollee, you will receive hard and digital copies of the course materials at your choice of future course.

c. Cancelling Enrollee’s Election. In your cancellation email, please indicate your election to receive credit for enrolment in a future course offering. If you do not specify an election for course credit in your cancellation email, you will be deemed to have elected to receive a partial refund pursuant to Section 4. 

d. Student Enrollee Cancellation. This section does not apply in favour of a Student Enrollee who cancels free enrolment.

6. Non-Compliance, Non-Attendance & Forfeiture. Subject to Section 7, after the cancellation deadline date, enrolment cancellations will not be honoured and requests for refunds will be refused. Failure to comply with these terms governing cancellation will result in forfeiture of your entire enrolment fee. Non-attendance does not constitute cancellation. 

7. Positive Covid Test Result. If you test positive for Covid after the cancellation deadline date and before the date of scheduled course delivery, do not attend the course. If you furnish documentary evidence of your positive test result, you will be eligible for a full refund or course credit as outlined in Section 5, whichever you elect. 

8. Substitution. Enrollee substitutions will be accepted. If you wish to designate a Substitute Enrollee to attend the course in your place, email Clayton Bangsund at clayton.bangsund@juliuserwin.com in advance of the course date, with the name and email address of the Substitute Enrollee. This substitution policy does not apply in favour of a Student Enrollee who enrols in PPSA 1101 for free.

9. Not Advice. The information contained in Bangsund on the Personal Property Security Act: The CCPPSL Model (Toronto: Thomson Reuters, 2021) and the course materials, and the presentation of such information during the course, does not constitute legal advice or advice of any kind. Clayton Bangsund, operating as Julius Erwin Consulting, is in no way liable in connection with the provision of this information. A lawyer-client relationship is not established by virtue of your enrolment in or attendance at this course. If you wish to engage Clayton Bangsund (operating as Julius Erwin Consulting) for legal advice or other consulting services, such engagement will be subject to separate written terms and standard file-opening procedures. 

10. Force Majeure. If the course is cancelled or postponed due to public health restrictions (whether related to Covid or otherwise) or forces beyond the contemplation or control of Clayton Bangsund, then you will be notified by email of the cancellation or postponement and issued a full refund if you have already paid. Instead of receiving a refund, you may elect to receive a full credit for enrolment in the postponed version of the course, any future offering of the course, or another course with an enrolment price of equal or lesser value. You may also apply your credit as partial payment of the enrolment price in any future course with a higher enrolment price than the course cancelled pursuant to this section. This policy does not apply in favour of a Student Enrollee who enrols in PPSA 1101 for free.

11. Governing Law. This contract is governed by the laws of the Province of Saskatchewan, and by entering into this contract you attorn to the jurisdiction of the courts of the Province of Saskatchewan.

Paper-Based Registration & Payment

To register on paper and pay via cheque, print, complete and sign the Paper Registration Form, then mail it, accompanied by a cheque for the enrolment price made payable to Julius Erwin Consulting, to the following address:

Julius Erwin Consulting

331 - 120 23rd Street East

Saskatoon, Saskatchewan

S7K 0K8

Attention: Clayton Bangsund

To view and print the Paper Registration Form, click here.

Volume Discount Pricing for Group Enrolment

For organizations interested in registering three or more enrollees in PPSA 1101, volume discounting is available. All enrolments covered by a volume discount must be registered using paper-based registration and paid for with a cheque. To view and print the Group Registration Form, click here.

Registration Deadline

The deadline for registration and payment is April 4, 2024.