Creditors' Rights and Remedies under the PPSA

Summary

This practice note looks at what steps a secured creditor can take under Ontario's Personal Property Security Act (the "PPSA") to remedy a debtor's default under a security agreement, including rights of collection, possession, disposition and foreclosure. It also discusses the duty of reasonable care that is imposed on a secured creditor that exercises its right under the PPSA to takes possession of a debtor's collateral in satisfaction of the obligation following the debtor's default.