Section 56(2.1) Amendment (PPSA Collateral Description/Classification)

Summary

This is a standard precedent form for a letter for a debtor to demand amendments to the Ontario Personal Property Security Act, R.S.O. 1990, c. P.10 ("PPSA") Collateral Description and Classification. It contains practical guidance and drafting notes. This is a standard precedent form for a letter for a debtor to demand amendments to the PPSA Collateral Description and Classification via a financing change statement under Section 56(2.1) of the PPSA. A debtor may demand amendments to correct an overly inclusive general collateral description or limit the scope of assets in a particular classification. Other remedies are available under Section 56(2.2) and (2.3) of the PPSA. For relevant practice notes on PPSA procedure and registration, see Financing Change Statement Filing (ON), Personal Property Security Act Registration (ON), PPSA: Perfection and Maintaining Perfection Post-Closing (ON, BC, AB) and Purchase-Money Security Interest Procedure (ON). For relevant precedents, see PPSA ...