Overview Of The Personal Property Security Act

The Personal Property Security Act repeals and replaces the Chattel Mortgage Act, the Sale of Goods on Condition Act, the Book Accounts Assignment Act, and parts of the Business Corporations Act and the Manufactured Home Act. The Personal Property Registry registers all types of encumbrances on personal property formerly registered in the Central Registry, the Corporate Registry, and the Manufactured Home Registry, against debtors who are individuals or corporations.

GENERAL EFFECT ON LAND TITLE PRACTICE

Section 4(f) and (g) of the Act explicitly excludes from the scope of the Act the creation or transfer of an interest in land. However, the Act does provide for registration at the land title office of notice of a security interest in fixtures or growing crops under s. 49. The purpose of the filing is to give notice of the interest of a secured party in growing crops or in goods that are or may become affixed to land. The notice does not constitute an interest in land and the registrar enters it in the register as a legal notation and not as a charge.