The Alberta Personal Property Security Act [PPSA] came into force in 1990 and produced a significant improvement in secured transactions in Alberta by removing many of the restrictions and limitations that prevented the use of secured credit.
Since 1990, it has become clear that several areas of the law are in need of reform. Online banking and ecommerce as well ambiguities in the law contribute to the need for reform. The PPSA also did not anticipate some kinds of disputes that would be litigated in today’s courts and did not provide rules for the resolution of these cases.
Report for Discussion 35, Personal Property Security Law aims to increase certainty in secured transactions law with recommendations to bring the PPSA up-to-date and inline with other Canadian jurisdictions.