Personal Property Security Agreements


In British Columbia, liens can be registered against the following:

Motor vehicles
Boats Outboard Motors Trailers Aircrafts Manufactured homes

Personal Property Security Act governs the filing of a lien against the personal properties listed above. Certain conditions must be met before a lien can be registered.

Whenever you are buying a used motor vehicle, boat, aircraft or manufactured home it is a good idea to do a lien search from the Personal Property Registry database. As a buyer or a lender prior to purchasing or lending money on the security of personal property, it is essential to ensure that the property has not been previously pledged as security by the owner or the previous owner and is free from any encumbrances, lien or has not been pledged as collateral for a loan and the potential debtor is in a position to grant a security interest in the collateral.

A Notary can help you to find the lien (if any) against the above properties. If there is no existing lien you can buy or put a lien against the property. To search for a lien you need either name of the debtor or Business Debtor name or manufactured home registration number or registration number of the document or Aircraft Airframe DOT # (aircraft only). In addition, you need to provide either of the following to register or update a financing statement:

Financing Statement
Repairers Lien Financing Statement

These documents can be generated on the BC Online website.

You can also discharge an existing financing statement if you have already met the financial obligations of the secured party and the secured party had failed to discharge and existing financing statement. A Notary can help you to make changes to financing statements i.e. either release debtors, collateral or secured parties to existing financing statements.