A consumer Debtor, who has repaid all the obligations secured, could be detrimentally affected by the absence of a discharge because the registration may block the debtor’s access to further credit from other creditors.
Where a Financing statement or notice of security interest is registered under this act, and,
(a) All the obligations under a security agreement to which it relates have been performed; or
(b) It is agreed to release part of the collateral covered by a security agreement to which it relates upon payment or performance of certain of the obligations under the security agreement, then upon payment or performance of such obligations,
Any person having an interest in collateral covered by the security agreement may deliver written notice to the secured party demanding registration of a financing change statement or a certificate of discharge or partial discharge or both and the secured party shall register the financing change statement or partial discharge or both as the case may be.
ESC Corporate Services offers a national Personal Property and Security Act (PPSA) Search and Registration service including in Ontario, registrations completed under both the PPSA and RSLA (Repair and Storage Liens Act).
Be part of ESC. Be a valued client.