OFA supported the recommendation of the Business Law Modernization and Burden Reduction Council to examine opportunities to modernize the Personal Property Security Registry, as well as expanding the definition of “motor vehicle” to include additional types of vehicles such as trailers and farm equipment. OFA noted the current difficulty farmers face when purchasing farm equipment in a private transaction in determining whether the farm equipment is an encumbered asset. Enabling a Registry search of specifically identified farm equipment would assist farm equipment purchasers.
Submissions & Correspondence
OFA submission regarding business law modernization
Updated: November 27, 2019