Ontario PPSA Amendments
The 2006 Amendments are Coming to Fruition for the Ontario PPSA The 2006 amendments to Ontario’s Personal Property Security Act (PPSA) are set to...
Historically, Mexican companies have had difficulty securing financing from foreign banks, primarily due to concerns about the reliability of the laws governing secured transactions.
The Mexican government recognized the need to alleviate those apprehensions and set forth goals to create a mechanism that allows public disclosure of security interest and to establish priority rules for debtors.
In September of 2010, Mexico instituted amendments to their secured transaction law. These amendments better aligned Mexico’s secured transactions with U.S. Uniform Commercial Code – Revised Article 9 and Canada’s Personal Property Security Act.
A properly perfected pledge (in the U.S. & Canada this would be the security agreement), protects the creditor against third parties that claim an interest in the collateral, allows the creditor to foreclose on the property and apply all proceeds to the outstanding debt, and grants preference against a bankruptcy trustee and all other creditor types including tax claims.
The filing system in Mexico is called the RUG (Registro Unico Garantias Mobiliarias – Unified Registry of Moveable Property Collateral) and RUG filings are in place for 12 years.
If you would like to begin securing transactions in Mexico, please don’t hesitate to contact us! NCS can provide all necessary documents and assist with the execution of a RUG filing.
The 2006 Amendments are Coming to Fruition for the Ontario PPSA The 2006 amendments to Ontario’s Personal Property Security Act (PPSA) are set to...
UCC Filings Part 4 | Priority of a Security Interest In part 4 of our secured transaction series, we’ll review Priority under Article 9.
Two Primary Types of UCC Filings: Blanket & PMSI In compliance with Article 9 of the Uniform Commercial Code, trade creditors can achieve a properly...