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Know when serial numbers are required

PPRS provides two ways for collateral to be described:

  • Serial numbered collateral: One or more rows listing goods by serial number. These values are searchable via the PPRS Serial Number Search (also known as "Serial Numbered Collateral Search") and via the Lien Check Service.
  • General description of collateral: A single, large text field permitting summary or detailed description of the collateral.  This value is NOT searchable via the PPRS Serial Number Search.

Just because an item of collateral has a serial number does not mean that the collateral must be entered in a PPRS registration as serial numbered collateral.

The rules for how collateral should be entered into a PPRS registration are defined in the PPSA and the PPSA [General] Regulations. Important terms for understanding those rules -- such as "goods", "consumer goods", "equipment", "inventory" and other types of collateral -- are defined at the beginning of the PPSA.

Here are two of the important distinctions that you should learn about from the PPSA and PPSA [General] Regulations:

1. Not everything with a serial number is "serial numbered goods". Serial numbered goods, as defined in PPSA [General] Regulations, means "a motor vehicle, trailer, mobile home, aircraft, boat or an outboard motor for a boat" [New Brunswick PPSA General Regulation, section 2]. Though a computer, television, appliance, machine, document, or other collateral item may have a serial number, if it is not within the definition of "serial numbered goods", it is to be included within the general description of collateral, not within the list of serial numbered collateral.

2. The rules for describing serial numbered goods vary depending upon whether the goods are "consumer goods", "equipment" or "inventory".  Generally speaking: "consumer goods" are to be listed under serial numbered collateral; "inventory" is to be described under general description of collateral; and, "equipment" might be described either way.  Review the PPSA and PPSA [General] Regulations to learn the specific rules applicable for your situation.