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CHAPTER 14ENFORCEMENT OF CREDITORS’RIGHTSSECURED CREDITORSPerfection and ProtectionApplicable laws in Atlantic Canada providethe means for secured creditors to perfector otherwise protect their security interestsin both real and personal property. Themethods of perfection are described inChapter 7 – Real Estate Law.Creditors in Atlantic Canadabenefit from a number ofpotential remedies. Theavailable remedies willdepend on whether creditorshave security over the assetsof the debtor.In order to protect the interests of securedcreditors, it is necessary to ensure that therequirements for perfection and protectionof security interests are carefully observed.Mortgages and other charging instrumentssecuring real property must be properlyregistered in accordance with the applicablelegislation in each province. For personalproperty, the perfection requirements willdepend on the type of property involved. Inmost cases, all that is required is a timelyregistration under the Personal PropertySecurity Act (the “PPSA”) in the appropriateprovince. Each such statute provides adetailed set of rules which govern thejurisdiction in which a registration must bemade based on the type of propertyinvolved.The PPSA also includes special rules whichimpose additional requirements to properlyperfect security interests in inventory andalso with respect to certain serial-numberedgoods. In addition to the registrationEnforcement of Creditors’ Rights 131