Document background
The Notice of Intent to Repossess is a critical document in Canadian secured lending practices, required when a creditor plans to exercise their right to repossess property due to payment default or other breach of loan terms. This notice must be issued in compliance with the Personal Property Security Act (PPSA) in common law provinces or the Civil Code in Quebec, typically requiring a specific notice period before repossession can occur. The document serves multiple purposes: it formally notifies the debtor of the impending repossession, provides a final opportunity to cure the default, and outlines the debtor's legal rights. The notice must include precise details about the secured property, the nature of the default, the amount required to remedy the situation, and the timeframe within which the debtor must act to prevent repossession. It represents a crucial step in the secured transaction enforcement process and helps protect both creditor and debtor rights under Canadian law.
