Acts and Regulations

P-7.1 - Personal Property Security Act

Section 12
Disposition versions

Full text
When attachment occurs
12(1)A security interest, including a security interest in the nature of a floating charge, attaches when
(a) value is given,
(b) the debtor has rights in the collateral or power to transfer rights in the collateral to a secured party, and
(c) except for the purpose of enforcing rights as between the parties to the security agreement, the security interest becomes enforceable within the meaning of section 10.
12(2)Notwithstanding subsection (1), if the parties have specifically agreed to postpone the time of attachment, the security interest attaches at the agreed time.
12(3)For the purposes of paragraph (1)(b) and without limiting other rights, if any, which the debtor has in the goods, a lessee under a lease for a term of more than one year or a consignee under a commercial consignment has rights in the goods when the lessee or consignee obtains possession of them under the lease or consignment.
12(4)For the purposes of paragraph (1)(b), a debtor has no rights in
(a) crops until they become growing crops,
(b) the young of animals until they are conceived,
(c) minerals until they are extracted, or
(d) trees, other than crops, until they are severed.
12(5)The attachment of a security interest in a securities account is also attachment of a security interest in the security entitlements carried in the securities account.
12(6)The attachment of a security interest in a futures account is also attachment of a security interest in the futures contracts carried in the futures account.
2008, c.S-5.8, s.109
When attachment occurs
12(1)A security interest, including a security interest in the nature of a floating charge, attaches when
(a) value is given,
(b) the debtor has rights in the collateral or power to transfer rights in the collateral to a secured party, and
(c) except for the purpose of enforcing rights as between the parties to the security agreement, the security interest becomes enforceable within the meaning of section 10.
12(2)Notwithstanding subsection (1), if the parties have specifically agreed to postpone the time of attachment, the security interest attaches at the agreed time.
12(3)For the purposes of paragraph (1)(b) and without limiting other rights, if any, which the debtor has in the goods, a lessee under a lease for a term of more than one year or a consignee under a commercial consignment has rights in the goods when the lessee or consignee obtains possession of them under the lease or consignment.
12(4)For the purposes of paragraph (1)(b), a debtor has no rights in
(a) crops until they become growing crops,
(b) the young of animals until they are conceived,
(c) minerals until they are extracted, or
(d) trees, other than crops, until they are severed.
12(5)The attachment of a security interest in a securities account is also attachment of a security interest in the security entitlements carried in the securities account.
12(6)The attachment of a security interest in a futures account is also attachment of a security interest in the futures contracts carried in the futures account.
2008, c.S-5.8, s.109
When attachment occurs
12(1)A security interest, including a security interest in the nature of a floating charge, attaches when
(a) value is given,
(b) the debtor has rights in the collateral, and
(c) except for the purpose of enforcing rights as between the parties to the security agreement, the security interest becomes enforceable within the meaning of section 10.
12(2)Notwithstanding subsection (1), if the parties have specifically agreed to postpone the time of attachment, the security interest attaches at the agreed time.
12(3)For the purposes of paragraph (1)(b) and without limiting other rights, if any, which the debtor has in the goods, a lessee under a lease for a term of more than one year or a consignee under a commercial consignment has rights in the goods when the lessee or consignee obtains possession of them under the lease or consignment.
12(4)For the purposes of paragraph (1)(b), a debtor has no rights in
(a) crops until they become growing crops,
(b) the young of animals until they are conceived,
(c) minerals until they are extracted, or
(d) trees, other than crops, until they are severed.