Acts and Regulations

P-7.1 - Personal Property Security Act

Section 13
Disposition versions

Full text
Security interest in after-acquired personal property
2008, c.S-5.8, s.109
13(1)Subject to section 12 and subsection (2), a security agreement that provides for a security interest in after-acquired personal property attaches to that property in accordance with the terms of the agreement without any need for specific appropriation by the debtor.
13(2)A security interest does not attach under an after-acquired property clause in a security agreement to after-acquired personal property that is
(a) crops that become growing crops more than one year after the security agreement has been entered into, except that a security interest in crops that is given in conjunction with a lease, agreement for sale or mortgage of land may attach, if the parties agree, to crops to be grown on the land concerned during the term of the lease, agreement for sale or mortgage, or
(b) consumer goods, other than an accession, unless the security interest is a purchase money security interest or a security interest in collateral obtained by the debtor as replacement for collateral described in the security agreement.
Security in after-acquired personal property
13(1)Subject to section 12 and subsection (2), a security agreement that provides for a security interest in after-acquired personal property attaches to that property in accordance with the terms of the agreement without any need for specific appropriation by the debtor.
13(2)A security interest does not attach under an after-acquired property clause in a security agreement to after-acquired personal property that is
(a) crops that become growing crops more than one year after the security agreement has been entered into, except that a security interest in crops that is given in conjunction with a lease, agreement for sale or mortgage of land may attach, if the parties agree, to crops to be grown on the land concerned during the term of the lease, agreement for sale or mortgage, or
(b) consumer goods, other than an accession, unless the security interest is a purchase money security interest or a security interest in collateral obtained by the debtor as replacement for collateral described in the security agreement.