Acts and Regulations

P-7.1 - Personal Property Security Act

Full text
Future advances
14(1)A security agreement may secure future advances.
14(2)Unless otherwise agreed, an obligation owing to a debtor to make future advances is not binding on a secured party if
(a) a notice of judgment against the debtor has been registered in the Registry,
(b) the collateral in which the secured party has a security interest includes personal property that is bound by the notice of judgment in accordance with the Enforcement of Money Judgments Act, and
(c) the secured party has knowledge of the registration of the notice of judgment before making the advances.
2013, c.32, s.30
Future advances
14(1)A security agreement may secure future advances.
14(2)Unless otherwise agreed, an obligation owing to a debtor to make future advances is not binding on a secured party if
(a) a notice of judgment against the debtor has been registered in the Registry,
(b) the collateral in which the secured party has a security interest includes non-exempt exigible personal property or attachable debts of the debtor within the meaning of the Creditors Relief Act, and
(c) the secured party has knowledge of the registration of the notice of judgment before making the advances.