Acts and Regulations

P-7.1 - Personal Property Security Act

Section 17.1
Disposition versions

Full text
Investment property in the secured party’s control: rights and obligations
2008, c.S-5.8, s.109
17.1(1)Unless otherwise agreed by the parties and notwithstanding section 17, a secured party having control under subsection 1(2) of investment property as collateral
(a) may hold as additional security any proceeds received from the collateral,
(b) shall either apply money or funds received from the collateral to reduce the secured obligation or remit that money or those funds to the debtor, and
(c) may create a security interest in the collateral.
17.1(2)Notwithstanding subsection (1) and section 17, a secured party having control under subsection 1(2) of investment property as collateral may sell, transfer, use or otherwise deal with the collateral in the manner and to the extent provided in the security agreement.
2008, c.S-5.8, s.109