Acts and Regulations

P-7.1 - Personal Property Security Act

Section 22
Disposition versions

Full text
Grace period for perfection of a purchase money security interest and the interest of a buyer out of possession
22(1)A purchase money security interest in collateral, other than an intangible, has priority over the interests of persons referred to in subsections 20(1) and 20(2) if it is perfected not later than fifteen days after the debtor, or another person at the request of the debtor, obtains possession of the collateral, whichever is earlier.
22(2)If goods are shipped by common carrier to a debtor or to a person designated by the debtor, the debtor does not have possession of the goods for the purposes of subsection (1) until the debtor, or another person at the request of the debtor, has obtained actual possession of the goods or a document of title to the goods, whichever is earlier.
22(3)A purchase money security interest in an intangible has priority over the interests of persons referred to in subsections 20(1) and 20(2) if it is perfected not later than fifteen days after it attaches.
22(4)A security interest in goods referred to in subparagraph (b)(iv) of the definition “security interest” in section 1 has priority over the interests of persons referred to in subsections 20(1) and 20(2) if it is perfected not later than thirty days after the sale of the goods.
1994, c.22, s.5; 1995, c.33, s.2
Grace period for perfection of a purchase money security interest and the interest of a buyer out of possession
22(1)A purchase money security interest in collateral, other than an intangible, has priority over the interests of persons referred to in subsections 20(1) and 20(2) if it is perfected not later than fifteen days after the debtor, or another person at the request of the debtor, obtains possession of the collateral, whichever is earlier.
22(2)If goods are shipped by common carrier to a debtor or to a person designated by the debtor, the debtor does not have possession of the goods for the purposes of subsection (1) until the debtor, or another person at the request of the debtor, has obtained actual possession of the goods or a document of title to the goods, whichever is earlier.
22(3)A purchase money security interest in an intangible has priority over the interests of persons referred to in subsections 20(1) and 20(2) if it is perfected not later than fifteen days after it attaches.
22(4)A security interest in goods referred to in subparagraph (b)(iv) of the definition “security interest” in section 1 has priority over the interests of persons referred to in subsections 20(1) and 20(2) if it is perfected not later than thirty days after the sale of the goods.
1994, c.22, s.5; 1995, c.33, s.2