Acts and Regulations

P-7.1 - Personal Property Security Act

Section 24
Disposition versions

Full text
Perfection by possession or delivery
2008, c.S-5.8, s.109
24(1)Subject to section 19, possession of the collateral by the secured party, or on the secured party’s behalf by another person, perfects a security interest in
(a) goods,
(b) a negotiable document of title,
(c) chattel paper,
(d) Repealed: 2008, c.S-5.8, s.109
(e) an instrument, and
(f) money.
24(2)A secured party does not have possession of collateral for the purposes of subsection (1) if
(a) the collateral is in the actual or apparent possession or control of the debtor or the debtor’s agent, or
(b) possession is the result of seizure or repossession.
24(3)Subject to section 19, a secured party may perfect a security interest in a certificated security by taking delivery of the certificated security under section 68 of the Securities Transfer Act.
24(4)Subject to section 19, a security interest in a certificated security in registered form is perfected by delivery when delivery of the certificated security occurs under section 68 of the Securities Transfer Act and remains perfected by delivery until the debtor obtains possession of the security certificate.
2008, c.S-5.8, s.109
Perfection by possession
24(1)Subject to section 19, possession of the collateral by the secured party, or on the secured party’s behalf by another person, perfects a security interest in
(a) goods,
(b) a negotiable document of title,
(c) chattel paper,
(d) a security,
(e) an instrument, and
(f) money.
24(2)A secured party does not have possession of collateral for the purposes of subsection (1) if
(a) the collateral is in the actual or apparent possession or control of the debtor or the debtor’s agent, or
(b) possession is the result of seizure or repossession.