Temporary perfection where collateral temporarily returned to debtor
26(1)If a security interest in an instrument or a certificated security is perfected under section 24 and the secured party delivers the instrument or certificated security to the debtor for the purpose of
(a)
ultimate sale or exchange,
(b)
presentation, collection or renewal, or
(c)
registration of a transfer,
the security interest remains perfected, notwithstanding section 10, for the first fifteen days after the collateral comes under the control of the debtor.
26(2)If a security interest in a negotiable document of title or in goods held by a bailee that are not covered by a negotiable document of title is perfected by possession under section 24 and the secured party makes the document of title or goods available to the debtor for the purpose of
(a)
ultimate sale or exchange,
(b)
loading, unloading, storing, shipping or trans-shipping, or
(c)
manufacturing, processing, packaging or other dealing with goods in a manner preliminary to their sale or exchange,
the security interest remains perfected, notwithstanding section 10, for the first fifteen days after the collateral comes under the control of the debtor.
26(3)On the expiry of the fifteen day period referred to in subsection (1) or (2), a security interest referred to in those subsections is subject to the other provisions of this Act relating to the perfection of a security interest.
Temporary perfection where collateral temporarily returned to debtor
26(1)If a security interest in an instrument or a security is perfected by possession under section 24 and the secured party delivers the instrument or security to the debtor for the purpose of
(a)
ultimate sale or exchange,
(b)
presentation, collection or renewal, or
(c)
registration of a transfer,
the security interest remains perfected, notwithstanding section 10, for the first fifteen days after the collateral comes under the control of the debtor.
26(2)If a security interest in a negotiable document of title or in goods held by a bailee that are not covered by a negotiable document of title is perfected by possession under section 24 and the secured party makes the document of title or goods available to the debtor for the purpose of
(a)
ultimate sale or exchange,
(b)
loading, unloading, storing, shipping or trans-shipping, or
(c)
manufacturing, processing, packaging or other dealing with goods in a manner preliminary to their sale or exchange,
the security interest remains perfected, notwithstanding section 10, for the first fifteen days after the collateral comes under the control of the debtor.
26(3)On the expiry of the fifteen day period referred to in subsection (1) or (2), a security interest referred to in those subsections is subject to the other provisions of this Act relating to the perfection of a security interest.