Acts and Regulations

P-7.1 - Personal Property Security Act

Full text
Application of this Act
3(1)Subject to section 4, this Act applies
(a) to every transaction that in substance creates a security interest, without regard to its form and without regard to the person who has title to the collateral, and
(b) without limiting the generality of paragraph (a), to a chattel mortgage, conditional sale, fixed charge, floating charge, pledge, trust indenture, trust receipt, an assignment, a consignment, lease, trust or transfer of chattel paper where they secure payment or performance of an obligation.
3(2)Subject to sections 4 and 55, this Act applies
(a) to a commercial consignment,
(b) to a lease for a term of more than one year,
(c) to a transfer of an account or chattel paper, and
(d) to a sale of goods without a change of possession,
that do not secure payment or performance of an obligation.
Application of this Act
3(1)Subject to section 4, this Act applies
(a) to every transaction that in substance creates a security interest, without regard to its form and without regard to the person who has title to the collateral, and
(b) without limiting the generality of paragraph (a), to a chattel mortgage, conditional sale, fixed charge, floating charge, pledge, trust indenture, trust receipt, an assignment, a consignment, lease, trust or transfer of chattel paper where they secure payment or performance of an obligation.
3(2)Subject to sections 4 and 55, this Act applies
(a) to a commercial consignment,
(b) to a lease for a term of more than one year,
(c) to a transfer of an account or chattel paper, and
(d) to a sale of goods without a change of possession,
that do not secure payment or performance of an obligation.