Acts and Regulations

P-7.1 - Personal Property Security Act

Section 5
Disposition versions

Full text
Conflict of laws: goods and documentary collateral in the possession of the secured party
5(1)Subject to this Act, the validity, perfection and effect of perfection or non-perfection of
(a) a security interest in goods, and
(b) a possessory security interest in a negotiable document of title, chattel paper, an instrument and money,
are governed by the law of the jurisdiction where the collateral is situated when the security interest attaches.
5(2)Repealed: 2008, c.S-5.8, s.109
5(3)A security interest in goods perfected under the law of the jurisdiction in which the goods are situated at the time the security interest attaches but before the goods are brought into the Province continues perfected in the Province if it is perfected in the Province
(a) not later than sixty days after the goods are brought into the Province,
(b) not later than fifteen days after the secured party has knowledge that the goods have been brought into the Province, or
(c) before perfection ceases under the law of the jurisdiction in which the goods were situated when the security interest attached,
whichever is earliest.
5(4)Notwithstanding subsection (3), a security interest in goods referred to in that subsection is subordinate to the interest of a buyer or lessee of the goods who acquires the interest without knowledge of the security interest and before it is perfected in the Province under section 24 or 25.
5(5)A security interest that is not perfected in accordance with subsection (3) may be otherwise perfected in the Province under this Act.
5(6)If a security interest referred to in subsection (1) is not perfected under the law of the jurisdiction in which the collateral was situated when the security interest attached and before the collateral was brought into the Province, it may be perfected under this Act.
2008, c.S-5.8, s.109
Conflict of laws: goods and documentary collateral in the possession of the secured party
5(1)Subject to this Act, the validity, perfection and effect of perfection or non-perfection of
(a) a security interest in goods, and
(b) a possessory security interest in a negotiable document of title, chattel paper, a security, an instrument and money,
are governed by the law of the jurisdiction where the collateral is situated when the security interest attaches.
5(2)For the purposes of subsection (1), a security with a clearing agency is situated where the records of the clearing agency are kept.
5(3)A security interest in goods perfected under the law of the jurisdiction in which the goods are situated at the time the security interest attaches but before the goods are brought into the Province continues perfected in the Province if it is perfected in the Province
(a) not later than sixty days after the goods are brought into the Province,
(b) not later than fifteen days after the secured party has knowledge that the goods have been brought into the Province, or
(c) before perfection ceases under the law of the jurisdiction in which the goods were situated when the security interest attached,
whichever is earliest.
5(4)Notwithstanding subsection (3), a security interest in goods referred to in that subsection is subordinate to the interest of a buyer or lessee of the goods who acquires the interest without knowledge of the security interest and before it is perfected in the Province under section 24 or 25.
5(5)A security interest that is not perfected in accordance with subsection (3) may be otherwise perfected in the Province under this Act.
5(6)If a security interest referred to in subsection (1) is not perfected under the law of the jurisdiction in which the collateral was situated when the security interest attached and before the collateral was brought into the Province, it may be perfected under this Act.