Acts and Regulations

P-7.1 - Personal Property Security Act

Section 55
Disposition versions

Full text
Application of Part V
55(1)This Part does not apply to
(a) a transaction referred to in subsection 3(2), or
(b) a transaction between a pledgor and a pawnbroker.
55(2)In this section
“secured party” includes a receiver.
55(3)The rights and remedies in this Part are cumulative.
55(4)Subject to any other Act or rule of law to the contrary, where the same obligation is secured by an interest in land and by a security interest to which this Act applies, the secured party may
(a) proceed under this Part as to the personal property, or
(b) proceed as to both the land and the personal property in which case the secured party shall proceed as against the personal property in accordance with the secured party’s rights, remedies and obligations in respect of the land, as if the personal property were land, and this Part, except for subsections 58(3) to (7), does not apply.
55(5)Paragraph (4)(b) does not limit the rights of a secured party who has a security interest in the personal property taken before or after the security interest referred to in subsection (4).
55(6)A secured party referred to in subsection (5)
(a) has standing in proceedings taken in accordance with paragraph (4)(b), and
(b) may apply to the Court for the conduct of a judicially supervised sale under paragraph (4)(b).
55(7)For the purpose of distributing the proceeds realized from the sale of both land and personal property where the purchase price is not allocated to each separately, the amount that is attributable to the sale of the personal property is that proportion of the total proceeds that the market value of the personal property at the time of the sale bears to the market value of the land and the personal property at the time of the sale.
55(8)A security interest does not merge merely because a secured party has reduced the claim to judgment.
Application of Part V
55(1)This Part does not apply to
(a) a transaction referred to in subsection 3(2), or
(b) a transaction between a pledgor and a pawnbroker.
55(2)In this section
“secured party” includes a receiver.
55(3)The rights and remedies in this Part are cumulative.
55(4)Subject to any other Act or rule of law to the contrary, where the same obligation is secured by an interest in land and by a security interest to which this Act applies, the secured party may
(a) proceed under this Part as to the personal property, or
(b) proceed as to both the land and the personal property in which case the secured party shall proceed as against the personal property in accordance with the secured party’s rights, remedies and obligations in respect of the land, as if the personal property were land, and this Part, except for subsections 58(3) to (7), does not apply.
55(5)Paragraph (4)(b) does not limit the rights of a secured party who has a security interest in the personal property taken before or after the security interest referred to in subsection (4).
55(6)A secured party referred to in subsection (5)
(a) has standing in proceedings taken in accordance with paragraph (4)(b), and
(b) may apply to the Court for the conduct of a judicially supervised sale under paragraph (4)(b).
55(7)For the purpose of distributing the proceeds realized from the sale of both land and personal property where the purchase price is not allocated to each separately, the amount that is attributable to the sale of the personal property is that proportion of the total proceeds that the market value of the personal property at the time of the sale bears to the market value of the land and the personal property at the time of the sale.
55(8)A security interest does not merge merely because a secured party has reduced the claim to judgment.