Acts and Regulations

P-7.1 - Personal Property Security Act

Section 7
Disposition versions

Full text
Conflict of laws: mobile goods, intangibles, extracted minerals and non-possessory security interests in documentary collateral
7(1)For the purposes of this section and section 7.1, a debtor is located
(a) at the place of business of the debtor, if any,
(b) at the chief executive office of the debtor, if the debtor has more than one place of business, and
(c) at the principal residence of the debtor, if the debtor has no place of business.
7(2)The validity, perfection and effect of perfection or non-perfection of
(a) a security interest in an intangible,
(b) a security interest in goods that are of a type that are normally used in more than one jurisdiction, if the goods are equipment or are inventory leased or held for lease by the debtor to others, and
(c) a non-possessory security interest in a negotiable document of title, chattel paper, an instrument or money,
are governed by the law, including the conflict of law rules, of the jurisdiction where the debtor is located when the security interest attaches.
7(3)If a debtor relocates to another jurisdiction or transfers an interest in the collateral to a person located in another jurisdiction, a security interest perfected in accordance with the law that is applicable under subsection (2) continues perfected in the Province if it is perfected in the other jurisdiction
(a) not later than sixty days after the debtor relocates or transfers an interest in the collateral to a person located in the other jurisdiction,
(b) not later than fifteen days after the secured party has knowledge that the debtor has relocated or transferred an interest in the collateral to a person located in the other jurisdiction, or
(c) before perfection ceases under the law of the first jurisdiction,
whichever is earliest.
7(4)If the law governing the perfection of a security interest under subsection (2) or (3) does not provide for public registration or recording of the security interest or of a notice relating to it, and if the collateral is not in the possession of the secured party, the security interest is subordinate to
(a) an interest in an account payable in the Province, and
(b) an interest in goods, a negotiable document of title, chattel paper, an instrument, or money if the interest was acquired when the collateral was situated in the Province,
unless the security interest is perfected under this Act before the interest referred to in paragraph (a) or (b) arises.
7(5)A security interest referred to in subsection (4) may be perfected under this Act.
7(6)Notwithstanding section 6 and subsection (2), the validity, perfection and effect of perfection or non-perfection of a security interest in minerals or in an account resulting from the sale of the minerals at the minehead or wellhead
(a) that is provided for in a security agreement executed before the minerals are extracted, and
(b) that attaches to the minerals on extraction or attaches to an account on sale of the minerals,
are governed by the law of the jurisdiction in which the minehead or wellhead is located.
2008, c.S-5.8, s.109
Conflict of laws: mobile goods, intangibles, extracted minerals and non-possessory security interests in documentary collateral
7(1)For the purposes of this section and section 7.1, a debtor is located
(a) at the place of business of the debtor, if any,
(b) at the chief executive office of the debtor, if the debtor has more than one place of business, and
(c) at the principal residence of the debtor, if the debtor has no place of business.
7(2)The validity, perfection and effect of perfection or non-perfection of
(a) a security interest in an intangible,
(b) a security interest in goods that are of a type that are normally used in more than one jurisdiction, if the goods are equipment or are inventory leased or held for lease by the debtor to others, and
(c) a non-possessory security interest in a negotiable document of title, chattel paper, an instrument or money,
are governed by the law, including the conflict of law rules, of the jurisdiction where the debtor is located when the security interest attaches.
7(3)If a debtor relocates to another jurisdiction or transfers an interest in the collateral to a person located in another jurisdiction, a security interest perfected in accordance with the law that is applicable under subsection (2) continues perfected in the Province if it is perfected in the other jurisdiction
(a) not later than sixty days after the debtor relocates or transfers an interest in the collateral to a person located in the other jurisdiction,
(b) not later than fifteen days after the secured party has knowledge that the debtor has relocated or transferred an interest in the collateral to a person located in the other jurisdiction, or
(c) before perfection ceases under the law of the first jurisdiction,
whichever is earliest.
7(4)If the law governing the perfection of a security interest under subsection (2) or (3) does not provide for public registration or recording of the security interest or of a notice relating to it, and if the collateral is not in the possession of the secured party, the security interest is subordinate to
(a) an interest in an account payable in the Province, and
(b) an interest in goods, a negotiable document of title, chattel paper, an instrument, or money if the interest was acquired when the collateral was situated in the Province,
unless the security interest is perfected under this Act before the interest referred to in paragraph (a) or (b) arises.
7(5)A security interest referred to in subsection (4) may be perfected under this Act.
7(6)Notwithstanding section 6 and subsection (2), the validity, perfection and effect of perfection or non-perfection of a security interest in minerals or in an account resulting from the sale of the minerals at the minehead or wellhead
(a) that is provided for in a security agreement executed before the minerals are extracted, and
(b) that attaches to the minerals on extraction or attaches to an account on sale of the minerals,
are governed by the law of the jurisdiction in which the minehead or wellhead is located.
2008, c.S-5.8, s.109
Conflict of laws: mobile goods, intangibles, extracted minerals and non-possessory security interests in documentary collateral
7(1)For the purposes of this section, a debtor is located
(a) at the place of business of the debtor, if any,
(b) at the chief executive office of the debtor, if the debtor has more than one place of business, and
(c) at the principal residence of the debtor, if the debtor has no place of business.
7(2)The validity, perfection and effect of perfection or non-perfection of
(a) a security interest in an intangible,
(b) a security interest in goods that are of a type that are normally used in more than one jurisdiction, if the goods are equipment or are inventory leased or held for lease by the debtor to others, and
(c) a non-possessory security interest in a negotiable document of title, chattel paper, a security, an instrument or money,
are governed by the law, including the conflict of law rules, of the jurisdiction where the debtor is located when the security interest attaches.
7(3)If a debtor relocates to another jurisdiction or transfers an interest in the collateral to a person located in another jurisdiction, a security interest perfected in accordance with the law that is applicable under subsection (2) continues perfected in the Province if it is perfected in the other jurisdiction
(a) not later than sixty days after the debtor relocates or transfers an interest in the collateral to a person located in the other jurisdiction,
(b) not later than fifteen days after the secured party has knowledge that the debtor has relocated or transferred an interest in the collateral to a person located in the other jurisdiction, or
(c) before perfection ceases under the law of the first jurisdiction,
whichever is earliest.
7(4)If the law governing the perfection of a security interest under subsection (2) or (3) does not provide for public registration or recording of the security interest or of a notice relating to it, and if the collateral is not in the possession of the secured party, the security interest is subordinate to
(a) an interest in an account payable in the Province, and
(b) an interest in goods, a negotiable document of title, chattel paper, a security, an instrument, or money if the interest was acquired when the collateral was situated in the Province,
unless the security interest is perfected under this Act before the interest referred to in paragraph (a) or (b) arises.
7(5)A security interest referred to in subsection (4) may be perfected under this Act.
7(6)Notwithstanding section 6 and subsection (2), the validity, perfection and effect of perfection or non-perfection of a security interest in minerals or in an account resulting from the sale of the minerals at the minehead or wellhead
(a) that is provided for in a security agreement executed before the minerals are extracted, and
(b) that attaches to the minerals on extraction or attaches to an account on sale of the minerals,
are governed by the law of the jurisdiction in which the minehead or wellhead is located.