Acts and Regulations

P-7.1 - Personal Property Security Act

Section 73
Disposition versions

Full text
Transitional application of the Personal Property Security Act
73(1)In this section and section 74
“prior law” means the law in force immediately before the commencement of this Act and includes prior registration law;(loi antérieure)
“prior registration law” means the Assignment of Book Debts Act, the Bills of Sale Act, the Conditional Sales Act, the Corporation Securities Registration Act and the Forest Products Loans Act as they read immediately before the commencement of this Act;(loi d’enregistrement antérieure)
“prior security interest” means an interest created by or provided for under a valid security agreement or other transaction entered into before the commencement of this Act that is a security interest within the meaning of this Act and to which this Act would have applied if it had been in force when the security agreement or other transaction was entered into.(sûreté antérieure)
73(2)Except as otherwise provided, this Act applies
(a) to every security agreement entered into after the commencement of this Act, including an agreement that renews, extends or consolidates an agreement entered into before the commencement of this Act,
(b) to every security agreement entered into before the commencement of this Act that has not been validly terminated in accordance with prior law before the commencement of this Act,
(c) to every prior security interest that is not enforced or otherwise validly terminated in accordance with prior law before the commencement of this Act, and
(d) to a receiver appointed before or after the commencement of this Act.
73(3)Sections 10 and 11 do not apply to a security agreement referred to in paragraph (2)(b).
73(4)The validity of a prior security interest is governed by prior law.
73(5)The order of priorities
(a) between prior security interests is determined by prior law, if all the competing security interests arose under security agreements entered into before the commencement of this Act, and
(b) between a prior security interest and the interest of a third party is determined by prior law, if the third party interest arose before the commencement of this Act and the security interest arose under a security agreement entered into before the commencement of this Act.
73(6)Subject to subsection (3) and section 74, the order of priorities
(a) between a security interest arising after the commencement of this Act and a prior security interest is determined by this Act, and
(b) between a security interest arising after the commencement of this Act and the interest of a third party arising before the commencement of this Act is determined by this Act.
73(7)Notwithstanding the commencement of this Act and the repeal of prior registration law, prior law shall be deemed to continue in force and registrations made under prior registration law shall remain searchable to the extent necessary to give effect to this section and section 74.
Transitional application of the Personal Property Security Act
73(1)In this section and section 74
“prior law” means the law in force immediately before the commencement of this Act and includes prior registration law;
“prior registration law” means the Assignment of Book Debts Act, the Bills of Sale Act, the Conditional Sales Act, the Corporation Securities Registration Act and the Forest Products Loans Act as they read immediately before the commencement of this Act;
“prior security interest” means an interest created by or provided for under a valid security agreement or other transaction entered into before the commencement of this Act that is a security interest within the meaning of this Act and to which this Act would have applied if it had been in force when the security agreement or other transaction was entered into.
73(2)Except as otherwise provided, this Act applies
(a) to every security agreement entered into after the commencement of this Act, including an agreement that renews, extends or consolidates an agreement entered into before the commencement of this Act,
(b) to every security agreement entered into before the commencement of this Act that has not been validly terminated in accordance with prior law before the commencement of this Act,
(c) to every prior security interest that is not enforced or otherwise validly terminated in accordance with prior law before the commencement of this Act, and
(d) to a receiver appointed before or after the commencement of this Act.
73(3)Sections 10 and 11 do not apply to a security agreement referred to in paragraph (2)(b).
73(4)The validity of a prior security interest is governed by prior law.
73(5)The order of priorities
(a) between prior security interests is determined by prior law, if all the competing security interests arose under security agreements entered into before the commencement of this Act, and
(b) between a prior security interest and the interest of a third party is determined by prior law, if the third party interest arose before the commencement of this Act and the security interest arose under a security agreement entered into before the commencement of this Act.
73(6)Subject to subsection (3) and section 74, the order of priorities
(a) between a security interest arising after the commencement of this Act and a prior security interest is determined by this Act, and
(b) between a security interest arising after the commencement of this Act and the interest of a third party arising before the commencement of this Act is determined by this Act.
73(7)Notwithstanding the commencement of this Act and the repeal of prior registration law, prior law shall be deemed to continue in force and registrations made under prior registration law shall remain searchable to the extent necessary to give effect to this section and section 74.