Acts and Regulations

P-7.1 - Personal Property Security Act

Section 74
Disposition versions

Full text
Transitional perfection of prior security interests
74(1)Except as otherwise provided in this section, a prior security interest that on the commencement of this Act is covered by an unexpired registration under prior registration law shall be deemed to have been registered and perfected under this Act as of the time of registration under prior registration law.
74(2)Subject to this Act, the registered and perfected status of a prior security interest referred to in subsection (1), other than a prior security interest referred to in subsection (3), continues only for the unexpired portion of the registration period but may be further continued by registration in accordance with this Act if the prior security interest could have been perfected by registration under this Act had the security interest attached after the commencement of this Act.
74(3)The registered and perfected status of a prior security interest that, on the commencement of this Act, is covered by an unexpired registration under the Corporation Securities Registration Act or the Forest Products Loans Act continues only for three years after the commencement of this Act but may be further continued by registration in accordance with this Act if the prior security interest could have been perfected by registration under this Act had the security interest attached after the commencement of this Act.
74(4)A prior security interest is covered by an unexpired registration under prior registration law within the meaning of subsections (1) to (3) only if the requirements of prior registration law were complied with and regardless of whether or not the requirements for perfection of the security interest under this Act would have been met had the registration been made under this Act.
74(5)A prior security interest that under prior law had the status of a perfected security interest without registration and without the secured party taking possession of the collateral shall be deemed to be perfected under this Act as of the time the security interest was created.
74(6)The perfected status of a prior security interest referred to in subsection (5) continues only for three years after the commencement of this Act but may be further continued by perfection in accordance with this Act if the prior security interest could have been perfected under this Act had the security interest attached after the commencement of this Act.
74(7)For the purposes of subsection (5), a prior security interest had the status of a perfected security interest under prior law if the secured party complied with the prior law relating to the creation and continuance of the security interest and the security interest had a status under prior law similar to that of an equivalent security interest created and perfected under this Act in relation to the interest of other secured parties, buyers, creditors of the debtor or a trustee in bankruptcy of the debtor.
74(8)A prior security interest in the form of an assignment of existing or future debts to which the Assignment of Book Debts Act did not apply shall be deemed to be perfected
(a) for the purposes of subsection 20(1) as of the time the security interest was created, and
(b) for all other purposes under this Act as of the time notice of the assignment is given to the account debtor.
74(9)The perfected status of a prior security interest referred to in subsection (8) continues only for three years after the commencement of this Act but may be continued by perfection in accordance with this Act if the prior security interest could have been perfected under this Act had the security interest attached after the commencement of this Act.
74(10)A prior security interest that, on the commencement of this Act, could have been but was not
(a) registered under prior registration law, or
(b) perfected under prior law through possession of the collateral by the secured party,
may be perfected in accordance with this Act if it is a security interest that could have been perfected under this Act had the security interest attached after the commencement of this Act.
74(11)A prior security interest that under this Act may be perfected by the secured party taking possession of the collateral shall be deemed to be perfected for the purposes of this Act when possession of the collateral is taken in accordance with section 24 whether or not possession was taken before or after the commencement of this Act and notwithstanding that under prior law the security interest could not have been perfected by taking possession of the collateral.
74(12)A prior security interest that, on the commencement of this Act, is covered by an unexpired registration under prior registration law but that has the status of a perfected security interest under this Act without registration or the secured party taking possession of the collateral, remains perfected under this Act.
74(13)A prior security interest that, on the commencement of this Act, could have been, but was not, covered by a registration under prior registration law but that, under this Act, may be perfected without registration or the secured party taking possession of the collateral, is perfected under this Act if all the requirements for perfection of a security interest under this Act are met.
74(14)If the perfection of a prior security interest that is deemed registered or perfected under this section is continued by registration under this Act,
(a) registration under this Act continues any registration or perfected status under prior law for the purposes of subsection 73(5), and
(b) the registration supersedes any registration or perfection under prior law.
Transitional perfection of prior security interests
74(1)Except as otherwise provided in this section, a prior security interest that on the commencement of this Act is covered by an unexpired registration under prior registration law shall be deemed to have been registered and perfected under this Act as of the time of registration under prior registration law.
74(2)Subject to this Act, the registered and perfected status of a prior security interest referred to in subsection (1), other than a prior security interest referred to in subsection (3), continues only for the unexpired portion of the registration period but may be further continued by registration in accordance with this Act if the prior security interest could have been perfected by registration under this Act had the security interest attached after the commencement of this Act.
74(3)The registered and perfected status of a prior security interest that, on the commencement of this Act, is covered by an unexpired registration under the Corporation Securities Registration Act or the Forest Products Loans Act continues only for three years after the commencement of this Act but may be further continued by registration in accordance with this Act if the prior security interest could have been perfected by registration under this Act had the security interest attached after the commencement of this Act.
74(4)A prior security interest is covered by an unexpired registration under prior registration law within the meaning of subsections (1) to (3) only if the requirements of prior registration law were complied with and regardless of whether or not the requirements for perfection of the security interest under this Act would have been met had the registration been made under this Act.
74(5)A prior security interest that under prior law had the status of a perfected security interest without registration and without the secured party taking possession of the collateral shall be deemed to be perfected under this Act as of the time the security interest was created.
74(6)The perfected status of a prior security interest referred to in subsection (5) continues only for three years after the commencement of this Act but may be further continued by perfection in accordance with this Act if the prior security interest could have been perfected under this Act had the security interest attached after the commencement of this Act.
74(7)For the purposes of subsection (5), a prior security interest had the status of a perfected security interest under prior law if the secured party complied with the prior law relating to the creation and continuance of the security interest and the security interest had a status under prior law similar to that of an equivalent security interest created and perfected under this Act in relation to the interest of other secured parties, buyers, creditors of the debtor or a trustee in bankruptcy of the debtor.
74(8)A prior security interest in the form of an assignment of existing or future debts to which the Assignment of Book Debts Act did not apply shall be deemed to be perfected
(a) for the purposes of subsection 20(1) as of the time the security interest was created, and
(b) for all other purposes under this Act as of the time notice of the assignment is given to the account debtor.
74(9)The perfected status of a prior security interest referred to in subsection (8) continues only for three years after the commencement of this Act but may be continued by perfection in accordance with this Act if the prior security interest could have been perfected under this Act had the security interest attached after the commencement of this Act.
74(10)A prior security interest that, on the commencement of this Act, could have been but was not
(a) registered under prior registration law, or
(b) perfected under prior law through possession of the collateral by the secured party,
may be perfected in accordance with this Act if it is a security interest that could have been perfected under this Act had the security interest attached after the commencement of this Act.
74(11)A prior security interest that under this Act may be perfected by the secured party taking possession of the collateral shall be deemed to be perfected for the purposes of this Act when possession of the collateral is taken in accordance with section 24 whether or not possession was taken before or after the commencement of this Act and notwithstanding that under prior law the security interest could not have been perfected by taking possession of the collateral.
74(12)A prior security interest that, on the commencement of this Act, is covered by an unexpired registration under prior registration law but that has the status of a perfected security interest under this Act without registration or the secured party taking possession of the collateral, remains perfected under this Act.
74(13)A prior security interest that, on the commencement of this Act, could have been, but was not, covered by a registration under prior registration law but that, under this Act, may be perfected without registration or the secured party taking possession of the collateral, is perfected under this Act if all the requirements for perfection of a security interest under this Act are met.
74(14)If the perfection of a prior security interest that is deemed registered or perfected under this section is continued by registration under this Act,
(a) registration under this Act continues any registration or perfected status under prior law for the purposes of subsection 73(5), and
(b) the registration supersedes any registration or perfection under prior law.