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P-7.1
- Personal Property Security Act
Detailled Table of Contents
Current to 1 January 2024
Personal PropertySecurity Act
I
INTERPRETATION AND APPLICATION
1
Definitions and interpretation
2
Interpretation
3
Application of this Act
4
Exclusions from the application of this Act
5
Conflict of laws: goods and documentary collateral in the possession of the secured party
6
Conflict of laws: goods to be removed from the jurisdiction
7
Conflict of laws: mobile goods, intangibles, extracted minerals and non-possessory security interests in documentary collateral
7.1
Conflict of laws: investment property
7.2
Law of a jurisdiction
8
Conflict of laws: procedural and substantive issues
II
VALIDITY OF SECURITY AGREEMENT ANDRIGHTS OF PARTIES
9
Freedom of contract
10
Evidentiary requirements for enforceability of security interests against third parties
11
Debtor’s right to a copy of the security agreement
12
When attachment occurs
12.1
Security interest on purchase or delivery
13
Security interest in after-acquired personal property
14
Future advances
15
Application of sale of goods law
16
Acceleration clauses
17
Collateral in the secured party’s possession: rights and obligations
17.1
Investment property in the secured party’s control: rights and obligations
18
Obtaining information about the security agreement
III
PERFECTION AND PRIORITIES
19
Attaining perfection
19.1
Securities accounts and futures accounts
19.2
Perfection on attachment
20
Subordination of unperfected security interests
21
Damages recoverable by a lessor or consignor
22
Grace period for perfection of a purchase money security interest and the interest of a buyer out of possession
23
Continuity of perfection
24
Perfection by possession or delivery
24.1
Perfection by control of investment property
25
Perfection by registration
26
Temporary perfection where collateral temporarily returned to debtor
27
Perfection where goods held by a bailee
28
Security interests in proceeds
29
Perfection and priority with respect to returned, seized or repossessed goods
30
Priority of buyers and lessees of goods
30.1
Priority of purchaser of investment property
31
Priority of holders and purchasers of money, instruments, documents of title or chattel paper
31.1
Rights under Securities Transfer Act
32
Priority of repairer’s lien
33
Alienability of debtor’s rights in collateral
34
Priority of purchase money security interest
35
Residual (general) priority rules
35.1
Priorities affecting investment property
36
Security interests in fixtures
37
Security interests in crops
38
Security interest in accessions
39
Security interests in processed or commingled goods
40
Voluntary subordination
41
Assignments of intangibles and chattel paper: rights of third party account debtors
IV
REGISTRATION
42
Personal Property Registry, Registrar
43
Registration of financing statements
44
Duration, renewal of and amendments to registrations
45
Registration of transfers and subordination
46
Removal of data from the Registry
47
Registration not constructive notice
48
Registry searches
49
Fixtures and crops: registrations in the land registration system
50
Compulsory discharge or amendment of registration
51
Transfer of debtor’s interest in collateral or change of debtor’s name
52
Recovery of loss because of error in Registry operations
53
Recovery of loss where trust indentures involved
54
Payment of claim for loss
V
DEFAULT RIGHTS AND REMEDIES
55
Application of Part V
56
Determination of rights and remedies on default
57
Right to collect on intangibles, chattel paper and instruments and to take control of proceeds
58
Right to take possession of collateral and enforce security interest
59
Right to dispose of collateral after seizure or repossession
60
Surplus or deficiency after disposition
61
Right to retain collateral in satisfaction of debt
62
Redemption of collateral and reinstatement of security agreement
63
Supervisory powers of the Court
64
Receiverships
VI
GENERAL AND MISCELLANEOUS
65
Supplementary law and duties of good faith and commercial reasonableness
66
Action for damages for non-compliance
67
Application to Court for determination of priorities or entitlement to collateral or for extension of time
68
Appeals
69
Service of notice
70
Conflict between the Personal Property Security Act and other legislation
70.1
Administration
71
Regulations
VII
TRANSITIONAL, REPEALS ANDCOMMENCEMENT
72
Transitional: references to previous legislation and terminology
73
Transitional application of the Personal Property Security Act
74
Transitional perfection of prior security interests
74.1
Transition regarding Securities Transfer Act
75
Repeal of the Assignment of Book Debts Act
76
Repeal of the Bills of Sale Act
77
Repeal of the Conditional Sales Act
78
Repeal of the Corporation Securities Registration Act
79
Repeal of the Forest Products Loans Act
80
Commencement