Acts and Regulations

P-7.1 - Personal Property Security Act

Section 27
Disposition versions

Full text
Perfection where goods held by a bailee
27(1)Subject to section 19, a security interest in goods in the possession of a bailee is perfected by
(a) possession of the goods by the bailee on the secured party’s behalf under section 24,
(b) registration of a financing statement relating to the goods under section 25,
(c) the issue by the bailee of a document of title to the goods in the name of the secured party,
(d) the deposit by a secured party to whom a non-negotiable receipt has been transferred of the transfer with the warehouseman who issued the receipt in accordance with section 21 of the Warehouse Receipts Act, or
(e) perfection of a security interest in a negotiable document of title to the goods if the bailee has issued one.
27(2)The issue of a negotiable document of title covering goods does not preclude any other security interest in the goods from arising during the period that the negotiable document of title is outstanding.
27(3)A perfected security interest in a negotiable document of title covering goods takes priority over a security interest in the goods that is otherwise perfected after the goods become covered by the negotiable document of title.
Perfection where goods held by a bailee
27(1)Subject to section 19, a security interest in goods in the possession of a bailee is perfected by
(a) possession of the goods by the bailee on the secured party’s behalf under section 24,
(b) registration of a financing statement relating to the goods under section 25,
(c) the issue by the bailee of a document of title to the goods in the name of the secured party,
(d) the deposit by a secured party to whom a non-negotiable receipt has been transferred of the transfer with the warehouseman who issued the receipt in accordance with section 21 of the Warehouse Receipts Act, or
(e) perfection of a security interest in a negotiable document of title to the goods if the bailee has issued one.
27(2)The issue of a negotiable document of title covering goods does not preclude any other security interest in the goods from arising during the period that the negotiable document of title is outstanding.
27(3)A perfected security interest in a negotiable document of title covering goods takes priority over a security interest in the goods that is otherwise perfected after the goods become covered by the negotiable document of title.