Conflict of laws: procedural and substantive issues
8(1)Notwithstanding sections 5, 6, 7 and 7.1,
(a)
procedural issues involved in the enforcement of the rights of a secured party against collateral are governed by the law of the jurisdiction in which the enforcement rights are exercised, and
(b)
substantive issues involved in the enforcement of the rights of a secured party against collateral are governed by the proper law of the contract between the secured party and the debtor.
8(2)For the purposes of sections 5, 6, 7 and 7.1, a security interest shall be deemed to be perfected under the law of a jurisdiction if
(a)
the secured party has complied with the law of that jurisdiction relating to the creation and continuance of a security interest, and
(b)
the security interest has a status under the law of that jurisdiction in relation to the interests of other secured parties, buyers, creditors of the debtor and a trustee in bankruptcy of the debtor similar to the status of an equivalent security interest created and perfected under this Act.
Conflict of laws: procedural and substantive issues
8(1)Notwithstanding sections 5, 6 and 7,
(a)
procedural issues that relate to the enforcement of the rights of a secured party against collateral, other than intangibles, are governed by the law of the jurisdiction in which the collateral is located when the rights are exercised,
(b)
procedural issues that relate to the enforcement of the rights of a secured party against intangibles are governed by the law of the forum, and
(c)
substantive issues that relate to the enforcement of the rights of a secured party against collateral are governed by the proper law of the contract between the secured party and debtor.
8(2)For the purposes of sections 5, 6 and 7, a security interest shall be deemed to be perfected under the law of a jurisdiction if
(a)
the secured party has complied with the law of that jurisdiction relating to the creation and continuance of a security interest, and
(b)
the security interest has a status under the law of that jurisdiction in relation to the interests of other secured parties, buyers, creditors of the debtor and a trustee in bankruptcy of the debtor similar to the status of an equivalent security interest created and perfected under this Act.