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S.M. 1993, c. 14: Table of Contents

S.M. 1993, c. 14

The Personal Property Security and Consequential Amendments Act

PART 1
DEFINITIONS AND INTERPRETATION
1 Definitions
2(1) "Knows or has knowledge"
(2) Time of determination
(3) Traceable proceeds
(4) When transferee or secured party takes possession
PART 2
APPLICATION
3(1) Application to transactions
(2) Application to transfer, lease, consignment
4 Where Act does not apply
5(1) Applicable law respecting validity and perfection
(2) Uncertified security
(3) Perfection when goods previously perfected
(4) Other means of perfection
(5) Perfection when goods not previously perfected
6(1) Applicable law where goods moved
(2) Where goods brought into province perfected elsewhere
7(1) Location of debtor
(2) Applicable law for mobile goods, intangibles, etc.
(3) Perfection where debtor relocates
(4) Possible subordination of interest
(5) Other perfection
(6) Security interest in minerals
(7) "Minehead"
8(1) Procedural and substantive issues
(2) Perfection of interest
PART 3
VALIDITY OF SECURITY AGREEMENTS AND RIGHTS OF PARTIES
9 Effectiveness of security agreement
10(1) Enforceability against third party
(2) Possession of collateral
(3) Enforcement of security interest in proceeds
11 Delivery of copy of security agreement
12(1) Attachment of security interest
(2) Right of lessee or consignee in goods
(3) Rights of debtor in certain goods
13(1) Interest in after-acquired property
(2) Security interest attaching to after-acquired crops
14(1) Future advances
(2) Where future advances not binding
15 Application of sale of goods law
16 Acceleration of payment or performance
17(1) Definition
(2) Custody and preservation of collateral
(3) Effect of collateral in possession of secured party
(4) Use of collateral
18(1) Demand for information from secured party
(2) Information that may be demanded
(3) Extent of demand
(4) Inspection of security agreement
(5) Security interest in type of collateral
(6) Reply within 10 days of demand
(7) Trustee to reply within 25 days
(8) Where reply not complete or correct
(9) Where interest changes
(10) Where no reply made
(11) Content of court order
(12) Further content of court order
(13) Extension of time, exemption from compliance
(14) Secured party estopped
(15) Successor in interest estopped
(16) Successor in interest not estopped
(17) Fee
(18) Person not entitled to information
PART 4
PERFECTION AND PRIORITIES
19 Perfection of security interest
20 Subordination of unperfected security interest
21 Damages recovereable by lessor or consignor
22(1) Priority of purchase money security interest
(2) Where goods are shipped
23(1) Continuity of perfection
(2) Priority of transferee
24(1) Perfection by possession of collateral
(2) Possession of collateral by debtor
25 Perfection by registration
26(1) Perfection under section 24
(2) Perfection after expiry of time
27(1) Perfection where goods in possession of bailee
(2) Issue of negotiable document of title
(3) Priority of negotiable document of title
28(1) Collateral giving rise to proceeds
(2) Security interest in proceeds
29(1) Returned or repossessed goods
(2) Perfection after interest reattaches
(3) Interest of transferee of account or chattel paper
(4) Perfection of interest in goods under ss.(3)
(5) Subordination of interest of transferee
(6) Priority of interest of transferee
(7) Interest of buyer or lessee
30(1) Definitions
(2) Rights of buyer or lessee of goods
(3) Goods acquired free of perfected interest
(4) Limitation
(5) Conditional right of buyer or lessee
(6) Sale or lease not in ordinary course of business
(7) Types of sales and leases
31(1) Priority of holder of money
(2) Right of creditor
(3) "Debtor initiated payment"
(4) Purchaser of instrument or security
(5) Holder of negotiable instrument
(6) Where purchaser or holder has knowledge
(7) Purchase of chattel paper
32 Priority of lien of person furnishing material
33(1) "Transfer"
(2) Transfer of rights of debtor
34(1) Definitions
(2) Priority of purchase money security interest
(3) Security interest in inventory or proceeds
(4) Manner of giving notice
(5) Priority of purchase money interest
(6) Non-proceeds security interest
(7) Priority of non-proceeds purchase money interest
(8) Debtor obtaining possession of goods
(9) Security interest ends on discharge of obligation
(10) Crops
(11) Animals
35(1) General determination of priority
(2) Continuously perfected interest
(3) Time of registration, possession, perfection
(4) Registration of interest in equipment
(5) Priority applies to all advances
(6) Priority of interest re clause 20(a)
(7) Lapsed or discharged registration
(8) Debtor's transfer of interest in collateral
(9) Application of subsection (8)
36(1) "Secured party"
(2) Application of section
(3) Interest in goods before becoming fixtures
(4) Priority of interest in fixture
(5) Advance of mortgage money after search
(6) Interest in goods after becoming fixtures
(7) Subordinate interest in fixture
(8) Priority of purchase money security interest
(9) Removal of goods from land by secured party
(10) Reimbursement for damages to interest in land
(11) Security for reimbursement
(12) Application to court by secured party
(13) Payment to secured party
(14) Notice of intention to remove goods from land
(15) Time and manner of notice
(16) Application for postponement of removal
37(1) Definition
(2) Application to certain land
(3) Priority of interest in growing crop
(4) Subordination of interest in growing crop
(5) Interest of creditor in growing crop
(6) Priority of purchase money security interest
(7) Seizure and removal of growing crop
38(1) Definitions
(2) Interest attaching before goods become an accession
(3) Subordination of interest
(4) Interest attaching after accession of goods
(5) Interest of creditor or sheriff
(6) Priority of purchase money security interest
(7) Removal of accession goods
(8) Reimbursement for damages
(9) Security for reimbursement
(10) Application to court
(11) Payment to secured party
(12) Notice of intention to move
(13) Manner of giving notice
(14) Application for postponement
39(1) Continued interest in commingled goods
(2) Sharing in commingled goods
(3) Perfected interest in commingled goods
(4) Interest not to exceed fair market value
(5) Priority limited to certain value
(6) Priority of purchase money security interest
(7) Manner of notice
(8) Application of section
40(1) Secured party may subordinate interest
(2) Effect of floating charge type of security interest
41(1) "Account debtor"
(2) Assignment of intangible or chattel paper
(3) Modification of contract
(4) Application of subsection (3)
(5) Rights of assignee where contract modified
(6) Modification as breach of contract
(7) Payment after assignment of collateral
(8) Discharge of account debtor
(9) Provision prohibiting assignment
PART 5
42(1) Registry continued
(2) Office of Registrar continued
(3) Powers and duties of Registrar
(4) Powers of Registrar
43(1) Registration of financing statement
(2) Determination of order of registration
(3) Payment of fees
(4) Time of registration
(5) Registration re more than one security agreement
(6) Effect of defects and errors
(7) Effect of error in name of debtor
(8) Registration invalidated by error
(9) Proof of misleading error
(10) Failure to provide description of collateral
(11) Financing statement may be rejected
(12) Reasons to be given
(13) Secured party to provide copy to debtor
44(1) Effective time of registration
(2) Renewed registration
(3) Amendment of registration
(4) Registration of amendment to financing statement
45(1) Registration of transfer of security interest
(2) Transfer of part of collateral
(3) Transfer of interest in collateral
(4) Time of registration of transfer
(5) Where transferee becomes secured party
(6) Subordinated interest
46(1) Registrar may reproduce document
(2) Removal of information from registry
47 Registration is not constructive notice
48(1) Registry searches
(2) Printed search as evidence
(3) Certification by Registrar
49(1) Definitions
(2) L.T.O. registration re fixture or crop
(3) Notice to be noted on title
(4) Other L.T.O. registrations
(5) Application of sections 43 to 45
(6) Removal of registration on expiry
(7) Written demand to secured party
(8) Content of demand
(9) Where secured party fails to amend
(10) Manner of giving demand
(11) Application of subsections 50(6) to (8)
(12) No fee for compliance with demand
50(1) Definitions
(2) Discharge of security interest in consumer goods
(3) Demand to discharge or amend financing statement
(4) Content of demand
(5) Registration of statement after demand
(6) Manner of giving demand
(7) Powers of court
(8) Application of subsection (5)
(9) Application to court for amendment
(10) No fee to be charged
51(1) Subordination of transferred collateral
(2) Subordination of collateral interest
(3) Effect of section
(4) Transfer of debtor's interest
(5) Application of section
52(1) Effect of error in Registry
(2) No liability for certain losses
(3) Limitation times for action
(4) Right of action
53(1) Action under trust indenture
(2) Action by trustee relying on search result
(3) Court order to give notice
(4) Court order respecting trust indenture
54(1) Limit to damages
(2) Subrogation
(3) Where claim has priority over government
(4) Payment of claim without action
(5) Payment after appeal time expires
PART 6
RIGHTS AND REMEDIES ON DEFAULT
55(1) Application
(2) Rights are cumulative
(3) "Secured party"
(4) Interest not merged by court action
56(1) "Secured party"
(2) Rights of secured party if debtor in default
(3) Provisions may not be waived
57(1) "Secured party"
(2) Entitlement of secured party
(3) Deduction of expenses of secured party
58(1) "Secured party"
(2) Seizure of collateral
59(1) "Secured party"
(2) Disposal of collateral by secured party
(3) Manner of disposal of collateral
(4) Deferred payment for collateral
(5) Secured party may delay disposition
(6) Secured party to give notice before disposition
(7) Content of notice
(8) Content of notice to other persons
(9) Content of notice respecting deficiency
(10) Receiver to give notice
(11) Content of notice
(12) Giving notice
(13) Purchase of collateral by secured party
(14) Rights of purchaser for value in good faith
(15) Right under section 74 security interest
(16) Where transfer of collateral not disposition
(17) Where notice is not required
60(1) "Secured party"
(2) Use of surplus after disposal of collateral
(3) Secured party to give written accounting
(4) Payment of surplus into court
(5) Debtor liable for deficiency
61(1) Compulsory disposal of collateral, consumer goods
(2) Where secured party takes collateral in satisfaction
(3) Notice of objection by person adversely affected
(4) Deemed acceptance of collateral in satisfaction
(5) Giving notice
(6) Request for proof of interest
(7) Court determination re notice of objection
(8) Right of purchaser for value of collateral
(9) Application of ss. (8) to s. 74 interest
62(1) Right to redemption and reinstatement
(2) Where debtor not entitled to reinstate agreement
63(1) "Secured party"
(2) Court order respecting collateral
64(1) Appointment of receiver
(2) Duties of receiver
(3) Demand for inspection of records
(4) Demand for copy of financial statement
(5) Receiver to comply within 10 days
(6) When receiver entitled to fee
(7) Powers of court respecting receiver
(8) Additional powers of court
(9) Compliance with sections 59 and 60
65(1) Definition
(2) Application of common law, equity
(3) Rights and duties to be exercised in good faith
(4) Good faith
(5) Right to damages for failure to discharge
(6) Damages for failing to comply with obligations
(7) Deemed damages
(8) Debtor's defence in action for deficiency
(9) Where secured party fails to comply
(10) Provision to limit duty or onus is void
66(1) Powers of court re collateral or directing an action
(2) Appeal
67 Extension of time
68(1) Giving notice
(2) Giving document by registered mail
69(1) Conflict with certain legislation
(2) Conflict with other legislation
70(1) Reference to security interest
(2) Where reference deemed to be to security agreement
71 Crown bound
PART 7
72 By L.G. in C.
PART 8
TRANSITIONAL
73(1) Definitions
(2) Validity of prior security interest
(3) Application to security agreements and receiver
(4) Application of ss.(10) and (11) to cl.(3)(b)
(5) Application to prior security interest
(6) Law governing prior security interest
(7) Order of priorities determined by prereform law
(8) Order of priorities determined by prior law
(9) Security interest arising before and after this Act
(10) Priorities re interest that is not security interest under this Act
(11) Application of subsections (9) and (10)
(12) Continuing force of law
74(1) "Prior registration law"
(2) Perfection under prior registration law
(3) Perfection under prior registration law
(4) Perfection of security interest
(5) Continuation of registration
(6) Interest in crops continues for six months
(7) Perfection of security interest by possession
(8) Damage claim or account for professional services
(9) Perfection in respect of subsection (8)
(10) Interest not filed or perfected
(11) Application of subsection 7(3)
PART 9
CONSEQUENTIAL AMENDMENTS
The Corporations Act
75 Consequential amendment, C.C.S.M. c. C225
The Corporation Capital Tax Act
76(1) Consequential amendments, C.C.S.M. c. C226
(2)
(3)
(4)
(5)
The Distress Act
77 Consequential amendments, C.C.S.M. c. D90
The Executions Act
78 Consequential amendments, C.C.S.M. c. E160
The Family Farm Protection Act
79(1) Consequential amendments, C.C.S.M. c. F15
(2)
(3)
The Farm Machinery and Equipment Act
80(1) Consequential amendments, C.C.S.M. c. F40
(2)
(3)
(4)
The Garage Keepers Act
81 Consequential amendment, C.C.S.M. c. G10
The Hearing Aid Act
82 Consequential amendment, C.C.S.M. c. H38
The Landlord and Tenant Act
83(1) Consequential amendments, C.C.S.M. c. L70
(2)
(3)
(4)
The Law of Property Act
84 Consequential amendments, C.C.S.M. c. L90
38(1) Application of money to debts secured by mortgage
(2) Application of money to debts secured by security agreement
(3) Agreement contrary to section is void
The Limitation of Actions Act
85(1) Consequential amendments, C.C.S.M. c. L150
(2)
(3)
(4)
The Mortgage Act
86 Consequential amendment, C.C.S.M. c. M200
The Sale of Goods Act
87(1) Consequential amendments, C.C.S.M. c. S10
(2)
(3)
The Securities Act
88 Consequential amendment, C.C.S.M. c. S50
The Stable Keepers Act
89 Consequential amendment, C.C.S.M. c. S200
The Warehousemen's Liens Act
90(1) Consequential amendments, C.C.S.M. c. W20
(2)
(3)
PART 10
REPEAL, C.C.S.M. REFERENCE AND COMING INTO FORCE
91 Repeal
92 C.C.S.M. reference
93 Coming into force