C.C.S.M. c. P35
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| PART 1
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| DEFINITIONS AND INTERPRETATION
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| 1
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| Definitions
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| 1.1
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| Determination of control
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| 2
| (1)
| "Knows or has knowledge"
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| (2)
| Time of determination
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| (3)
| Traceable proceeds
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| (4)
| Repealed
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| PART 2
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| APPLICATION
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| 3
| (1)
| Application to transactions
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| (2)
| Application to transfer, lease, consignment
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| 4
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| Where Act does not apply
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| 5
| (1)
| Applicable law respecting validity and perfection
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| (2)
| Repealed
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| (3)
| Perfection when goods previously perfected
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| (4)
| Other means of perfection
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| (5)
| Perfection when goods not previously perfected
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| 6
| (1)
| Applicable law where goods moved
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| (2)
| Where goods brought into province perfected elsewhere
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| 7
| (1)
| Location of debtor
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| (2)
| Applicable law for mobile goods, intangibles, etc.
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| (3)
| Perfection where debtor relocates
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| (4)
| Possible subordination of interest
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| (5)
| Other perfection
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| (6)
| Security interest in minerals
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| (7)
| "Minehead"
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| 7.1
| (1)
| Conflict of laws validity of security interest in investment property
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| (2)
| Perfection, non-perfection and priority of security interest in investment property
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| (3)
| Determining jurisdiction
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| (4)
| Determining futures intermediary's jurisdiction
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| (5)
| Matters governed by law of debtor's jurisdiction
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| (6)
| Perfection of security interest under law of debtor's jurisdiction
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| (7)
| Perfection of security interest under law of issuer's jurisdiction, etc.
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| 8
| (1)
| Procedural and substantive issues
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|
| (2)
| Perfection of interest
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| 8.1
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| Interpretation: law of a jurisdiction
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| PART 3
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| VALIDITY OF SECURITY AGREEMENTS AND RIGHTS OF PARTIES
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| 9
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| Effectiveness of security agreement
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| 10
| (1)
| Enforceability against third party
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| (2)
| Possession of collateral
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| (3)
| Enforcement of security interest in proceeds
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| 11
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| Delivery of copy of security agreement
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| 12
| (1)
| Attachment of security interest
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| (2)
| Right of lessee or consignee in goods
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| (3)
| Rights of debtor in certain goods
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| (4)
| Attachment in securities account
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| (5)
| Attachment in futures account
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| 12.1
| (1)
| Attachment of security interest in favour of securities intermediary
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| (2)
| Effect of security interest
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| (3)
| Attachment of security interest to security or other financial asset
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| (4)
| Effect of security interest
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| 13
| (1)
| Interest in after-acquired property
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| (2)
| Security interest attaching to after-acquired crops
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| 14
| (1)
| Future advances
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| (2)
| Where future advances not binding
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| 15
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| Application of sale of goods law
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| 16
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| Acceleration of payment or performance
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| 17
| (1)
| Definition
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| (2)
| Custody and preservation of collateral
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| (3)
| Effect of collateral in possession of secured party
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| (4)
| Use of collateral
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| 17.1
| (1)
| Rights of secured party investment property as collateral
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|
| (2)
| Rights of secured party with control of investment property
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| 18
| (1)
| Demand for information from secured party
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| (2)
| Information that may be demanded
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| (3)
| Extent of demand
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| (4)
| Inspection of security agreement
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| (5)
| Security interest in type of collateral
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| (6)
| Reply within 10 days of demand
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| (7)
| Trustee to reply within 25 days
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| (8)
| Where reply not complete or correct
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| (9)
| Where interest changes
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| (10)
| Where no reply made
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| (11)
| Content of court order
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| (12)
| Further content of court order
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| (13)
| Extension of time, exemption from compliance
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| (14)
| Secured party estopped
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| (15)
| Successor in interest estopped
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| (16)
| Successor in interest not estopped
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| (17)
| Fee
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| (18)
| Person not entitled to information
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| PART 4
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| PERFECTION AND PRIORITIES
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| 19
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| Perfection of security interest
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| 19.1
| (1)
| Perfection of security interest securities account
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| (2)
| Perfection of security interest futures account
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| 19.2
| (1)
| Perfection on attachment delivery of financial asset
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| (2)
| Perfection on attachment investment property
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| (3)
| Perfection on attachment futures contract or futures account
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| 20
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| Subordination of unperfected security interest
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| 21
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| Damages recovereable by lessor or consignor
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| 22
| (1)
| Priority of purchase money security interest
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| (2)
| Where goods are shipped
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| 23
| (1)
| Continuity of perfection
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| (2)
| Priority of transferee
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| 24
| (1)
| Perfection by possession of collateral
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| (2)
| Possession of collateral by debtor
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| (3)
| Perfection certificated security
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|
| (4)
| Perfection certificated security in registered form
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| 24.1
| (1)
| Perfection of security interest in investment property
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|
| (2)
| Perfected by control
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| 25
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| Perfection by registration
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| 26
| (1)
| Perfection under section 24
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| (2)
| Perfection after expiry of time
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| 27
| (1)
| Perfection where goods in possession of bailee
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| (2)
| Issue of negotiable document of title
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| (3)
| Priority of negotiable document of title
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| 28
| (1)
| Collateral giving rise to proceeds
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|
| (1.1)
| Exception
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|
| (2)
| Security interest in proceeds
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| 29
| (1)
| Returned or repossessed goods
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| (2)
| Perfection after interest reattaches
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| (3)
| Interest of transferee of account or chattel paper
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| (4)
| Perfection of interest in goods under ss.(3)
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| (5)
| Subordination of interest of transferee
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| (6)
| Priority of interest of transferee
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| (7)
| Interest of buyer or lessee
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| 30
| (1)
| Definitions
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| (2)
| Rights of buyer or lessee of goods
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| (3)
| Goods acquired free of perfected interest
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| (4)
| Limitation
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| (5)
| Conditional right of buyer or lessee
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| (6)
| Sale or lease not in ordinary course of business
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| (7)
| Types of sales and leases
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| (8)
| Acquiring security free from security interest
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| (9)
| No requirement to determine granting of security interest or breach of security agreement
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| (10)
| No action against purchaser for value without notice of breach
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| (11)
| No requirement to determine granting of security interest or breach of security agreement
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| (12)
| No action against subsequent purchaser
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| 31
| (1)
| Priority of holder of money
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| (2)
| Right of creditor
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| (3)
| "Debtor initiated payment"
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| (4)
| Purchaser of instrument or security
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| (5)
| Holder of negotiable instrument
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| (6)
| Where purchaser or holder has knowledge
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| (7)
| Purchase of chattel paper
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| 31.1
| (1)
| Rights of protected purchaser
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| (2)
| Priority of protected purchaser's interest
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| (3)
| Rights under Securities Transfer Act
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| 32
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| Priority of lien of person furnishing material
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| 33
| (1)
| "Transfer"
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| (2)
| Transfer of rights of debtor
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| 34
| (1)
| Definitions
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| (2)
| Priority of purchase money security interest
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| (3)
| Security interest in inventory or proceeds
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| (4)
| Manner of giving notice
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| (5)
| Priority of purchase money interest
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| (6)
| Non-proceeds security interest
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| (7)
| Priority of non-proceeds purchase money interest
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| (8)
| Debtor obtaining possession of goods
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| (9)
| Security interest ends on discharge of obligation
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| (10)
| Crops
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| (11)
| Animals
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| 35
| (1)
| General determination of priority
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| (2)
| Continuously perfected interest
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| (3)
| Time of registration, possession, perfection
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| (4)
| Registration of interest in equipment
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| (5)
| Priority applies to all advances
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| (6)
| Priority of interest re clause 20(a)
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| (7)
| Lapsed or discharged registration
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| (8)
| Debtor's transfer of interest in collateral
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| (9)
| Application of subsection (8)
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| (10)
| Real property lease payments
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| 35.1
| (1)
| Priority among conflicting security interests
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| (2)
| Secured party with control
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| (3)
| Certificated security perfected by delivery
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| (4)
| Rank by priority in time
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|
| (5)
| Securities intermediary
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| (6)
| Futures intermediary
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| (7)
| Interests granted by broker, intermediary
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| (8)
| Priority determined by section 35
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| 36
| (1)
| "Secured party"
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| (2)
| Application of section
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| (3)
| Interest in goods before becoming fixtures
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| (4)
| Priority of interest in fixture
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| (5)
| Advance of mortgage money after search
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| (6)
| Interest in goods after becoming fixtures
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| (7)
| Subordinate interest in fixture
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| (8)
| Priority of purchase money security interest
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| (9)
| Removal of goods from land by secured party
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| (10)
| Reimbursement for damages to interest in land
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| (11)
| Security for reimbursement
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| (12)
| Application to court by secured party
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| (13)
| Payment to secured party
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| (14)
| Notice of intention to remove goods from land
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| (15)
| Time and manner of notice
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| (16)
| Application for postponement of removal
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| 37
| (1)
| Definition
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|
| (2)
| Application to certain land
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| (3)
| Priority of interest in growing crop
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| (4)
| Subordination of interest in growing crop
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| (5)
| Interest of creditor in growing crop
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| (6)
| Priority of purchase money security interest
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| (7)
| Seizure and removal of growing crop
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| 38
| (1)
| Definitions
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|
| (2)
| Interest attaching before goods become an accession
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| (3)
| Subordination of interest
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| (4)
| Interest attaching after accession of goods
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| (5)
| Interest of creditor or sheriff
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| (6)
| Priority of purchase money security interest
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| (7)
| Removal of accession goods
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| (8)
| Reimbursement for damages
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| (9)
| Security for reimbursement
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| (10)
| Application to court
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| (11)
| Payment to secured party
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| (12)
| Notice of intention to move
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| (13)
| Manner of giving notice
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| (14)
| Application for postponement
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| 39
| (1)
| Continued interest in commingled goods
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| (2)
| Sharing in commingled goods
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| (3)
| Perfected interest in commingled goods
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| (4)
| Interest not to exceed fair market value
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| (5)
| Priority limited to certain value
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| (6)
| Priority of purchase money security interest
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| (7)
| Manner of notice
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| (8)
| Application of section
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| 40
| (1)
| Secured party may subordinate interest
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| (2)
| Effect of floating charge type of security interest
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| 41
| (1)
| "Account debtor"
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| (2)
| Assignment of intangible or chattel paper
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| (3)
| Modification of contract
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| (4)
| Application of subsection (3)
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| (5)
| Rights of assignee where contract modified
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| (6)
| Modification as breach of contract
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| (7)
| Payment after assignment of collateral
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| (8)
| Discharge of account debtor
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| (9)
| Provision prohibiting assignment
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| PART 5
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| REGISTRATION
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| 42
| (1)
| Registry continued
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|
| (2)
| Office of Registrar continued
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|
| (3)
| Powers and duties of Registrar
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| (4)
| Powers of Registrar
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| 43
| (1)
| Registration of financing statement
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| (2)
| Determination of order of registration
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| (3)
| Payment of fees
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| (4)
| Time of registration
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| (5)
| Registration re more than one security agreement
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| (6)
| Effect of defects and errors
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| (7)
| Effect of error in name of debtor
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| (8)
| Registration invalidated by error
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| (9)
| Proof of misleading error
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| (10)
| Failure to provide description of collateral
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| (11)
| Financing statement may be rejected
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| (12)
| Reasons to be given
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| (13)
| Secured party to provide copy to debtor
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| 44
| (1)
| Effective time of registration
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| (2)
| Renewed registration
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| (3)
| Amendment of registration
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| (4)
| Registration of amendment to financing statement
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| 45
| (1)
| Registration of transfer of security interest
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| (2)
| Transfer of part of collateral
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| (3)
| Transfer of interest in collateral
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| (4)
| Time of registration of transfer
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| (5)
| Where transferee becomes secured party
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| (6)
| Subordinated interest
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| 46
| (1)
| Registrar may reproduce document
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| (2)
| Removal of information from Registry
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| 47
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| Registration is not constructive notice
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| 48
| (1)
| Registry searches
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| (2)
| Printed search as evidence
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| (3)
| Certification by Registrar
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| 49
| (1)
| Definitions
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|
| (2)
| L.T.O. registration re fixture, crop or lease
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| (3)
| Notice to be noted on title
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| (4)
| Other L.T.O. registrations
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| (5)
| Application of sections 43 to 45
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| (6)
| Removal of registration on expiry
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| (7)
| Written demand to secured party
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| (8)
| Content of demand
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| (9)
| Where secured party fails to amend
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| (10)
| Manner of giving demand
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| (11)
| Application of subsections 50(6) to (8)
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| (12)
| No fee for compliance with demand
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| 50
| (1)
| Definitions
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| (2)
| Discharge of security interest in consumer goods
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| (3)
| Demand to discharge or amend financing statement
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| (4)
| Content of demand
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| (5)
| Registration of statement after demand
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| (6)
| Manner of giving demand
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| (7)
| Powers of court
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| (8)
| Application of subsection (5)
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| (9)
| Application to court for amendment
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| (10)
| No fee to be charged
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| (11)
| No outstanding secured obligation
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| 51
| (1)
| Subordination of transferred collateral
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| (2)
| Subordination of collateral interest
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| (3)
| Repealed
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| (4)
| Transfer of debtor's interest
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| (5)
| Application of section
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| 52
| (1)
| Effect of error in Registry
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|
| (2)
| No liability for certain losses
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|
| (3)
| Limitation times for action
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| (4)
| Right of action
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| 53
| (1)
| Action under trust indenture
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| (2)
| Action by trustee relying on search result
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| (3)
| Court order to give notice
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| (4)
| Court order respecting trust indenture
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| 54
| (1)
| Limit to damages
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|
| (2)
| Subrogation
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| (3)
| Where claim has priority over government
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| (4)
| Payment of claim without action
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| (5)
| Payment after appeal time expires
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| PART 6
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| RIGHTS AND REMEDIES ON DEFAULT
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| 55
| (1)
| Application
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|
| (2)
| Rights are cumulative
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|
| (3)
| "Secured party"
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|
| (4)
| Interest not merged by court action
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| (5)
| Enforcement where same obligation secured
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|
| (6)
| Exception
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| (7)
| Secured party re court proceedings
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|
| (8)
| Distributing proceeds of sale
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| 56
| (1)
| "Secured party"
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|
| (2)
| Rights of secured party if debtor in default
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| (3)
| Provisions may not be waived
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| 57
| (1)
| "Secured party"
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|
| (2)
| Entitlement of secured party
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|
| (3)
| Deduction of expenses of secured party
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| 58
| (1)
| "Secured party"
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|
| (2)
| Seizure of collateral
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| 59
| (1)
| "Secured party"
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|
| (2)
| Disposal of collateral by secured party
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|
| (3)
| Manner of disposal of collateral
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|
| (4)
| Deferred payment for collateral
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|
| (5)
| Secured party may delay disposition
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| (6)
| Secured party to give notice before disposition
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|
| (7)
| Content of notice
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|
| (8)
| Content of notice to other persons
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|
| (9)
| Content of notice respecting deficiency
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|
| (10)
| Receiver to give notice
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| (11)
| Content of notice
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| (12)
| Giving notice
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|
| (13)
| Purchase of collateral by secured party
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|
| (14)
| Rights of purchaser for value in good faith
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|
| (15)
| Right under section 74 security interest
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|
| (16)
| Where transfer of collateral not disposition
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|
| (17)
| Where notice is not required
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|
| (18)
| Notice of repossession under Consumer Protection Act
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| 60
| (1)
| "Secured party"
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|
| (2)
| Use of surplus after disposal of collateral
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|
| (3)
| Secured party to give written accounting
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|
| (4)
| Payment of surplus into court
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|
| (5)
| Debtor liable for deficiency
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| 61
| (1)
| Compulsory disposal of collateral, consumer goods
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|
| (2)
| Where secured party takes collateral in satisfaction
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|
| (3)
| Notice of objection by person adversely affected
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| (4)
| Deemed acceptance of collateral in satisfaction
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|
| (5)
| Giving notice
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|
| (6)
| Request for proof of interest
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|
| (7)
| Court determination re notice of objection
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|
| (8)
| Right of purchaser for value of collateral
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|
| (9)
| Application of ss. (8) to s. 74 interest
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| 62
| (1)
| Right to redemption and reinstatement
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|
| (2)
| Where debtor not entitled to reinstate agreement
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| 63
| (1)
| "Secured party"
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|
| (2)
| Court order respecting collateral
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| 64
| (1)
| Appointment of receiver
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|
| (2)
| Duties of receiver
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|
| (3)
| Demand for inspection of records
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|
| (4)
| Demand for copy of financial statement
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|
| (5)
| Receiver to comply within 10 days
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|
| (6)
| When receiver entitled to fee
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|
| (7)
| Powers of court respecting receiver
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|
| (8)
| Additional powers of court
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|
| (9)
| Compliance with sections 59 and 60
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| 65
| (1)
| Definition
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|
| (2)
| Application of common law, equity
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|
| (3)
| Rights and duties to be exercised in good faith
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|
| (4)
| Good faith
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|
| (5)
| Right to damages for failure to discharge
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|
| (6)
| Damages for failing to comply with obligations
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|
| (7)
| Deemed damages
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|
| (8)
| Debtor's defence in action for deficiency
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|
| (9)
| Where secured party fails to comply
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|
| (10)
| Provision to limit duty or onus is void
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| 66
| (1)
| Powers of court re collateral or directing an action
|
|
| (2)
| Appeal
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| 67
|
| Extension of time
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| 68
| (1)
| Giving notice
|
|
| (2)
| Giving document by registered mail
|
| 69
| (1)
| Conflict with certain legislation
|
|
| (2)
| Conflict with other legislation
|
|
| (1)
| Reference to security interest
|
|
| (2)
| Where reference deemed to be to security agreement
|
| 71
|
| Crown bound
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| PART 7
|
| REGULATIONS
|
| 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 prereform or prior security interest
|
|
| (6)
| Law governing prereform or 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)
| Repealed
|
|
| (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) and (9)
| Repealed
|
|
| (10)
| Interest not filed or perfected
|
|
| (11)
| Application of subsection 7(3)
|
| 74.1
| (1)
| Transition The Securities Transfer Act
|
|
| (2)
| Perfection of security interest
|
|
| (3)
| Perfection period
|
|
| (4)
| Registration of financing statement or financing change
|
| PART 9
|
| 75 to 90
|
|
|
| PART 10
|
| REPEAL, C.C.S.M. REFERENCE AND COMING INTO FORCE
|
| 91
|
| Repeal
|
| 92
|
| C.C.S.M. reference
|
| 93
|
| Coming into force
|
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