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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 |