C.C.S.M. c. P35
The Personal Property Security Act
PART 1 | ||
DEFINITIONS AND INTERPRETATION | ||
1 | Definitions | |
1.1 | Determination of control | |
2 | (1) | "Knows or has knowledge" |
(2) | Time of determination | |
(3) | Traceable proceeds | |
(4) | Repealed | |
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(2) | Repealed | |
(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" | |
7.1 | (1) | Conflict of laws — validity of security interest in investment property |
(2) | Perfection, non-perfection and priority of security interest in investment property | |
(3) | Determining jurisdiction | |
(4) | Determining futures intermediary's jurisdiction | |
(5) | Matters governed by law of debtor's jurisdiction | |
(6) | Perfection of security interest under law of debtor's jurisdiction | |
(7) | Perfection of security interest under law of issuer's jurisdiction, etc. | |
8 | (1) | Procedural and substantive issues |
(2) | Perfection of interest | |
8.1 | Interpretation: law of a jurisdiction | |
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 | |
(4) | Attachment in securities account | |
(5) | Attachment in futures account | |
12.1 | (1) | Attachment of security interest in favour of securities intermediary |
(2) | Effect of security interest | |
(3) | Attachment of security interest to security or other financial asset | |
(4) | Effect of security interest | |
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 | |
17.1 | (1) | Rights of secured party — investment property as collateral |
(2) | Rights of secured party with control of investment property | |
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 | |
19.1 | (1) | Perfection of security interest — securities account |
(2) | Perfection of security interest — futures account | |
19.2 | (1) | Perfection on attachment — delivery of financial asset |
(2) | Perfection on attachment — investment property | |
(3) | Perfection on attachment — futures contract or futures account | |
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 | |
(3) | Perfection — certificated security | |
(4) | Perfection — certificated security in registered form | |
24.1 | (1) | Perfection of security interest in investment property |
(2) | Perfected by control | |
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 |
(1.1) | Exception | |
(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 | |
(8) | Acquiring security free from security interest | |
(9) | No requirement to determine granting of security interest or breach of security agreement | |
(10) | No action against purchaser for value without notice of breach | |
(11) | No requirement to determine granting of security interest or breach of security agreement | |
(12) | No action against subsequent purchaser | |
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 | |
31.1 | (1) | Rights of protected purchaser |
(2) | Priority of protected purchaser's interest | |
(3) | Rights under Securities Transfer Act | |
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) | |
(10) | Real property lease payments | |
35.1 | (1) | Priority among conflicting security interests |
(2) | Secured party with control | |
(3) | Certificated security perfected by delivery | |
(4) | Rank by priority in time | |
(5) | Securities intermediary | |
(6) | Futures intermediary | |
(7) | Interests granted by broker, intermediary | |
(8) | Priority determined by section 35 | |
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 | ||
REGISTRATION | ||
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, crop or lease | |
(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 | |
(11) | No outstanding secured obligation | |
51 | (1) | Subordination of transferred collateral |
(2) | Subordination of collateral interest | |
(3) | Repealed | |
(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 | |
(5) | Enforcement where same obligation secured | |
(6) | Exception | |
(7) | Secured party re court proceedings | |
(8) | Distributing proceeds of sale | |
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 | |
(18) | Notice of repossession under Consumer Protection Act | |
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 | |
(1) | Reference to security interest | |
(2) | Where reference deemed to be to security agreement | |
71 | Crown bound | |
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 |