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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| (4) | Repealed | |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| (2) | Repealed | |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 | |