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The Personal Property Security Act

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(4) Repealed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 1.1
SERVICE PROVIDER
2.1 LG in C may designate service provider
2.2 (1) Collection and retention of fees
(2) Retained amount
2.3 Not Crown agent
2.4 Service provider's duties
2.5 (1) Government records
(2) Public access
(3) Confidential records
(4) Service provider must provide records to minister
(5) Definition of "record"
2.6 (1) Collection, use and disclosure of information
(2) Protection of privacy
(3) Privacy policy
(4) Publication of policy
2.7 (1) Conflict of interest policy
(2) Content of policy
2.8 Agreement respecting designation and revocation of officials
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(2) Repealed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) Designation of Registrar
(2.1) Designation of deputy registrars
(2.2) Revocation of designation
(2.3) Employment of Registrar and deputies
(3) Powers and duties of Registrar
(4) Powers of Registrar
(5) Powers and duties of deputy
(6) Deputy to assist Registrar
42.1 (1) Oversight by Registrar-General
(2) Registrar-General's rules of practice
(3) Compliance with rules
(4) Delegation of duties
42.2 Reference to Registrar-General
42.3 (1) Referral by person to Registrar-General
(2) Complying with Registrar-General's decision
42.4 (1) Disclosure
(2) No adverse employment action
(3) Prohibited measures
(4) Complaint to Manitoba Labour Board
(5) Annual report
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
(4.1) Action by government
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 6.1
VEXATIOUS REGISTRATIONS
DEFINITIONS AND APPLICATION
71.1 Definitions
71.2 Application
REGISTRAR'S DECISION
71.3 (1) Registrar may reject financing statement
(2) Reasons to be given
71.4 (1) Registrar may discharge vexatious registration
(2) Registrar may notify other affected parties
(3) Reasons to be given
APPEALS
71.5 (1) Rejection may be appealed
(2) Discharge may be appealed
(3) Decision not to discharge may be appealed
(4) How to appeal
(5) Decisions Registrar-General may make
(6) Reasons to be given
71.6 (1) Appeal to court
(2) How to appeal
(3) Registrar-General is party to appeal
(4) Court order
DIRECTIONS AND PRIORITY
71.7 (1) Registrar must comply with direction or order
(2) No notice required
71.8 Effect on priority
RESTRICTION AGAINST ELECTRONIC SUBMISSIONS
71.9 (1) Vexatious party may be restricted to printed submission
(2) Content of notice
(3) Immediate effect
71.10 (1) Review by Registrar-General
(2) Decisions Registrar-General may make
(3) Reasons to be given
(4) Decision is final
MISCELLANEOUS
71.11 Registrar not required to take action
71.12 Giving notice
71.13 (1) Registrar-General's powers and duties
(2) No delegation by Registrar-General
(3) Limited application of other provisions
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 subsections (10) and (11) to clause (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
CONSEQUENTIAL AMENDMENTS
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