R.S.M. 1987, c. P35

The Personal Property Security Act

Back to the Act

Table of Contents

1		Definitions.
PART I GENERAL
2		Application of Act.
3		Where Act does not apply.
	(2)	Rights under Sale of Goods Act.
4		Errors, omissions, etc., in document.
	(2)	Errors, omissions, etc., in registration.
5		Effect of place of business on application of Act.
	(2)	Where a registration not provided in other jurisdiction.
6		Collateral subject to security interest on entering province.
	(2)	Right of revendication.
7		Security interest perfected outside Manitoba.
	(2)	Where notice received.
	(3)	Subsequent perfection.
8		Perfection after bringing within province.
PART II VALIDITY OF SECURITY AGREEMENTS AND RIGHTS OF PARTIES
9		Effectiveness of security agreement.
10		Enforceability of security interest.
11		Delivery of copy of agreement.
12		When security interest attaches.
	(2)	When debtor has rights and collateral.
13		After acquired property.
14		Exceptions.
15		Future advances.
16		Agreement not to assert defence against the assignee.
17		Seller's warranties.
18		Provision to accelerate.
19		Care of collateral.
	(2)	Rights and duties of secured party in possession of collateral.
	(3)	Liability for loss.
	(4)	Use of collateral.
	(5)	Liability for loss caused by use.
20		Information from the secured party.
	(2)	Security interest in collateral of a class.
	(3)	Reply to notice.
	(4)	Disclosure of successor.
	(5)	Successor deemed to be secured party.
	(6)	Powers of judge.
	(7)	Charges by secured party.
PART III PERFECTION AND PRIORITIES
21		Time when perfected.
22		Subordination of unperfected security interest.
	(2)	Rights of trustee in bankruptcy etc.
	(3)	Purchase-money security interest.
23		Continuity of perfection.
	(2)	Assignees.
24		Perfection by possession.
25		Perfection by registration.
	(2)	Security interest not perfected until registered.
26		Temporary perfection.
	(2)	Temporary perfection where collateral under control of debtor.
	(3)	Beyond 10 days.
27		Perfecting as to proceeds.
	(2)	Effect of interest in proceeds.
	(3)	Non-identifiable proceeds etc.
28		Perfecting as to goods held by bailee.
	(2)	Where no negotiable document of title issued.
29		Goods returned or repossessed.
	(2)	Where security interest registered.
	(3)	Security interest of transferee.
	(4)	Priority of transferee of intangible.
	(5)	Priority of transferee of chattel paper.
	(6)	Priority of security interest of unpaid transferee.
30		Rights of purchaser in ordinary course of business.
	(2)	Rights of purchasers of chattel paper.
	(3)	Rights of purchaser of non-negotiable instrument.
	(4)	Application of subsection (1).
31		Rights of certain purchasers.
	(2)	Effect of registration.
32		Priority of possessory liens.
	(2)	Priority of non-possessory liens.
33		Alienation of right of debtors.
34		Special priorities in crops.
	(2)	Purchase-money security interest in inventory.
	(3)	Priority of security interest in accounts.
	(4)	Purchase-money security interest in goods other than inventory.
35		General rule as to priorities.
	(2)	Effect of continuous perfection.
36		Application of section.
	(2)	Priority of security interests, fixtures.
	(3)	Priority of security interests in fixtures.
	(4)	Exceptions.
	(5)	Removal of collateral.
	(6)	Retention of collateral.
37		Accessions.
	(2)	Exceptions.
	(3)	Removal of collateral.
	(4)	Retention of collateral.
38		Commingled goods.
39		Priority subject to subordination.
40		Persons obligated on intangibles, etc.
	(2)	Modification of contract after assignment.
	(3)	Payment by persons obligated on intangibles, etc.
	(4)	Effect of no-assignment clause.
PART IV REGISTRATION
41		Registration system.
42		Registrar, appointment.
	(2)	Functions.
	(3)	Seal of office.
43		Signing officers.
	(2)	Powers of deputy registrar.
44		Registrar's certificate.
	(2)	Proof of certificates.
	(3)	Proof of certified copies.
45		Persons suffering damage to be compensated.
	(2)	Compensation for loss under issue of corporate securities.
	(3)	Claim for compensation.
	(4)	Reference.
	(5)	Certificate.
	(6)	Confirmation of certificate.
	(7)	Appeal.
	(8)	Payment out of Cons. Fund.
	(9)	Subrogation rights.
46		Where documents to be registered.
	(2)	Effective time of registration.
	(3)	Refusal of registration.
	(4)	Registration of leases and consignments intended as security.
47		Agent acting in corporate security.
48		Registration requirements.
	(2)	Registration without signature of debtor.
	(3)	Filing of corporate securities.
	(4)	Time for registration.
	(5)	Errors.
49		Financing statement referring to assignments.
	(2)	Registration of statement of assignment.
	(3)	Assignee becomes secured party.
	(4)	Assignee dealing with registration.
	(5)	Assignment of corporate security.
50		Transfer of collateral by debtor.
	(2)	Where a security interest becomes unperfected.
	(3)	Second registration.
	(4)	Execution of notice.
51		Amendments to financing statement.
	(2)	Amendment adding collateral or changing name of debtor.
	(3)	Requirements for amendment statement.
	(4)	Signature of debtor.
	(5)	Dispensing with debtor's signatures.
	(6)	Amendment releasing collateral.
52		Renewal statements.
	(2)	Subordination.
	(3)	Extending statement.
53		Effect of registration.
	(2)	Filing in L.T.O.
	(3)	Other filings in L.T.O.
	(4)	Expiry of notices.
	(5)	Vacating of Land Titles filings.
	(6)	Time limits not to apply to corporate securities.
	(7)	Registration not constructive notice.
54		Registration of appointment of receiver.
	(2)	Renewal notice.
	(3)	Discharge of notice.
	(4)	Application of subsec. 53(1).
55		Discharge of security agreement.
	(2)	Discharge of financing statement.
	(3)	Release of part of collateral.
	(4)	Failure to deliver.
	(5)	Security or payment into court.
	(6)	Registration of discharges and releases.
	(7)	Registration of release relating to corporate security.
	(8)	Discharge of corporate security.
	(9)	Discharge for consumer goods.
	(10)	Partial release of consumer goods.
	(11)	Penalty.
56		Meaning of "true copy".
	(2)	Registration of true copies.
	(3)	Copies of signatures on true copies.
PART V DEFAULT - RIGHTS AND REMEDIES
57		Rights and remedies cumulative.
	(2)	Secured party's rights and remedies.
	(3)	Appointment of receiver.
	(4)	Secured party's remedies.
	(5)	Debtor's rights and remedies.
	(6)	Waiver and variation of rights and duties.
	(7)	Where agreement covers both real and personal property.
	(8)	No merger in judgment.
58		Collection rights of secured party.
	(2)	Collection in commercially reasonable manner.
59		Secured party's right to take possession upon default.
60		Secured party's right to dispose of collateral on default.
	(2)	Request for proof of interest.
	(3)	Methods of disposition.
	(4)	Secured party's right to delay disposition.
	(5)	Secured party to give notice of disposition of collateral.
	(6)	Service of notice.
	(7)	Secured party's right to purchase collateral.
	(8)	Effect of disposition of collateral.
	(9)	Effect of disposition otherwise than under this section.
	(10)	Certain transfers of collateral.
	(11)	Application of subsecs. (5) and (6).
	(12)	Form of notice of repossession under Consumer Protection Act.
61		Surplus.
62		Compulsory disposition of collateral, consumer goods.
	(2)	Retention of collateral.
	(3)	Requirement to dispose of collateral.
63		Redemption of collateral.
	(2)	Rights under corporate security.
64		Remedies for failure of secured party to comply with this Part.
	(2)	Rights of debtor.
PART VI MISCELLANEOUS
65		Extension of time.
	(2)	Copy of order attached to document.
	(3)	Rights protected.
66		Application of Act in respect of attachment.
	(2)	Application of prior law on priorities.
	(3)	Registration under this Act with respect to prior law.
67		Registration under prior law.
	(2)	Registration under Companies Act or Corporations Act.
68		Destruction of documents.
69		Conflicting provisions in Consumer Protection Act.
	(2)	Conflicting provisions in Farm Machinery and Equipment Act.
	(3)	Conflicting provisions in other Acts.
70		Reference to this Act.
71		Regulations.
72		Crown bound.