Secured Transactions Act · s 42

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 42Judgment creditor has priority over unperfected security interests

(1)

The interest of a judgment creditor in any collateral shall have priority over any security interest in the same collateral if the security interest is not perfected at the time of execution.

(2)

In this section, “time of execution” means —

(a)

if the collateral is seized by or on behalf of a judgment creditor, the time of seizure; or

(b)

in any other case, the time when a charging order or a garnishee order is served on the person holding some property for or on behalf of the debtor.

Secured Transactions 30