16. Continuous perfection of security interests in proceeds

Terms defined in s 3

• cash proceeds

  cash proceeds

  Defined · s 3

  “cash proceeds” means proceeds in the form of money, cheques, drafts or deposit accounts in banks or similar institutions;

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• collateral

  collateral

  Defined · s 3

  “collateral” means personal property that is subject to a security interest;

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• financing statement

  financing statement

  Defined · s 3

  “financing statement” means forms in writing or their electronic equivalent as provided in the regulations on which information is provided in order to effect, amend, terminate or continue a registration;

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• proceeds

  proceeds

  Defined · s 3

  “proceeds” means identifiable or traceable personal property received as a result of sale, other disposition, collection, lease or licence of the collateral, including proceeds of proceeds, civil and natural fruits, dividends, distributions, insurance or takaful proceeds and claims arising from defects in, damage to or loss of collateral;

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• security interest

  security interest

  Defined · s 3

  “security interest” means a property right in personal property that is created by agreement and secures payment or other performance of an obligation, regardless of whether the parties have denominated it as a security interest, and includes the right of a seller in an instalment sale or a sale with retained title, but it does not include a personal right against a guarantor or other person liable for the payment of the secured obligation;

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