Secured Transactions Act · 2022 Revised Edition · Part · Security Interests in Personal Property
19. Temporary perfection of security interests in negotiable documents of title or goods
Official textFrom Attorney General's Chambers, unchanged
A security interest in a negotiable document of title or goods held by a bailee that are not covered by a negotiable document of title or goods shall be temporarily perfected within 10 working days after the secured party made the negotiable document of title or goods available to the debtor, if —
security interest
“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;
the security interest was perfected by possession; and
possession
“possession”, in relation to a secured party, means possession of a collateral that is in the actual or apparent possession or control of the debtor or the debtor’s agent;
the secured party delivered the negotiable document of title or goods for the purposes of sale, exchange, loading, unloading, storing, shipping, manufacturing, processing, packaging or otherwise dealing with the goods in preparation for their sale or exchange.
secured party
“secured party” means a person in whose favour a security interest is created, including — (a) a consignor; (b) a financial lessor and a lessor who acquired goods under an operating lease; (c) a transferee of an intangible; (d) a seller who reserved title to the sold goods; or (e) a trustee or agent of the person referred to in paragraphs (a) to (d);
Terms defined in s 3
document of title
Defined · s 3“document of title” means a writing issued by or addressed to a bailee — (a) that covers goods in the possession of the bailee and are identified or are fungible portions of an identified mass; and (b) in which it is stated that the goods identified in it will be delivered to — (i) a named person, or to a transferee of that person; (ii) a bearer; or (iii) the order of a named person;
goods
Defined · s 3“goods” means tangible personal property and include farm products, inventory, equipment, consumer goods, trees that have been severed, and petroleum or minerals that have been extracted, but does not include chattel paper, document of title, negotiable instrument, investment security or money;
possession
Defined · s 3“possession”, in relation to a secured party, means possession of a collateral that is in the actual or apparent possession or control of the debtor or the debtor’s agent;
secured party
Defined · s 3“secured party” means a person in whose favour a security interest is created, including — (a) a consignor; (b) a financial lessor and a lessor who acquired goods under an operating lease; (c) a transferee of an intangible; (d) a seller who reserved title to the sold goods; or (e) a trustee or agent of the person referred to in paragraphs (a) to (d);
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;
Part 6
Part
Special Priority Rules
Part
Registration
Part
Enforcement of Security Interests
Part