20. Perfection where goods in hands of bailee

Terms defined in s 3

• document of title

  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;

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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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• goods

  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;

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• possession

  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;

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• secured party

  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);

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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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