Secured Transactions Act · 2022 Revised Edition · Part · Security Interests in Personal Property
21. Security interests in crops
Official textFrom Attorney General's Chambers, unchanged
Except as otherwise provided in this Act, a security interest may be created and perfected in crops and continue as such before they are planted while growing and afterwards when cut or separated from the soil.
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;
A security interest in crops shall only be created with the consent of the mortgagee or lessor under a lease with the duration of not more than 3 years.
crops
“crops” means crops and plants, whether grown, growing or yet to be planted, attached to land by roots or forming part of trees, but does not include trees, unless the trees are grown for commercial purposes and sale;
No perfected security interest in crops shall be extinguished or prejudicially affected by a subsequent sale, lease, mortgage or other encumbrance of or on the land on which the crops are growing.
perfected security interest
“perfected security interest” means the security interest that has been created and becomes effective against third parties by control, possession, registration or temporarily, as the case may be;
Terms defined in s 3
crops
Defined · s 3“crops” means crops and plants, whether grown, growing or yet to be planted, attached to land by roots or forming part of trees, but does not include trees, unless the trees are grown for commercial purposes and sale;
land
Defined · s 3“land” includes all estates and interests, whether freehold or leasehold, in real property;
perfected security interest
Defined · s 3“perfected security interest” means the security interest that has been created and becomes effective against third parties by control, possession, registration or temporarily, as the case may be;
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