Secured Transactions Act · 2022 Revised Edition · Part 6
25. Priority of security interests to all advances
Official textFrom Attorney General's Chambers, unchanged
A security interest shall have the same priority in respect of all advances, including future advances.
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;
Secured Transactions
Priority of purchase money security interests
purchase
“purchase” means taking by sale, lease, discount, assignment, negotiation, mortgage, pledge, lien, issue, reissue, gift or any other consensual transaction that creates an interest in personal property;
Terms defined in s 3
purchase
Defined · s 3“purchase” means taking by sale, lease, discount, assignment, negotiation, mortgage, pledge, lien, issue, reissue, gift or any other consensual transaction that creates an interest in personal property;
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
Special Priority Rules
Part
Registration
Part
Enforcement of Security Interests
Part