Secured Transactions Act · 2022 Revised Edition · Part 6
28. Security interests in accessions
Official textFrom Attorney General's Chambers, unchanged
A security interest in the collateral that becomes an accession shall continue in the accession.
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 26
If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the accession.
collateral
“collateral” means personal property that is subject to a security interest;
Terms defined in s 3
accession
Defined · s 3“accession” means goods that are installed in, or affixed to, other goods without losing their identity;
collateral
Defined · s 3“collateral” means personal property that is subject to a 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;
Part
Special Priority Rules
Part
Registration
Part
Enforcement of Security Interests
Part