Secured Transactions Act · 2022 Revised Edition · Part 6
29. Priority of security interests in goods before they become accessions
Official textFrom Attorney General's Chambers, unchanged
A security interest in goods that is created at the time when the goods become an accession shall have priority over a claim to the goods as an accession made by a person with an interest in the whole.
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;
Priority of security interests in processed or commingled goods
goods
“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;
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;
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;
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
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