Secured Transactions Act · 2022 Revised Edition · Part 6
36. Transfer of debtor’s interest in collateral with prior consent of secured party
Official textFrom Attorney General's Chambers, unchanged
If a security interest is perfected by registration and the debtor transfers all or part of its interest in the collateral, the security interest in the transferred collateral shall remain perfected against such collateral and, if the security interest extends to after-acquired property, the security interest in the transferred collateral shall remain perfected against any collateral that the transferee acquires within 15 days.
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;
The security interest shall not be perfected with respect to the collateral acquired by the transferee after the expiration of the 15 day period unless the secured party registers a financing statement naming the transferee as the debtor.
collateral
“collateral” means personal property that is subject to a security interest;
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Terms defined in s 3
after-acquired property
Defined · s 3“after-acquired property” means personal property that is acquired by a debtor after the security agreement is made;
collateral
Defined · s 3“collateral” means personal property that is subject to a security interest;
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;
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);
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
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Enforcement of Security Interests
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