In force2022 Revised EditionCurrent version · 2022 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Secured Transactions Act · 2022 Revised Edition · Part · Special Priority Rules
Secured Transactions Act · 2022 Revised Edition · Part · Special Priority Rules
Official textFrom Attorney General's Chambers, unchanged
The interest of a judgment creditor in any collateral shall have priority over any security interest in the same collateral if the security interest is not perfected at the time of execution.
collateral
“collateral” means personal property that is subject to a security interest;
In this section, “time of execution” means —
if the collateral is seized by or on behalf of a judgment creditor, the time of seizure; or
in any other case, the time when a charging order or a garnishee order is served on the person holding some property for or on behalf of the debtor.
Secured Transactions 30
collateral
“collateral” means personal property that is subject to a security interest;
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;
Part
Part
Part