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
A buyer of goods sold in the ordinary course of business of the seller and a lessee of goods leased in the ordinary course of business of the lessor shall take the goods free of a security interest created by the seller or lessor unless the buyer or lessee knows that the sale or lease constitutes a breach of the security agreement under which the security interest was created.
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;
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;
security agreement
“security agreement” means an agreement between the debtor and secured party that creates or provides for 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;
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