Secured Transactions Act · 2022 Revised Edition · Part · Registration
54. Registration of subordinated security interests
Official textFrom Attorney General's Chambers, unchanged
If a secured party has subordinated a security interest to the interest of another person, a financing change statement may be registered to disclose the subordination at any time before the expiration of the registration.
secured party
“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);
Terms defined in s 3
financing change statement
Defined · s 3“financing change statement” means the data required or authorised by this Act or the regulations to be entered in the register to renew, discharge, or otherwise amend a financing statement;
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
Enforcement of Security Interests
Part