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 · Registration
Secured Transactions Act · 2022 Revised Edition · Part · Registration
Official textFrom Attorney General's Chambers, unchanged
If a registration covers consumer goods, the secured party shall discharge the registration within 15 working days after all obligations under the security agreement creating the security interest are performed, unless the registration lapses before the expiration of the period.
consumer goods
“consumer goods” means goods that are used or acquired for use primarily for personal, domestic or household purpose;
consumer goods
“consumer goods” means goods that are used or acquired for use primarily for personal, domestic or household purpose;
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);
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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