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 · Enforcement of Security Interests
Secured Transactions Act · 2022 Revised Edition · Part · Enforcement of Security Interests
Official textFrom Attorney General's Chambers, unchanged
The buyer of the collateral in a sale under section 70 shall take it free of any security interest.
collateral
“collateral” means personal property that is subject to a security interest;
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