PERSONAL PROPERTY SECURITY

CHAPTER 48:03
PERSONAL PROPERTY SECURITY

ARRANGEMENT OF SECTIONS

    SECTION

PART I
PRELIMINARY

    1.    Citation

    2.    Interpretation

    3.    Scope of the Act

PART II
CREATION OF SECURITY INTERESTS

    4.    Effectiveness of security agreement

    5.    Standards of good faith and commercial reasonableness

    6.    Description of collateral in security agreement

    7.    Inadequate description of collateral as consumer goods

    8.    Description of proceeds not required for enforceability against third parties

PART III
PERFECTION OF SECURITY INTERESTS

    9.    Perfection of security interest

    10.    Continuity of perfection where perfected security interest subsequently perfected in another way

PART IV
CREATION AND PERFECTION OF SECURITY INTERESTS IN PARTICULAR KINDS OF PERSONAL PROPERTY

    11.    Security interests in after-acquired property

    12.    Creation of security interests in after-acquired property

    13.    Continuation of security interests in proceeds

    14.    Continuous perfection of security interest in proceeds

    15.    Temporary perfection of security interests in proceeds in other cases

    16.    Perfection where goods in hands of bailee

    17.    Security interests in crops

    18.    Temporary perfection of security interest in negotiable instrument or investment security returned to debtor

    19.    Temporary perfection of security interest in negotiable document of title or goods returned to debtor

PART V
PRIORITY BETWEEN SECURITY INTERESTS

    20.    Priority of security interests in same collateral when Act provides no other way of determining priority

    21.    Original method of perfection applies to continuously perfected security interest

    22.    Priority in original collateral to continue in proceeds

    23.    Transfer of security interests does not affect priority

    24.    Voluntary subordination of security interests

    25.    Priority of security interest applies to all advances

    26.    Priority of purchase money security interest in collateral or its proceeds, other than inventory or intangibles

    27.    Priority of purchase money security interest in inventory or its proceeds

    28.    Priority of purchase money security interest in intangibles or its proceeds

    29.    Non-proceeds security interest in accounts receivable

    30.    Priority between purchase money security interests in goods or their proceeds taken by seller

    31.    Priority between purchase money security interests in same goods or their proceeds not taken by seller

    32.    Security interests in accessions

    33.    Priority of security interest in goods before they become accessions

    34.    Continuation of security interests in goods that become part of processed or commingled goods

    35.    Limit on value of priority of goods that become part of processed or commingled goods

    36.    Priority where more than one security interest continues in processed or commingled goods

    37.    Priority of purchase money security interest in goods that continues in processed or commingled goods

    38.    Rights of debtor may be transferred

    39.    General priority of security interest in transferred collateral over security interests granted by transferee

    40.    Transfer of debtor’s interest in collateral with prior consent of secured party

PART VI
SPECIAL PRIORITY RULES

    41.    Lien has priority over security interest relating to same goods

    42.    When holder of money takes money free of perfected security interest in money

    43.    Priority of creditor who receives payment of debt

    44.    Priority of purchaser of negotiable instrument, document of title, chattel paper and security certificate

    45.    Priority of interests on assignment of account receivable or non-negotiable chattel paper

    46.    Execution creditor has priority over unperfected security interest

    47.    Buyer or lessee of collateral takes collateral free of unperfected security interests

    48.    Buyer or lessee of goods sold or leased in ordinary course of business takes goods free of certain security interests

PART VII
PERSONAL PROPERTY SECURITIES REGISTRY

    49.    Establishment of a Personal Property Security Registry

    50.    Appointment of Registrar

    51.    Registrar may refuse to provide certain services relating to Registry

    52.    Person may register financing statement

    53.    Data required to register financing statement

    54.    Identification of debtor in financing statement

    55.    Identification of secured party in financing statement

    56.    When financing statement not to be registered

    57.    When financing statement to be registered

    58.    Registration of financing statement not to constitute notice or knowledge

    59.    Verification statement to be forwarded to person who registered financing statement

    60.    When financing statement may be registered

    61.    Authorization to register financing statement

    62.    Financing statement may relate to one or more security agreements

    63.    When secured party to notify debtor about registration of financing statement

    64.    Registration of financing statement invalid only if seriously misleading

    65.    When financing statement seriously misleading

    66.    Proof that person actually misled not necessary

    67.    Validity of registration when description of part of collateral is incorrect

    68.    Duration of registration of financing statement

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