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Difference between revisions of "Security Agreements"
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Security Agreements (view source)
Revision as of 22:37, 16 September 2018
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=== Default rights in consumer transactions=== | === Default rights in consumer transactions=== | ||
The [http://canlii.ca/t/8495 ''Personal Property Security Act''] creates special rights where the collateral meets the definition of “consumer goods”. These are “goods that are used or acquired for use primarily for personal, family or household purposes” ([https://www.canlii.org/en/bc/laws/stat/rsbc-1996-c-359/latest/rsbc-1996-c-359.html#sec1_smooth section 1]). These special rights apply to “security leases” of consumer goods, but not to “true leases”; for more on this distinction, see the Leases section. | The [http://canlii.ca/t/8495 ''Personal Property Security Act''] creates special rights where the collateral meets the definition of “consumer goods”. These are “goods that are used or acquired for use primarily for personal, family or household purposes” ([https://www.canlii.org/en/bc/laws/stat/rsbc-1996-c-359/latest/rsbc-1996-c-359.html#sec1_smooth section 1]). These special rights apply to “security leases” of consumer goods, but not to “true leases”; for more on this distinction, see the [[Leases]] section. | ||
The following are some examples of how the consumer goods protections apply under the ''Personal Property Security Act''. In general, these rights cannot be waived by a debtor. In each example, assume that the security agreement was perfected, and that there are no competing secured parties (that is, there is no priority issue). | The following are some examples of how the consumer goods protections apply under the ''Personal Property Security Act''. In general, these rights cannot be waived by a debtor. In each example, assume that the security agreement was perfected, and that there are no competing secured parties (that is, there is no priority issue). | ||
