Personal Property Security — Canada — Northwest Territories law | Esheria

Personal Property Security

This part of the Act sets out key definitions and the overall framework for personal property security, including collateral, debtor, default, and investment property.

Jurisdiction
Canada — Northwest Territories
Instrument
Act or statute
Version
Undated source snapshot
Language
en
Official source
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accessions assignment buyer/lessee protections collateral control collateral disposition collateral transfer commingled goods court orders court supervision crops default remedies definitions enforcement fixtures information requests investment property perfection personal property personal property security prior law transition priority priority of security interests priority rules purchase money security interests +12 more

Statute overview

About this statute

This part of the Act sets out key definitions and the overall framework for personal property security, including collateral, debtor, default, and investment property. This part defines key secured-transactions terms and says the Act applies to transactions that function as security interests, plus some related transfers and leases, while excluding listed categories. This provision sets conflict-of-laws rules for security interests, mainly deciding which jurisdiction’s law governs validity, perfection, and priority, and it sets time limits for maintaining perfection after collateral or the debtor moves. A secured party must keep collateral identifiable, can use it only within the stated limits, and must answer certain written information demands within the prescribed time. This part sets priority rules for security interests and says when buyers, lessees, purchasers, holders of money, and certain creditors can take goods or payment free of competing security interests.

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