The Personal Property Security Act
Table of Contents
| 1 | Definitions. | |
| PART I GENERAL | ||
| 2 | Application of Act. | |
| 3 | Where Act does not apply. | |
| (2) | Rights under Sale of Goods Act. | |
| 4 | Errors, omissions, etc., in document. | |
| (2) | Errors, omissions, etc., in registration. | |
| 5 | Effect of place of business on application of Act. | |
| (2) | Where a registration not provided in other jurisdiction. | |
| 6 | Collateral subject to security interest on entering province. | |
| (2) | Right of revendication. | |
| 7 | Security interest perfected outside Manitoba. | |
| (2) | Where notice received. | |
| (3) | Subsequent perfection. | |
| 8 | Perfection after bringing within province. | |
| PART II VALIDITY OF SECURITY AGREEMENTS AND RIGHTS OF PARTIES | ||
| 9 | Effectiveness of security agreement. | |
| 10 | Enforceability of security interest. | |
| 11 | Delivery of copy of agreement. | |
| 12 | When security interest attaches. | |
| (2) | When debtor has rights and collateral. | |
| 13 | After acquired property. | |
| 14 | Exceptions. | |
| 15 | Future advances. | |
| 16 | Agreement not to assert defence against the assignee. | |
| 17 | Seller's warranties. | |
| 18 | Provision to accelerate. | |
| 19 | Care of collateral. | |
| (2) | Rights and duties of secured party in possession of collateral. | |
| (3) | Liability for loss. | |
| (4) | Use of collateral. | |
| (5) | Liability for loss caused by use. | |
| 20 | Information from the secured party. | |
| (2) | Security interest in collateral of a class. | |
| (3) | Reply to notice. | |
| (4) | Disclosure of successor. | |
| (5) | Successor deemed to be secured party. | |
| (6) | Powers of judge. | |
| (7) | Charges by secured party. | |
| PART III PERFECTION AND PRIORITIES | ||
| 21 | Time when perfected. | |
| 22 | Subordination of unperfected security interest. | |
| (2) | Rights of trustee in bankruptcy etc. | |
| (3) | Purchase-money security interest. | |
| 23 | Continuity of perfection. | |
| (2) | Assignees. | |
| 24 | Perfection by possession. | |
| 25 | Perfection by registration. | |
| (2) | Security interest not perfected until registered. | |
| 26 | Temporary perfection. | |
| (2) | Temporary perfection where collateral under control of debtor. | |
| (3) | Beyond 10 days. | |
| 27 | Perfecting as to proceeds. | |
| (2) | Effect of interest in proceeds. | |
| (3) | Non-identifiable proceeds etc. | |
| 28 | Perfecting as to goods held by bailee. | |
| (2) | Where no negotiable document of title issued. | |
| 29 | Goods returned or repossessed. | |
| (2) | Where security interest registered. | |
| (3) | Security interest of transferee. | |
| (4) | Priority of transferee of intangible. | |
| (5) | Priority of transferee of chattel paper. | |
| (6) | Priority of security interest of unpaid transferee. | |
| 30 | Rights of purchaser in ordinary course of business. | |
| (2) | Rights of purchasers of chattel paper. | |
| (3) | Rights of purchaser of non-negotiable instrument. | |
| (4) | Application of subsection (1). | |
| 31 | Rights of certain purchasers. | |
| (2) | Effect of registration. | |
| 32 | Priority of possessory liens. | |
| (2) | Priority of non-possessory liens. | |
| 33 | Alienation of right of debtors. | |
| 34 | Special priorities in crops. | |
| (2) | Purchase-money security interest in inventory. | |
| (3) | Priority of security interest in accounts. | |
| (4) | Purchase-money security interest in goods other than inventory. | |
| 35 | General rule as to priorities. | |
| (2) | Effect of continuous perfection. | |
| 36 | Application of section. | |
| (2) | Priority of security interests, fixtures. | |
| (3) | Priority of security interests in fixtures. | |
| (4) | Exceptions. | |
| (5) | Removal of collateral. | |
| (6) | Retention of collateral. | |
| 37 | Accessions. | |
| (2) | Exceptions. | |
| (3) | Removal of collateral. | |
| (4) | Retention of collateral. | |
| 38 | Commingled goods. | |
| 39 | Priority subject to subordination. | |
| 40 | Persons obligated on intangibles, etc. | |
| (2) | Modification of contract after assignment. | |
| (3) | Payment by persons obligated on intangibles, etc. | |
| (4) | Effect of no-assignment clause. | |
| PART IV REGISTRATION | ||
| 41 | Registration system. | |
| 42 | Registrar, appointment. | |
| (2) | Functions. | |
| (3) | Seal of office. | |
| 43 | Signing officers. | |
| (2) | Powers of deputy registrar. | |
| 44 | Registrar's certificate. | |
| (2) | Proof of certificates. | |
| (3) | Proof of certified copies. | |
| 45 | Persons suffering damage to be compensated. | |
| (2) | Compensation for loss under issue of corporate securities. | |
| (3) | Claim for compensation. | |
| (4) | Reference. | |
| (5) | Certificate. | |
| (6) | Confirmation of certificate. | |
| (7) | Appeal. | |
| (8) | Payment out of Cons. Fund. | |
| (9) | Subrogation rights. | |
| 46 | Where documents to be registered. | |
| (2) | Effective time of registration. | |
| (3) | Refusal of registration. | |
| (4) | Registration of leases and consignments intended as security. | |
| 47 | Agent acting in corporate security. | |
| 48 | Registration requirements. | |
| (2) | Registration without signature of debtor. | |
| (3) | Filing of corporate securities. | |
| (4) | Time for registration. | |
| (5) | Errors. | |
| 49 | Financing statement referring to assignments. | |
| (2) | Registration of statement of assignment. | |
| (3) | Assignee becomes secured party. | |
| (4) | Assignee dealing with registration. | |
| (5) | Assignment of corporate security. | |
| 50 | Transfer of collateral by debtor. | |
| (2) | Where a security interest becomes unperfected. | |
| (3) | Second registration. | |
| (4) | Execution of notice. | |
| 51 | Amendments to financing statement. | |
| (2) | Amendment adding collateral or changing name of debtor. | |
| (3) | Requirements for amendment statement. | |
| (4) | Signature of debtor. | |
| (5) | Dispensing with debtor's signatures. | |
| (6) | Amendment releasing collateral. | |
| 52 | Renewal statements. | |
| (2) | Subordination. | |
| (3) | Extending statement. | |
| 53 | Effect of registration. | |
| (2) | Filing in L.T.O. | |
| (3) | Other filings in L.T.O. | |
| (4) | Expiry of notices. | |
| (5) | Vacating of Land Titles filings. | |
| (6) | Time limits not to apply to corporate securities. | |
| (7) | Registration not constructive notice. | |
| 54 | Registration of appointment of receiver. | |
| (2) | Renewal notice. | |
| (3) | Discharge of notice. | |
| (4) | Application of subsec. 53(1). | |
| 55 | Discharge of security agreement. | |
| (2) | Discharge of financing statement. | |
| (3) | Release of part of collateral. | |
| (4) | Failure to deliver. | |
| (5) | Security or payment into court. | |
| (6) | Registration of discharges and releases. | |
| (7) | Registration of release relating to corporate security. | |
| (8) | Discharge of corporate security. | |
| (9) | Discharge for consumer goods. | |
| (10) | Partial release of consumer goods. | |
| (11) | Penalty. | |
| 56 | Meaning of "true copy". | |
| (2) | Registration of true copies. | |
| (3) | Copies of signatures on true copies. | |
| PART V DEFAULT - RIGHTS AND REMEDIES | ||
| 57 | Rights and remedies cumulative. | |
| (2) | Secured party's rights and remedies. | |
| (3) | Appointment of receiver. | |
| (4) | Secured party's remedies. | |
| (5) | Debtor's rights and remedies. | |
| (6) | Waiver and variation of rights and duties. | |
| (7) | Where agreement covers both real and personal property. | |
| (8) | No merger in judgment. | |
| 58 | Collection rights of secured party. | |
| (2) | Collection in commercially reasonable manner. | |
| 59 | Secured party's right to take possession upon default. | |
| 60 | Secured party's right to dispose of collateral on default. | |
| (2) | Request for proof of interest. | |
| (3) | Methods of disposition. | |
| (4) | Secured party's right to delay disposition. | |
| (5) | Secured party to give notice of disposition of collateral. | |
| (6) | Service of notice. | |
| (7) | Secured party's right to purchase collateral. | |
| (8) | Effect of disposition of collateral. | |
| (9) | Effect of disposition otherwise than under this section. | |
| (10) | Certain transfers of collateral. | |
| (11) | Application of subsecs. (5) and (6). | |
| (12) | Form of notice of repossession under Consumer Protection Act. | |
| 61 | Surplus. | |
| 62 | Compulsory disposition of collateral, consumer goods. | |
| (2) | Retention of collateral. | |
| (3) | Requirement to dispose of collateral. | |
| 63 | Redemption of collateral. | |
| (2) | Rights under corporate security. | |
| 64 | Remedies for failure of secured party to comply with this Part. | |
| (2) | Rights of debtor. | |
| PART VI MISCELLANEOUS | ||
| 65 | Extension of time. | |
| (2) | Copy of order attached to document. | |
| (3) | Rights protected. | |
| 66 | Application of Act in respect of attachment. | |
| (2) | Application of prior law on priorities. | |
| (3) | Registration under this Act with respect to prior law. | |
| 67 | Registration under prior law. | |
| (2) | Registration under Companies Act or Corporations Act. | |
| 68 | Destruction of documents. | |
| 69 | Conflicting provisions in Consumer Protection Act. | |
| (2) | Conflicting provisions in Farm Machinery and Equipment Act. | |
| (3) | Conflicting provisions in other Acts. | |
| 70 | Reference to this Act. | |
| 71 | Regulations. | |
| 72 | Crown bound. | |