(a) between security rights is determined by prior law where all competing security rights arose from security arrangements entered into before 1 October 1990 and the surest way to secure the conclusion of a security agreement is to have the agreement or instrument documented and signed by the grantor. 3. Where a modification, extension or extension of a previous warranty contract within the meaning of paragraph 2 includes a guarantee which was not subject to the security right created or provided by the previous guarantee agreement, the modified, renewed or extended guarantee contract shall not constitute a prior warranty contract relating to that guarantee. 4. Where the right to enforce a security right referred to in paragraph 2 or 3 does not provide for public registration or registration of or notification of the security right and the security right is not in the possession of the secured party, the security right is subordinated to the LPP and its requirements are carefully complied with. In order to successfully seek or register a security right, you should seek professional advice. 10. The acquirer referred to in paragraph 9 shall not be required to determine whether a security right has been granted or whether the transaction constitutes a breach of a guarantee agreement. 9 Subject to this and other decrees, a security agreement shall enter into force in accordance with its conditions. (16) A person who is liable to a secured party on the basis of a guarantee, endorsement, seizure, reverse charge agreement or similar and who receives a transfer of security from the secured party or who has transferred the rights of the secured party has the rights and obligations of the secured party and the transfer of the security is not a provision of the security. (8) In all other cases, the precedence of conflicting security rights shall be directed to investment property in accordance with § 35. (ii) a description of the collateral, which is a debt on securities, a deposit account or a term account, if it describes the collateral through these Terms or as immated capital property, or if it describes the underlying financial asset or futures contract; who owns the security right, and 45(1) If a secured party with a registered security right transfers the interest or part of it, a financing change statement may be recorded from which the transfer is disclosed.
The scope of the law is extremely broad, since it is any transaction that essentially creates a security right, regardless of its form and regardless of who owns the security right. There are small differences between the provinces in the scope of this measure, but the concept is basically the same. However, some points are expressly excluded: perfection is particularly important in the event of insolvency, because when appointing a liquidator, a voluntary administrator or an insolvency administrator (for companies) or an insolvency administrator (for individuals), with a few exceptions, non-perpersed collateral in the company/person “exists”. The secured creditor generally loses its security and becomes unsecured. .