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Identify which of the following statements is true about secured transactions in provinces having a ...

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Identify which of the following statements is true about secured transactions in provinces having a ...

Identify which of the following statements is true about secured transactions in provinces having a personal property security act.

▸ All kinds of security arrangements involving personal property as collateral now come under one statute.

▸ An assignment of an account receivable does not qualify as a security arrangement because no tangible property is involved.

▸ This kind of transaction, which formerly was legal, is now prohibited by law in all provinces.

▸ Only tangible personal property can be used as security.

▸ Various kinds of secured transactions, such as conditional sales, chattel mortgages, etc., are regulated by their own distinct statutes.

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Legal Fundamentals for Canadian Business

Edition: 4^th

Author: Yates

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