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Home Q & A Board Humanities Legal Studies
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ohiosr ohiosr
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6 years ago
Use this fact situation to answer the related questions that follow.
A purchases a video business from B, who takes back a chattel mortgage on the inventory, which is composed of DVDs. The chattel mortgage states that it covers after-acquired property. B then registers this mortgage under the provincial PPSA. A few months later, A needs to purchase more DVDs and goes to his bank to borrow the money for the purchase. In turn, the bank takes a chattel mortgage for the amount of its loan, registers its chattel mortgage, and gives A the money. A then buys the DVDs.

In this case, under PPSA legislation, the bank has
a. a purchase money security interest.
b. a guarantee.
c. a chattel mortgage.
d. a promissory note.
e. a bill of exchange.
Textbook 
The Law and Business Administration in Canada

The Law and Business Administration in Canada


Edition: 14th
Authors:
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Existence87Existence87
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ohiosr Author
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#2
6 years ago
Makes a lot of sense now
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