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Ashorn Ashorn
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7 years ago
Bill owns a small factory which manufactures seatbelt parts for the automobile industry.  Although business has steadily increased for the last two years, the company still owes the bank a significant amount of money.  In fact, to secure start up monies, the company was required to provide a chattel mortgage to the bank including an after acquired property clause.  Bill becomes aware that a machine used to manufacture seatbelt parts has become available from a local businesswoman.  However, Bill’s company cannot pay cash for the machine and cannot provide the businesswoman with any security in relation to its existing assets.  A special priority can in fact arise if the businesswoman reserves a security interest in the seatbelt making machine itself.  This interest is known as
a) a perfected security interest.
b) a purchase-money security interest (PMSI).
c) an attachment or performance of agreement.
d) an unperfected security interest.
e) a trust deed.
Textbook 
The Law and Business Administration in Canada

The Law and Business Administration in Canada


Edition: 14th
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Existence87Existence87
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