Use This Fact Situation to Answer the Related Questions That

question 19

Multiple Choice

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.

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Definitions:

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