The Registration Systems Established Under Provincial Personal Property Security Laws

question 4

Multiple Choice

The registration systems established under provincial personal property security laws in most provinces are superior to the systems that existed previously. Which of the following best describes why the new systems are better?

• A) The interests taken by banks in a debtor's assets under the Bank Act are now governed under provincial personal property security law.
• B) A creditor can search in one place to find all security interests in the property of a debtor.
• C) A creditor need only make one registration against a debtor to perfect a security interest in the debtor's assets no matter where they are situated in Canada.
• D) Most security interests in a debtor's assets in a province are governed by one set of rules.
• E) The priority of all security interests and other types of claims against a debtor are determined under personal property security law.

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Definitions:

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