A Purchase Money Security Interest

question 137

Multiple Choice

A purchase money security interest

• A) will prevail over a general security agreement covering all of a merchant's assets, if it registered within the specified time period.
• B) is prohibited in most provinces.
• C) is now obsolete, in light of the Personal Property Security Act.
• D) is also known as floating charge.
• E) will be automatically subordinate to any general security agreeement, even if registered within the specified time period.
• TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false.

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