Term
| Landlord's Rights on Bankruptcy Act, RSA 2000, c L-5, s2 |
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Definition
| As soon as the receiving order or assignment is made, the landlord of the lessee is not afterwards entitled to distrain or realize rent by distress. |
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Term
| What is needed for attachment? |
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Definition
- A security agreement: must meet the evidentiary requirements of the Act and is enforceable against third parties.
- Secured party must give value: once value is given there is attachment between the two parties.
- The debtor must have rights in the collateral or the power to transfer rights.
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Term
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Definition
| Usually attachment occurs once the security agreement is executed. Timing can be postponed, and this is important in certain cases. |
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Term
| Rights in collateral: "Nemo dat quod non habet" |
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Definition
"No one gives what he does not have"
If you do not have rights in equity, you cannot tranfer it to someone else or use it as collateral. |
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Term
| SGA, seller in possession |
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Definition
| When someone who has sold a good continues to have possession of the good or to the title of the good, if they deliver or transfer the goods to a person who receives the goods in good faith and without notice of the previous sale, the delivery or transfer has the same effect as it would if the seller was expressely authorized by the owner of the goods to make it. But, if the owner has registered their interest under the PPSA and the transaction is not in the ordinary course of business this exception does not apply. |
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Term
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Definition
| A debtor has rights in goods leased or consigned to the debtor when the debtor attains possession of them in accordance with the lease or consignment. |
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Term
| PPSA, section 13(2)(a) - time limit |
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Definition
| A security interest does not attach to after-acquired property that is a crop that becomes a growing crop more than a year after the security agreement has been entered into, except for a security agreement in crops that is given in conjunction with a lease, agreement for sale or mortgage for land may, if so agreed, attach to crops to be grown on the land for the term of the lease, agreement for sale or mortgage. |
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