B LAW403 Lecture Notes - Lecture 8: Security Interest, Debenture, Canadian Imperial Bank Of Commerce
15 Mar 2016
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C1 registered - c2 attached, agree, registered, - c1 attached, agree. The first thing that the court will look at is date of registration. Ppsa says perfection occurs when all steps of perfection occurs. If you are registered first then you are number one in line. If creditor 2 comes along and looks at the registry and discovers there is someone ahead of them but they still register anyways it is fair for the first creditor to have priority still. If you have attachment you still have the right to get property back but you have to worry about third parties. If two parties both attach and don"t register then the person that proves that they attached first gets priority If you just have an agreement but not attachment or registration then you have a minimal legal recourse. Robert simpson co. ltd. v. shadlock et al:
