ADMS 2610 Lecture Notes - Lecture 13: Chattel Mortgage, Secured Creditor, Security Interest

• School: York University
• Department: Administrative Studies
• Course: ADMS 2610
• Professor: Joshua Sera

Document Summary

Lecture notes session five security for debt, 10. other forms: assignment of book debts, bank act security, bonds and debentures i. includes a floating charge, used mainly by commercial lenders. 13. chattel mortgage: a mortgage in which the title to the chattel owned by the debtor is transferred to the creditor as security for the payment of a debt. 25. perfection: the act of registration of a security interest under personal property. Security legislation: registration of the security interest, done with a financing statement , establishes secured party"s priority in the property. 28. pmsi purchase money security interest: later supplier has priority if, perfect according to the legislation, uses fund to pay for particular equipment. 29. default: rights of secured party set forth in security agreement, usually can seize collateral, dispose of collateral by public or private sale, surplus must go to the debtor, right of redemption by debtor unless stated otherwise.