LAW 204 Chapter Notes - Chapter 10: Unsecured Creditor, Secured Creditor, Repossession
9 Mar 2021
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Mortgages: the concept of priority in relation to land mortgages and to other creditors" claims is relevant. Leases: leases of equipment (example of bailment) and leases of land (interest in real property, leases may also serve as a type of security device, where items of personal property are acquired on credit. Conditional sales: similar to a purchase lease. In a lease, the lessee pays to use the item for a specified period and at the end of that period can elect to buy it, applying rent already paid toward the purchase price. In a conditional sale, the sale is agreed to but the transfer of title to the buyer is delayed until the buyer completes the scheduled installment payments. In some provinces a seller is not entitled to repossess goods except by court process. In exercising this right of sale, he must act reasonably and fairly to obtain a good price for them.
