This report follows the Commission’s tentative proposals on personal property security law. Draft legislation is included to introduce the technical proposals. Background information on basic characteristics of the proposed Act is also included.
A personal property security transaction occurs when a person borrows money or purchases something on credit and gives the lender or seller security for the debt. The law in this area has developed chaotically. As a result, the Commission has decided to undertake a study of personal property law in the province with a final report to be submitted to the Attorney General.