A company in the delivery business bought a $29 000 truck under a conditional sale contract.Because of business reverses they are now unable to make the payments.Which of the following is accurate with respect to the legal position of the parties?
A) The seller would have to get a court order before it could seize the truck.
B) The creditor would have to serve notice on all interested parties before it could seize the truck.
C) The seller would have been in a far more favourable position if it had obtained a chattel mortgage instead of using a conditional sale agreement.
D) The remedy of the conditional seller, as a secured creditor, is limited to the seizure of the truck.
E) If the secured creditor seized the truck, under the Personal Property Security Act the debtor has a set period of time in which to pay what is owing and costs and get the truck back.
Correct Answer:
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