Identify which of the following statements is true about secured transactions in provinces having a personal property security act.
A) This kind of transaction, which formerly was legal, is now prohibited by law in all provinces.
B) Various kinds of secured transactions, such as conditional sales, chattel mortgages, etc., are regulated by their own distinct statutes.
C) An assignment of an account receivable does not qualify as a security arrangement because no tangible property is involved.
D) All kinds of security arrangements involving personal property as collateral now come under one statute.
E) Only tangible personal property can be used as security.

Question

Quizplus · Accepted Answer

The Personal Property Security Acts (PPSA) in various provinces consolidate the law regarding security interests in personal property, including both tangible and intangible assets, under one statute. This means that different types of security arrangements involving personal property as collateral, such as conditional sales, chattel mortgages, and assignments of accounts receivable, are governed by this single piece of legislation.

Identify Which of the Following Statements Is True About Secured