LAW 3542 Study Guide - Quiz Guide: Secured Creditor, Kodak, Implied Consent
Document Summary
General rule: to fall within the act, transaction must (1) create an interest in personal property; (2) create this interest to secure the payment or performance of an obligation; and (3) not be excluded by s. 4. Subject to exclusions under s. 4 of ppsa non-application. Intangibles: the definition of intangible in the ppsa is broadly interpreted to include any type of property not enumerated in the definition of personal property . Sauliner: ppsa should be liberally interpreted in order to achieve its purpose, namely the protection of persons doing business with the debtor through available information regarding the debtor"s security arrangements. Saulnier: oil and gas lease is considered akin to a license and is covered as an intangible under the ppsa due to its exclusive benefits and proprietary nature. Trusts: gives rise to an obligation on part of trustee to pay money or something of value, to the beneficiary. Trustee holds the property for the benefit of another the beneficiary.
