BUS 393 Lecture 11: Bus 393 - Lecture 11

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 393
• Professor: Colin Hawes

Document Summary

Personal property security act: deals with using personal property as security. Secured creditor: a creditor who has priority over other creditors when debtor defaults. Personal property: chattels and choses in action. Choses in action: intangible rights with legally enforceable claims. Pledge: an item that a creditor takes hold of until debtor repays loan, if he defaults then creditor can sell pledge. Conditional sale: seller retains title of item until last payment by buyer. Is protected by the sale of goods act. Chattel mortgage: bank lends to debtor, and debtor puts up personal property as collateral, bank has title of this property until the last payment is made but property is in debtor"s hands. Assignment of accounts receivable: businesses have money owed to them by services, they can use the owed money (accounts receivable) as security, if business defaults bank can intercept funds.