LAW 603 Study Guide - Midterm Guide: Consignor, Security Interest, Secured Creditor

• School: Ryerson University
• Department: Law and Business
• Course: LAW 603
• Professor: Clara Chapdelaine- Feliciati

Document Summary

Security interest - the right of the creditor to seize the debtor"s assets if there is a default payment. Collateral - the particular debtor asset that is the subject of the security interest. Guarantor - third party who agrees to satisfy the debt of a debtor if the debtor defaults. Personal property security statutes - provincial regulatory systems for secured creditors to register their security interest. A publicly accessible database that can be searched to determine what security interests may already be registered against a person"s property. Only applies to the assets in that province. Conditional sale - the buyer receives the goods and postpones final payment. Security for the final payment is the title to the goods. Title passes on final payment or seller recovers goods if payment is in default. Consignment - consignor transfers possession of the goods to consignee to sell. Consignee - other party charged with selling the goods and repaying the consignor.