ADMS 2610 Chapter Notes - Chapter 13: Chattel Mortgage, Accounts Receivable, Security Interest

• School: York University
• Department: Administrative Studies
• Course: ADMS 2610
• Professor: Jack Furman

Document Summary

Chapter 27 (7th edition) / chapter 28 (8th edition) (please refer to the week 12 course notes for the corresponding page numbers and questions for both the 7th and 8th editions. ) In a chattel mortgage, title transfers to the mortgagee, but possession remains in the hands of the debtor. A pledge or a pawn requires the transfer of possession of the chattel or goods. A conditional sales agreement arises out of a sale of the goods subject to the security interest rather than the borrowing of money using chattels as collateral. Question: describe the effect of personal property security legislation on chattel mortgages and conditional sales agreements in those provinces where such legislation has been introduced. Personal property security legislation has been used to harmonize a variety of secured transactions involving personal property, creating a unified procedure for the registration, protection, and prioritizing of security interests. It has created greater certainty and simplified the procedures to be employed.