PPSA - SI enforcable against 3rd parties

Question 1

a si will not attach to third parties

Answer 1

unless the requirments of 36 have meet met
- possesion by SP
- statutory complying SA

Question 2

36 1 A

Answer 2

the collateral is the possession of the secured party

Question 3

36 1 b

Answer 3

the debtor has signed a sec agt that contains
- an adequate description by item or kiund that allows the collateral to be identified
- a statement that a SI is taken in all of D APAAP
- a statement that a SI is taken in all of D APAAP exepct for specifed items

Question 4

s37

Answer 4

a description is inadequate if it just says conusmer goods or equiptment in teh SA, must specify the item or kind of collateral

Question 5

blood stock

Answer 5

possesion gave gm rights in the horse and therefor locks apaap could apply to the horse, also locks was perfcted si

Question 6

portacom

Answer 6

leases over portacoms were over an indefinate period terminable by will, under s16, leases deemed to create a si so NDG has suuficnet rights in the portacoms and to the attcahed to HKSBs perfected APAAP

Question 7

40(3)

Answer 7

For subsection (1)(b), a debtor has rights in goods leased, consigned, or sold to them under a conditional sale (including retention of title) once they take possession of the goods.