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In This Volume

  • 77 (1) In this section and section 78, “prior law” means the law in force immediately before October 1, 1990.
  • (2) Subject to subsection (4), this Act applies
  • (a) to every security agreement made after October 1, 1990, including an agreement that renews, extends or consolidates an agreement made before that date,
  • (b) to every security agreement made before October 1, 1990 that has not been validly terminated in accordance with prior law before that date,
  • (c) subject to subsections (5) and (6), to every prior security interest that is not enforced or otherwise validly terminated in accordance with prior law before October 1, 1990, and
  • (d) to a receiver appointed before or after October 1, 1990.
  • (3) Sections 10 and 11 do not apply to security agreements referred to in subsection (2)(b).
  • (4) Sections 23, 24(3) and (4), 25 (2), 26, 27 and 28 of the Chattel Mortgage Act, R.S.B.C. 1979, c. 48, and sections 19, 20(3) and (4), 22, 23 and 24 of the Sale of Goods on Condition Act, R.S.B.C. 1979, c. 373, as they existed immediately before their repeal continue to apply to chattel mortgages and conditional sale contracts, respectively, executed before October 1, 1990, and sections 58(3) to (5) and 67 of this Act do not apply to such transactions.
  • (5) The validity of a prior security interest is governed by prior law.
  • (6) The order of priorities
  • (a) between security interests is determined by prior law, if all of the competing security interests arose under security agreements entered into before October 1, 1990, and
  • (b) between a security interest and the interest of a third party is determined by prior law, if the third party interest arose before October 1, 1990 and the security interest arose under a security agreement entered into before that date.

1989-36-77; 1990-11-33.