103 Execution creditor has priority over unperfected security interest

(1)

The interest of an execution creditor in any collateral has priority over any security interest in the same collateral, if the security interest is not perfected at the time of execution.

(1A)

In this section, time of execution means,—

(a)

if the collateral is seized by an execution creditor or on an execution creditor’s behalf, the time of seizure; or

(b)

in any other case, the time when a charging order or a garnishee order is made.

(2)

To avoid doubt, an execution creditor does not include a landlord who exercises a right of distress.

Compare: Personal Property Security Act 1993 s 20(1) (Saskatchewan)

Section 103(1): amended, on 15 April 2004, by section 18(1) of the Personal Property Securities Amendment Act 2004 (2004 No 30).

Section 103(1A): inserted, on 15 April 2004, by section 18(2) of the Personal Property Securities Amendment Act 2004 (2004 No 30).