LGL 153: Legal Entities and Relationships week 3

What does 'Property' refer to in Property Law?

• Only real estate properties

• Only tangible items

• Anything that can be legally owned

• Only intellectual properties

Which of the following is considered 'Real Property'?

• Cars

• Negotiable instruments

• Bank accounts

• Land and anything attached to the land

What type of property can be both tangible and intangible?

• Secured property

• Real property

• Intellectual property

• Personal property

What is a 'Negotiable Instrument'?

• A written document guaranteeing payment of a specific amount of money

• A legal claim on real estate

• A type of intangible personal property

• A security agreement under the PPSA

Under which act is a personal property secured transaction governed?

• Securities Act

• Personal Property Security Act (PPSA)

• Bank Act

• Mortgages Act

What is a 'fixture' in the context of property law?

• A type of unsecured loan

• A movable personal property

• A legal term for rented property

• Personal property that becomes permanently attached to real property

What does the PPSA regulate?

• The issuance of negotiable instruments

• The enforcement of intellectual property rights

• The sale of real estate

• The creation and registration of security interests in personal property

What must occur for a security interest to be 'perfected' under the PPSA?

• Attachment and registration

• Payment of the debt

• Approval by a court

• Signing of a mortgage

What is the purpose of the PPSR system?

• To monitor bank transactions

• To establish priority and give notice of security interests

• To track personal property sales

• To register real estate sales

What happens if a debtor defaults under a security agreement?

• The debtor automatically goes to jail

• The secured party may enforce the security interest by selling the collateral

• The debtor's personal property is all seized without notice

• The security interest becomes void