TERMIUM Plus^®

Record 1,  Textual support,  English

Record number: 1, Textual support number: 1 CONT

Under the PPSA, the general rule is that the first creditor to register or take possession has priority. This rule is different from the rule that applies under the existing law. Currently, if a company created two charges in favour of two separate creditors, it is the creditor whose charge was created first that takes priority (so long as that creditor has registered within the 30-day period required by the Companies Act). The general rule under the PPSA is that first to register or take possession takes priority no matter which charge is signed first. One consequence is that creditors, such as banks, are likely to require registration of a financing statement as a condition precedent to advancing funds to a debtor.  2, record 1, English, - first%20creditor

Record 1,  Textual support,  French

Record number: 1, Textual support number: 1 OBS

créancier de premier rang; créancière de premier rang : termes normalisés par le Comité de normalisation, Promotion de l’accès à la justice dans les deux langues officielles (PAJLO).  2, record 1, French, - cr%C3%A9ancier%20de%20premier%20rang

Record 1,  Textual support,  Spanish