What is the 'Depository Trust Company - DTC'. The Depository Trust Company (DTC) is one of the world's largest securities depositories. The DTC, which was founded in 1973 and is based in New York City, is organized as a limited purpose trust company and provides safekeeping through electronic recordkeeping of securities balances.
To be prepetition property, the security interest must attach to the property. A security interest attaches to personal property upon satisfaction of three requirements: (1) the parties have an adequate security agreement, (2) the secured party gives value, and (3) the debtor has rights or the power to transfer rights in the personal property.
For this reason, it is often said that sections 12(1) and 12(2) of the. PPSA are engaged where there is an âin substanceâ security interest, a term used. to distinguish this form of security interest from the âdeemedâ security interest. referred to in section 12(3) of the PPSA.