Crops: no rights until growing (12(3)(a)) Young of animals: no rights until conceived (12(3)(b)) Minerals or hydrocarbons: no rights until extracted (12(3)(c)) Enforceability (Against Third Parties) Under s.10 (12(1)(c)) A SA is enforceable against third parties in the following circumstances: (10) When the collateral is in the possession of the secured party (i.e. the lender) (10(1)(a); OR When is a that contains one of the following written agreement descriptions of the collateral (so that the third party will know what collateral is covered): (10(1)(d) By item or kind or by reference (to goods, investment property, instruments, documents of title, chattel paper, intangibles, money, crops of licenses) (10(1)(a)(ii); or Goods has three possible classifications see 12.5.1 (“Types – of Collateral”) above. To the debtor’s APAAP (10(1)(a)(iii); or To APAAP with exceptions described by item, kind, or by reference (10(1)(a)(iv)). NB you can use consumer goods as an exclusionary term without reference to item or kind. (10(6))
Crops: no rights until growing (12(3)(a)) Young of animals: no rights until conceived (12(3)(b)) Minerals or hydrocarbons: no rights until extracted (12(3)(c)) Enforceability (Against Third Parties) Under s.10 (12(1)(c)) A SA is enforceable against third parties in the following circumstances: (10) When the collateral is in the possession of the secured party (i.e. the lender) (10(1)(a); OR When is a written agreement that contains one of the following descriptions of the collateral (so that the third party will know what collateral is covered): (10(1)(d) By item or kind or by reference (to goods, investment property, instruments, documents of title, chattel paper, intangibles, money, crops of licenses) (10(1)(a)(ii); or Goods has three possible classifications – see 12.5.1 (“Types of Collateral”) above. To the debtor’s APAAP (10(1)(a)(iii); or To APAAP with exceptions described by item, kind, or by reference (10(1)(a)(iv)). NB you can use consumer goods as an exclusionary term without reference to item or kind. (10(6))