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LexisNexis Practical Guidance®
Straightforward guidance across a range of topics
- Securities — Personal Property
- Personal property security agreements
Other rights and powers to support security
This guidance note considers two matters regarding the use of a power of attorney when taking personal property security or when drafting a GSA or a SSA. These 2 matters are:
- • the use of a power of attorney where the grantor appoints the secured party to be its attorney so the secured party can perfect its security interest with respect to “controllable” collateral by control; and
- • the use of a power of attorney where the grantor appoints the secured party to be its attorney with the power, after an event of default has occurred, to action certain matters.
This guidance note also recaps important PPS Act concepts including perfection, and in particular, perfection by control.
See Other rights and powers to support security.
