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- Personal property securities
- Key concepts, rules and features of the PPSA
Priority and extinguishment rules
The PPSA outlines general priority rules and specific rules regarding the priority of interests arising outside of the PPSA as well as the rules for enforcement. There are also rules applying to non-PPS property. Extinguishment rules apply where collateral is purchased or leased. The extinguishment rules under the PPSA deal with situations when a third party transferee can take free of a security interest.
See Priority and extinguishment rules.
