NCA Commercial Law Practice Questions - NCA Canadian Commercial Law Examination Exam

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A supplier sells equipment to a buyer under a conditional sale agreement that reserves title until the price is paid in full. Under the Ontario Personal Property Security Act (PPSA), how is the seller's reserved title interest generally characterized?

As a security interest to which the PPSA applies, despite the reservation of title As ownership remaining outside the PPSA until default As a mere contractual condition that never creates a security interest As a common-law lien that is excluded from the PPSA

Correct Answer:

As a security interest to which the PPSA applies, despite the reservation of title

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