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

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A lender takes a chattel mortgage over a borrower's delivery truck to secure a loan. For PPSA purposes, which statement is most accurate?

The chattel mortgage creates a security interest in personal property governed by the PPSA Chattel mortgages are exclusively governed by land-title rules and fall outside the PPSA A chattel mortgage is valid only if registered under the Registry Act for real property The PPSA abolishes chattel mortgages, so the document is void

Correct Answer:

The chattel mortgage creates a security interest in personal property governed by the PPSA

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