The conversation between human and AI assistant.
What is the Personal Property Security Act and how is Nova Scotia's different from Manitoba's?
That's good to know. Can you explain how priority rules work under the Personal Property Security Act?
Sure, the priority of security interests is generally determined by the order in which they are registered. However, there are exceptions to this rule, such as purchase money security interests, which are given priority over other security interests. Additionally, if a security interest is perfected by possession, it has priority over those that are only registered.