7 (1) The validity, the perfection, the effect of perfection or non-perfection, and the priority of the following security interests shall be governed by the law of the jurisdiction where the debtor is located at the time the security interest attaches: 1.  A security interest in an intangible. 2.  A security interest in goods that are of a type that are normally used in more than one jurisdiction, if the goods are equipment or inventory leased or held for lease by a debtor to others. 3.  A security interest in electronic chattel paper. 4.  A non-possessory security interest in an instrument, a negotiable document of title, money or tangible chattel paper. 2019, c. 7, Sched. 49, s. 3. Change of jurisdiction (2) If a security interest to which subsection (1) applies is a perfected security interest under the law of the jurisdiction where the debtor is located, and if the jurisdiction where the debtor is located changes as a result of a change in a factor by which the location of the debtor is determined under subsection (3), the security interest continues perfected only until the earliest of, (a)  60 days after the day the jurisdiction where the debtor is located changed; (b)  15 days after the day the secured party learns that the jurisdiction where the debtor is located has changed; and (c)  the day perfection ceases under the previously applicable law. 2017, c. 20, Sched. 9, s. 8. Application of subs. (2) (2.1) For greater certainty, if a change in the jurisdiction where the debtor is located occurs on December 31, 2015 and the change is solely a result of the operation of subsections 7 (3), (4) and (5) of this Act, as they read on that day, and not a result of a change in a factor by which the location of the debtor is determined, subsection 7.2 (7) applies to the change instead of subsection (2) of this section. 2017, c. 20, Sched. 9, s. 8. Location of debtor (3) For the purposes of this section, a debtor is located, (a)  if the debtor is an individual, in the jurisdiction where the debtor’s principal residence is located; (b)  if the debtor is a partnership, other than a limited partnership, and the partnership agreement governing the partnership states that the agreement is governed by the laws of a province or territory of Canada, in that province or territory; (c)  if the debtor is a corporation, a limited partnership or an organization and is incorporated, continued, amalgamated or otherwise organized under a law of a province or territory of Canada that requires the incorporation, continuance, amalgamation or organization to be disclosed in a public record, in that province or territory; (d)  if the debtor is a corporation incorporated, continued or amalgamated under a law of Canada that requires the incorporation, continuance or amalgamation to be disclosed in a public record, in the jurisdiction where the registered office or head office of the debtor is located, (i)  as set out in the special Act, letters patent, articles or other constating instrument under which the debtor was incorporated, continued or amalgamated, or (ii)  as set out in the debtor’s by-laws, if subclause (i) does not apply; (e)  if the debtor is a registered organization that is organized under the law of a U.S. State, in that U.S. State; (f)  if the debtor is a registered organization that is organized under the law of the United States of America, (i)  in the U.S. State that the law of the United States of America designates, if the law designates a U.S. State of location, (ii)  in the U.S. State that the registered organization designates, if the law of the United States of America authorizes the registered organization to designate its U.S. State of location, or (iii)  in the District of Columbia in the United States of America, if subclauses (i) and (ii) do not apply; (g)  if the debtor is one or more trustees acting for a trust, (i)  if the trust instrument governing the trust states that the instrument is governed by the laws of a province or territory of Canada, in that province or territory, or (ii)  in the jurisdiction in which the administration of the trust by the trustees is principally carried out, if subclause (i) does not apply; (h)  if none of clauses (a) to (g) apply, in the jurisdiction where the chief executive office of the debtor is located.  2006, c. 34, Sched. E, s. 3 (2). Definitions (4) In subsection (3), “registered organization” means an organization organized under a law of a U.S. State or of the United States of America that requires the organization of the organization to be disclosed in a public record; (“organisme inscrit”) “U.S. State” means a State of the United States of America, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States of America. (“État américain”)  2006, c. 34, Sched. E, s. 3 (2). Continuation of location of debtor (5) For the purposes of this section, a debtor continues to be located in the jurisdiction specified in subsection (3) despite, (a)  in the case of a debtor who is an individual, the death or incapacity of the individual; and (b)  in the case of any other debtor, the suspension, revocation, forfeiture or lapse of the debtor’s status in its jurisdiction of incorporation, continuation, amalgamation or organization, or the dissolution, winding-up or cancellation of the debtor.  2006, c. 34, Sched. E, s. 3 (2). Section Amendments with date in force (d/m/y) 2006, c. 8, s. 126
- 01/01/2007; 2006, c. 34, Sched. E, s. 3 (1) - 01/01/2007; 2006, c. 34, Sched. E, s. 3 (2) - 31/12/2015 2017, c. 20, Sched. 9, s. 8 - 14/11/2017 2019, c. 7, Sched. 49, s. 3 - 15/05/2020