7.2 (1) In this section, “prior law” means the Personal Property Security Act, as it reads immediately before December 31, 2015, including the applicable law as determined under that Personal Property Security Act; (“loi antérieure”) “prior security interest” means a security interest described in subsection 7 (1) that arises under a prior security agreement. (“sûreté antérieure”)  2006, c. 34, Sched. E, s. 5; 2017, c. 20, Sched. 9, s. 10 (1). Prior security agreement (2) For the purposes of this section, a security agreement entered into before December 31, 2015 is a prior security agreement, subject to subsection (3).  2006, c. 34, Sched. E, s. 5; 2017, c. 20, Sched. 9, s. 10 (1). Same (3) If a security agreement described in subsection (2) is amended, renewed or extended by agreement entered into on or after December 31, 2015, the security agreement as amended, renewed or extended is a prior security agreement, subject to subsection (4).  2006, c. 34, Sched. E, s. 5; 2017, c. 20, Sched. 9, s. 10 (1). Same (4) If the security agreement as amended, renewed or extended includes additional collateral that was not previously described in the agreement, it is not a prior security agreement with respect to the additional collateral.  2006, c. 34, Sched. E, s. 5. Validity (5) For the purpose of ascertaining the location of the debtor in order to determine the law governing the validity of a prior security interest, prior law continues to apply and subsections 7 (3), (4) and (5) do not apply.  2006, c. 34, Sched. E, s. 5. Perfection (6) Subject to subsections (7) and (8), subsections 7 (3), (4) and (5) apply for the purpose of ascertaining the location of the debtor in order to determine the law governing the perfection of a security interest described in subsection 7 (1), whether attachment occurs before, on or after December 31, 2015.  2006, c. 34, Sched. E, s. 5; 2017, c. 20, Sched. 9, s. 10 (1). Same (7) In the case of a prior security interest that is a perfected security interest under prior law immediately before December 31, 2015, (a)  if the jurisdiction where the debtor is located on that day, as determined under subsections 7 (3), (4) and (5) of this Act, as they read on that day, is different from the jurisdiction where the debtor was located as determined under prior law; and (b)  if the difference is solely a result of the operation of subsections 7 (3), (4) and (5) and not a result of any change in a factor by which the location of the debtor is determined under subsection 7 (3), the prior security interest continues perfected only until the earliest of the following: 1.  The beginning of the day on December 31, 2020. 2.  The beginning of the day perfection ceases under prior law. 3.  The end of the day determined under subsection 7 (2), if the jurisdiction where the debtor is located on December 31, 2015, as determined under subsections 7 (3), (4) and (5) of this Act, changes after that day as a result of a change in a factor by which the location of the debtor is determined under subsection 7 (3). 2017, c. 20, Sched. 9, s. 10 (2). Same (8) If, on or after December 31, 2015 but before the earliest of the days referred to in paragraphs 1, 2 and 3 of subsection (7) of this section, a prior security interest referred to in subsection (7) is perfected in accordance with the applicable law as determined under this Act, the security interest shall be deemed to be continuously perfected from the day of its perfection under prior law. 2017, c. 20, Sched. 9, s. 10 (2). Effect of perfection or non-perfection and priority (9) Subject to subsections (10), (11) and (12), subsections 7 (3), (4) and (5) apply for the purpose of ascertaining the location of the debtor in order to determine the law governing the effect of perfection or non-perfection, and the priority, of a security interest referred to in subsection 7 (1), whether attachment occurs before, on or after December 31, 2015.  2006, c. 34, Sched. E, s. 5; 2017, c. 20, Sched. 9, s. 10 (1). Same (10) For the purpose of ascertaining the location of the debtor in order to determine the law governing the effect of perfection or of non-perfection, and the priority, of a prior security interest in relation to an interest, other than a security interest, in the same collateral arising before December 31, 2015, prior law continues to apply and subsections 7 (3), (4) and (5) do not apply, regardless of whether the prior security interest is perfected, on or after December 31, 2015, in accordance with the applicable law as determined under this Act.  2006, c. 34, Sched. E, s. 5; 2017, c. 20, Sched. 9, s. 10 (1). Priority (11) For the purpose of ascertaining the location of the debtor in order to determine the law governing the priority of a prior security interest in relation to any other prior security interest in the same collateral, prior law continues to apply and subsections 7 (3), (4) and (5) do not apply, subject to subsection (12).  2006, c. 34, Sched. E, s. 5. Same (12) If a prior security interest is not a perfected security interest under prior law immediately before December 31, 2015 comes into force but is subsequently perfected in accordance with the applicable law as determined under this Act, subsections 7 (3), (4) and (5) apply for the purpose of ascertaining the location of the debtor in order to determine the law governing the priority of the prior security interest in relation to any other security interest in the same collateral.  2006, c. 34, Sched. E, s. 5; 2017, c. 20, Sched. 9, s. 10 (1). Section Amendments with date in force (d/m/y) 2006, c. 34, Sched. E, s. 5 - 31/12/2015 2017, c. 20, Sched. 9, s. 10 (1, 2) - 14/11/2017 Transition re s. 7.1