Other transactions such as sales under which they might allow a buyer to take possession of a work but reserve title to the work until they receive payment from the buyer were not regarded at common law as giving rise to a security interest, but rather classified as 'quasi-security'.
As will be explained, in addition to acting as a grantor of a security interest over artwork in one transaction, they may, for example, find themselves in another transaction acting as a secured party and thus as the person in whose favour a security interest over the artwork arises; or as a buyer or lessee seeking to take artwork free of an existing security interest conferred on a third party.
36) See Ronald CC Cuming, "Security Interests in Accounts and the Right of Set-Off" (1990) 6:1 Business & Finance L Rev 299 at 309 [Cuming, "Security and Set-Off"]; NW Caldwell, "Security Interests in Proceeds: Account Consolidation and the PPSA" (1995) 59:1 Sask L Rev 165 ("[t]here is, however, a further condition on the exercise of the right to consolidate accounts: the account debtor must lack knowledge of the security interest before the right to consolidate accounts exists" at 176).
However, if you are putting together a bespoke arrangement it is very important to be rigorous in maintaining the distinction between set-off and security interests.
The Dana court also held reclamation rights were rendered valueless based on an unbroken chain between the pre-petition lenders' and the Chapter 11 lenders' security interests
in the debtor's inventory where the debtor had used the proceeds of its secured Chapter 11 loan to fully repay its pre-petition secured loan.
Negotiating a security interest
is always a tricky thing.
4) The drafters of the equivalent provisions in Article 9 of the original United States Uniform Commercial Code ('UCC'), from which s 12 of the PPSA is ultimately derived, intended that both security interests
over accounts and absolute transfers of accounts be treated as security interests
regulated by a common statute.
Accordingly all security interests
and payments made by a balance sheet insolvent debtor, including those that have been re-scheduled or restructured, may be declared void if the court opens insolvency proceedings.
Much of the literature that focuses on Turkey's place in the NATO alliance affirms this logic; collective defense and extended deterrence have served Turkey's security interests
Registering your security interest
on the PPSR may give you a better chance of recovering a debt if your debtor defaults.
There do not appear to be any statutes or cases expressly addressing the perfection of security interests
in domain names.
18) The Cape Town Convention provides the framework for the creation of security interests
in aircraft, trains, and space assets (such as satellites).