433 pond, 435 lect, 433 debenture, 435 book debt, 432 pledge, 426 default, 426 charge, 429 postpone, 433 enforcement, 430 power of sale, 429 collateral, 426 conditional sales contract, 431 financing statement, 436 priority, 426 floating charge, 433 purchase money security interest credit, 424 (PMSI), 433 foreclosure, 430 creditor, 424 Unshove realize, 430 guarantee, 435 credit score, 425 true lease, 431 lien, 436 undertaking, 440 REVIEW QUESTIONS 1. Why is it important for a business to pay their 3. Why is it important to register in a timely way under accounts on time? the PPSA? What else must the creditor do to get good 2. Why are mortgage rates generally lower than credit security? 4. What is a PMSI? card rates? REFERENCES Statutes Bank Act, SC 1991, c 46. Bankruptcy and Insolvency Act, RSC 1985, c B-3. d bobmill Collection and Debt Settlement Services Act, RSO 1990, c C.14. Companies' Creditors Arrangements Act, RSC 1985, c C-36. Personal Property Security Act, RSO 1990, c P. 10, Planning Art. RSO 1990, c P. 13