Description of proceeds

In force

For paragraph (d) of item 4 of the table in subsection 153(1) of the Act, a description of proceeds must describe proceeds:

(a)

as all present and after‑acquired property; or

(b)

for a particular item of personal property—in a way that identifies the item, including identifying a class to which the item belongs; or

(c)

for a class of personal property—in a way that identifies the class, including identifying the class by identifying a larger class of personal property that wholly includes the class.

This Act’s bill:Explanatory statement

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2.4 Description of proceeds