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equirements under the PPSA, securityinterests in various types of investmentproperty will be subject to the additionalperfection requirements set out in theSecurities Transfer Act (the “STA”)applicable in New Brunswick, Newfoundlandand Labrador and Nova Scotia. There is noSTA in effect in Prince Edward Island.Additional registrations under federallegislation should also be considered inrelation to security interests in various formsof intellectual property and aircraft.Registrations may also be required underlegislation adopted in each of the AtlanticProvinces to ratify the internationalconvention relating to aircraft securityinterests. Depending on the type and size ofvessel involved, a registration may berequired under the Canada Shipping Act asopposed to the PPSA.With respect to certain classes of personalproperty (principally, inventory and accountsreceivable) chartered banks have the optionof perfecting security pursuant to the PPSAor under the Bank Act (Canada). Where abank elects to take security under the latter,it will be necessary to make a timely filing atthe appropriate office of the Bank ofCanada.Enforcement RequirementsPersonal PropertyThe enforcement rights available to securedcreditors are generally contained in thesecurity documents themselves. Typically,such documentation will provide for the rightof a secured creditor to seize personalproperty in the event of a default by a debtor(in payment or other breach of covenant)and the right to either sell such property orretain the property in satisfaction of the debtobligation. The security agreement may alsoprovide for the manner in which a sale willbe conducted (e.g., public auction, closedtender, etc.) or will allow the securedcreditor to define the sale process at thetime of enforcement.The PPSA provides detailed requirementsto be observed in relation to theenforcement of security interests in personalproperty governed by the PPSA.Specifically, the PPSA provides for variousnotices which must be delivered whenever asecured creditor (and also a receiverappointed by a secured creditor) elects tosell personal property subject to a securityinterest or retain such property in fullsatisfaction of amounts owing.In addition to the notice requirements in thePPSA, compliance is also required with anynotice or other requirements which may befound in the security documents.Real PropertySimilar to personal property, the remediesavailable to a mortgage lender are alsotypically found in the mortgage document.The laws in the Atlantic Provinces providedetailed procedures which will govern therealization process against real estate.Unlike personal property, where the rulesare substantially similar in the AtlanticProvinces, the rules relating to real propertydiffer significantly from province to province.New Brunswick - A court order is notrequired for the sale of mortgaged propertyin New Brunswick. Mortgage lenders areallowed, after default in payment, to sell theEnforcement of Creditors’ Rights 132