Product details

Publisher: 
Carswell
Practice area: 
Bankruptcy, Commercial law & contracts
Jurisdiction: 
Ontario
Publication date: 
2022-08-22
Carswell

The 2022-2023 Annotated Ontario Personal Property Security Act, Print and ProView eBook

Availability: Partial Stock

Any time your commercial transactions involve debt security, there will be issues that must be considered under the province’s Personal Property Security Act (PPSA). You can help smooth the way when taking and enforcing security by consulting Richard McLaren’s The 2022-2023 Annotated Ontario Personal Property Security Act — a complete practitioner’s manual to the Ontario regime, written by an acknowledged expert.

New in this edition

In addition to the legislative and commentary updates, the 2022-2023 edition includes the following new decisions:

  • ESC Enterprises Inc. v. 1867295 Ontario Inc., 2021 CarswellOnt 13871 (Ont. C.A.): The Ontario Court of Appeal dismissed an appeal where the enforceability of security interest was at issue. In that case, the attachment of the security interest was dependent on the enforceability of a quitclaim deed. The court found that the deed was unenforceable for lack of certainty since the appellant had failed to describe the collateral in an accompanying schedule. As the attachment of the appellant corporation’s security interest to the collateral was dependent on the validity of the deed, that security was unenforceable.
  • Calidon Financial Services Inc. — Calidon Equipment Leasing v. Magnes, 2021 CarswellSask 459 (Sask. C.A.): The Saskatchewan Court of Appeal’s decision, in this case, is a clear step towards harmonization, at the provincial level, in the area of personal property. Before the court, in that case, was the issue of when property is sold pursuant to s. 30(2) of the Saskatchewan PPSA. In its decision, the court saw fit to borrow from s. 20 of the Saskatchewan Sale of Goods Act. In result, the court held that a sale had occurred under s. 30(2) of the Saskatchewan Act, given that the terms of the sales and financing agreements and the surrounding circumstances evidenced that the seller had entered into an unconditional contract for the sale of specific goods in a deliverable state. The same result would be reached under s. 20 of the Sale of Goods Act.
  • 1758704 Ontario Inc. v. Priest, 2021 CarswellOnt 12096 (Ont. C.A.): The Ontario Court of Appeal overturned the lower court’s finding that a creditor can seize assets on default without notice under s. 63(7) if the assets are subsequently sold in a recognized market. The court held that notice was required, both as a matter of common law and the particular contract between the parties. In doing so, the court noted that while s. 63 as a whole is concerned with aspects of collateral disposal, it has no application at the pre-seizure stage.

About Thomson Reuters ProView
ProView is the way to read Thomson Reuters eBooks and eLooseleafs, published primarily for legal, accounting, human resources, and tax professions. The Thomson Reuters ProView web-based application is accessed via your browser. With the new ProView web app, offline capability is now available from your browser. The web application has a responsive design and is compatible with desktop, laptop and mobile devices.

Carswell

The 2022-2023 Annotated Ontario Personal Property Security Act, Print and ProView eBook

Availability: Partial Stock

Description

Any time your commercial transactions involve debt security, there will be issues that must be considered under the province’s Personal Property Security Act (PPSA). You can help smooth the way when taking and enforcing security by consulting Richard McLaren’s The 2022-2023 Annotated Ontario Personal Property Security Act — a complete practitioner’s manual to the Ontario regime, written by an acknowledged expert.

New in this edition

In addition to the legislative and commentary updates, the 2022-2023 edition includes the following new decisions:

  • ESC Enterprises Inc. v. 1867295 Ontario Inc., 2021 CarswellOnt 13871 (Ont. C.A.): The Ontario Court of Appeal dismissed an appeal where the enforceability of security interest was at issue. In that case, the attachment of the security interest was dependent on the enforceability of a quitclaim deed. The court found that the deed was unenforceable for lack of certainty since the appellant had failed to describe the collateral in an accompanying schedule. As the attachment of the appellant corporation’s security interest to the collateral was dependent on the validity of the deed, that security was unenforceable.
  • Calidon Financial Services Inc. — Calidon Equipment Leasing v. Magnes, 2021 CarswellSask 459 (Sask. C.A.): The Saskatchewan Court of Appeal’s decision, in this case, is a clear step towards harmonization, at the provincial level, in the area of personal property. Before the court, in that case, was the issue of when property is sold pursuant to s. 30(2) of the Saskatchewan PPSA. In its decision, the court saw fit to borrow from s. 20 of the Saskatchewan Sale of Goods Act. In result, the court held that a sale had occurred under s. 30(2) of the Saskatchewan Act, given that the terms of the sales and financing agreements and the surrounding circumstances evidenced that the seller had entered into an unconditional contract for the sale of specific goods in a deliverable state. The same result would be reached under s. 20 of the Sale of Goods Act.
  • 1758704 Ontario Inc. v. Priest, 2021 CarswellOnt 12096 (Ont. C.A.): The Ontario Court of Appeal overturned the lower court’s finding that a creditor can seize assets on default without notice under s. 63(7) if the assets are subsequently sold in a recognized market. The court held that notice was required, both as a matter of common law and the particular contract between the parties. In doing so, the court noted that while s. 63 as a whole is concerned with aspects of collateral disposal, it has no application at the pre-seizure stage.

About Thomson Reuters ProView
ProView is the way to read Thomson Reuters eBooks and eLooseleafs, published primarily for legal, accounting, human resources, and tax professions. The Thomson Reuters ProView web-based application is accessed via your browser. With the new ProView web app, offline capability is now available from your browser. The web application has a responsive design and is compatible with desktop, laptop and mobile devices.