The Ontario Personal Property Security Act – Commentary and Analysis, 3rd Edition

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Introducing the third edition of The Ontario Personal Property Security Act – Commentary and Analysis. Substantially revised since the previous edition 20 years ago, this oft-cited authoritative text contains all of the information and analysis required to anticipate and deal with problems that can arise when drafting a security agreement or attempting to enforce a security interest.

A Go-To Resource
This influential and comprehensive volume canvasses the key issues raised by virtually every section of the Ontario Personal Property Security Act (PPSA), drawing on relevant case law from not only Ontario, but also other provinces and the U.S. The Ontario Personal Property Security Act – Commentary and Analysis, 3rd Edition also addresses the impact of federal statutes such as the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act.

This indispensable reference features:

• The full text of the Ontario PPSA, Minister’s Order and regulations, with section-by-section in-depth and authoritative commentary
• Cross-references between related sections
• Extensive annotations including helpful commentary on the “Definitions” section of the legislation
• Expert guidance that provides workable solutions in unsettled areas, making frequent use of hypothetical examples and scenarios

New In This Edition
Given that this is the first new edition of this text since 2000, it has been substantially rewritten. Revisions include the discussion of:

• The introduction of an entirely new set of provisions governing security interests in investment property operating in conjunction with the Securities Transfer Act
• The extension of the Ontario PPSA to cover all leases of personal property for a term of more than one year, regardless of whether the transaction is in substance a security agreement (helping to bring Ontario in line with the other provinces on a key aspect of the PPSA’s application)
• The enactment in 2017 of new provisions codifying the Ontario Court of Appeal’s decision in Lambert (Re) which dealt with registration errors in the context of dual registration and search criteria
• Changes to the conflict of laws provisions which aimed to clarify the test for determining the debtor’s location as well as amendments enacted in 2019 which provide for security interests in electronic chattel paper
• Canada’s ratification of the UNIDROIT Cape Town Convention on International Interests in Mobile Equipment, along with the Protocol on Aircraft Equipment and its subsequent implementation in Ontario and elsewhere
• Amendments to the priority rules governing security interests under the Bank Act aimed at reversing the twin Supreme Court of Canada decisions in Bank of Montreal v. Innovation Credit Union and Royal Bank of Canada v. Radius Credit Union Ltd.
• Significant law reform developments, including reform proposals made by the Ontario Business Law Advisory Council (now the Business Law Modernization and Burden Reduction Council) and the Canadian Conference on Personal Property Security Law

Numerous case law developments, including several Supreme Court of Canada judgments:

• Saulnier v. RBC – addressing the use of statutory licences as collateral
• Caisse populaire Desjdardins de L’Est de Drummond v. Canada – concerning security interests in bank deposits
• iTrade Finance Inc. v. Bank of Montreal – dealing with the attachment of security interests
• Sun Indalex Finance, LLC v. United Steelworkers – addressing security interests and pensioner deemed trusts

Noteworthy Court of Appeal cases such as:

• GE Capital Equipment Financing GP v. ING Insurance Company of Canada – concerning the application of the statute to interests under insurance policies
• 994814 Ontario Inc. v. RSL Canada Inc. – addressing the attachment of security interests
• Perimeter Transportation (Re) – dealing with the perfection of a security interest in goods held for lease
• Fairbanx Corp. v. Royal Bank of Canada – concerning registration errors
• Lisec America Inc. v. Barber Suffolk Ltd. – regarding competing security interests given by different debtors
• MacPhee Chevrolet Buick GMC Cadillac Ltd. v. SWS Fuels Ltd. – addressing the priority of purchase money security interests
• Re CIF Furniture Limited – addressing subordination agreements and circular priorities

Comprehensive and Practical
The Ontario Personal Property Security Act – Commentary and Analysis, 3rd Edition offers invaluable insight for:

• Lawyers who practise in the areas of debtor/creditor, banking & finance, bankruptcy & insolvency, contract drafting, business trade & commerce
• Judges
• Law libraries
• Law schools and students