The 2012 Annotated Ontario Personal Property Security Act
is a portable guide for Ontario commercial lawyers, written by a leading
authority in the area. You'll find in its pages all of the tools you need
complete with fully updated text of the Ontario Personal Property Act and
Regulations, detailed section-by-section commentary, all of the significant
reported and unreported court decisions, detailed cross-references and a new
table of concordance.
Contents include:
- Full text of the Personal Property Security Act and
Regulations
- Repair and Storage Liens Act and Regulations
- Electronic Registration Act (Ministry of Consumer and
Business Services Statutes), 1991 and Regulation
- Security Transfer Act, 2006
- Selected sections from related statutes, regulations, and
instruments including:
- Business Corporations Act (Ontario)
- Canada Business Corporations Act
- Commercial Tenancies Act
- Consumer Protection Act, 2002
- Depository Bills and Notes Act
- Early Warning System, NI 62-103
- Electronic Commerce Act, 2000
- Highway Traffic Act (Ontario)
- Securities Act (Ontario)
- Securities Transfer Act, 2006
- Section-by-section commentary explaining the practical
operation of each provision
- Summaries of leading decisions – Ontario cases and
appellate-level decisions from other PPSA jurisdictions that interpret and
apply the legislation
- All the significant reported and unreported court
decisions
- Detailed cross-references to related provisions and relevant
PPSA case law
- Currency Notes
- Detailed Table of Contents and Table of Cases
- Current and Historical Tables of Concordance
- Index
Highlights of the 2012 edition include:
- The legislation, commentary, and case law have been
completely updated since the last edition including an updated and corrected
definition of Purchase Money Security Interest as a result of the Open for
Business Act S.O. 201, c.16.
- Latest court decisions including:
- Taylor v. Dairy Farmers of Nova Scotia 2010 CarswellNS
769 - The court held that an intangible asset, such as a milk quota, may be
property within the meaning of a particular statute, like the PPSA, and yet not
"property" for other purposes;
- 1253174 Ontario Inc v Tarion Warranty Corp, 2010
CarswellOnt 3956, 2010 ONSC 2882 (Ont SCJ) - A deposit would be subject to the
priority rules of the PPSA even if consideration was not a requirement for an
equitable assignment because s. 2 of the PPSA states that the Act applies to
every transaction that creates a security interest including an assignment that
secures payment or performance of an obligation;
- Bank of Montreal v i Trade Finance Inc, 2011 CarswellOnt
3306, 2011 SCC 26 (SCC) - The Ontario PPSA extends to almost everything which
serves the function of a security interest for purposes of being within the
scope of S. 2(a)(i);
- The companion cases heard by the Supreme Court of Canada
Innovation Credit Union v. Bank of Montreal, 2010 CarswellSask 723, 2010 SCC
47, and Radius Credit Union Ltd. v. Royal Bank, 2010 CarswellSask 725, 2010 SCC
48 – a priority dispute between a credit union's unperfected PPSA security
interest and a subsequent s. 427 Bank Act interest. There is no actual conflict
in operation of the statutes in the type of dispute raised in both cases,
because the Saskatchewan PPSA does not require the bank's compliance and does
not restrict the enforceability of the bank's interest;
- New Solutions Financial Corp v. Credit Union Central of
Ontario 2011 CarswellOnt 292, 2011 ONSC 45 (Ont SCJ) - in Ontario a security
interest extends to proceeds generated and received by a third party.
The legislation cited in this edition is current to the
Ontario Gazette, Vol. 144:28 (July 9, 2011); and the Canada Gazette, Part II,
Vol. 145:14 (July 6, 2011).
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