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Unregistered prior general security agreement v. subsequent 427 Bank Act security

Innovation Credit Union v. Bank of Montreal [2009] S.J. No. 147; 2009 SKCA 35, on appeal from 2007 SKQB 471

October 1991:     Saskatchewan farmer James Buist (“Debtor”) granted a general security agreement to Innovation Credit Union (“CU”). The general security agreement was not perfected under the Saskatchewan Personal Property Security Act (“PPSA”) by registration.

Canada, Banking, Insolvency & Restructuring, Litigation, Miller Thomson LLP, Debtor, Collateral (finance), Interest, Debt, Credit union, Default (finance), Bank Act 1991 (Canada), Personal Property Security Act 1990 (Canada), Court of Appeal of England & Wales
Vigilance with regard to continuation statement filings

A recent court decision, Thermal Supply, Inc. v. Big Sky Beef,LLC, 195 P.3d 1227 (Mont. 2008) underscores the importance of filing Uniform Commercial Code (“UCC”) continuation statements to prevent the lapse of financing statements even during bankruptcy or litigation.

USA, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Sidley Austin LLP, Bankruptcy, Limited liability company, Uniform Commercial Code (USA)
PPSA registrations: is this the weakness in your armour?

As the saying goes, an ounce of prevention is worth a pound of cure. This expression is particularly apt when it comes to secured creditors and their registrations under the Ontario Personal Property Security Act (the “PPSA”). Although “getting it right the first time” has always been the mantra of secured creditors, the economic roller coaster ride of recent months has heightened the need to ensure a properly perfected secured claim.

Canada, Ontario, Insolvency & Restructuring, Miller Thomson LLP, Debtor, Collateral (finance), Economy, Voting, Secured creditor, Personal Property Security Act 1990 (Canada)