Where a credit card creditor obligates its account holder to pay interest at a rate which is higher after default than the rate applicable prior to default, and, the credit card debt is real estate secured (typically by way of an “all obligations” mortgage on the cardholder’s home), it may be unlawful for the creditor [...]
Category Archives: Security
When taking security from a general (as opposed to a limited) partnership, the creditor must list as debtors in its financing statement both the partnership name plus the names of each of the partners of the partnership. This can cause difficulties when the partnership in question comprises many partners. For an expansion on these problems, [...]
If a secured lender takes a security interest in the debtor’s goods which are or in the future become affixed to real property (whether belonging to the debtor or some third party, such as a lessor), it is generally accepted practice for the creditor to file a financing statement in the Personal Property Registry and additionally file a PPSA (Fixtures) Notice against the title or titles to the underlying land. But what about the situation where a creditor takes a real property mortgage but not a security agreement charging goods which are or may become fixtures? Is it enough to register the mortgage in the usual manner as a mortgage at the Land Titles Office? Or does something else have to be done by the creditor to protect its position vis-à-vis the fixtures? Does the registration of the mortgage alone protect the lender’s interest in fixtures?
Pursuant to s. 244(1) of the Bankruptcy and Insolvency Act (“BIA“) a creditor must give notice of the creditor’s intention to enforce security that the creditor has over the debtor’s assets. This BIA notice provision applies only to a secured creditor who intends to enforce security on all, or substantially all, of the inventory, accounts [...]
You are a financial institution financing the operations of a business which owns and leases goods to third parties. Naturally, you take a security interest in your borrower’s inventory of goods, those waiting to be leased and those which are or become leased. What happens to your security interest in any particular item when your [...]
Sometimes the owner of an interest in real estate and/or personal property will mortgage those interest(s) to a creditor to secure obligations owed to the creditor by someone other than themselves. A corporation may borrow money from a lender and one or more of the corporation’s shareholders/officers/directors may mortgage/grant security interests in the shareholders’ own [...]
Continuing a series of posts on my “On the Cutting Edge” blog that I’m calling “A Conversation with…” I’m delighted to post a conversation with Ontario’s Information and Privacy Commissioner, Dr. Ann Cavoukian. If you’re interested in reading the conversation, please click here. Previous posts include “conversations” with Jennifer Stoddart (Canada’s Privacy Commissioner), Frank Work (Alberta’s [...]
The 2010 Olympics are finally here! So too are the reportedly pervasive crowd surveillance cameras that are monitoring spectators’ every move. Privacy advocates are already voicing concern. But unlike previous public debates regarding privacy and surveillance cameras, I expect that the concerns that’ll be raised during and after the 2010 Olympics will be more comprehensive than the traditional [...]
Continuing a series of posts on my “On the Cutting Edge” blog that I’m calling “A Conversation with…” (the first being A Conversation with Jennifer Stoddart, Privacy Commissioner of Canada), I’m delighted to post A Conversation with Frank Work, Alberta’s Information and Privacy Commissioner. If you’re interested in reading the conversation, please click here.