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 [...]
Tag Archives: Commercial Transactions
Problems with Credit Card Account Interest Obligations
Posted June 12, 2012 | Access to Information, Banking Law, Commercial Transactions, Corporate Compliance, Data Protection, Mortgage, Personal Information, Privacy, Security, | 3 Comments
BC ruling may affect Corporate Tax Planning
Posted May 1, 2012 | Bankruptcy and Insolvency, Business Development, Commercial Transactions, Corporate Compliance, Fraud, Legislation, Litigation, Real Estate, | Leave a comment
A recent Court of Appeal decision from British Columbia may have devastating consequences for businesses engaged in corporate tax planning and asset protection. In Abakhan & Associates Inc. v. Braydon Investments Ltd. (“Braydon“), the Court of Appeal held that any transfer of assets made with a view to protecting such assets from current and/or future creditors might [...]
POTENTIAL PROBLEMS FOR LENDERS USING “ALL OBLIGATIONS MORTGAGES”
Posted March 27, 2012 | Commercial Transactions, Legislation, Mortgage, Personal Property Secured Transactions, Real Estate, | Leave a comment
An “All Obligations” mortgage is one which, by its terms, secures all of the mortgagor’s present and future obligations of all types, from time to time owed to the mortgagee, limited at any one time to the maximum principal or face amount stated in the mortgage. This type of mortgage has become increasingly popular with [...]
PERSONAL PROPERTY SECURITY ACT REGULATIONS
Posted November 4, 2011 | Banking Law, Commercial Transactions, Due Diligence, Personal Property Secured Transactions, Security, Uncategorized, | Leave a comment
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, [...]
New rules affect apartment conversions
Posted October 31, 2011 | Business Development, Commercial Transactions, Condominiums, Legislation, Real Estate, | Leave a comment
Many property owners have been working all year getting apartment buildings registered as condominiums, but this will be much harder when new laws come into effect on November 7. The government hasn’t quite slammed the door on conversions, but almost. See my Whiteboard Session for more details.
Implied covenants arising out of the transfer of land
Posted September 27, 2011 | Commercial Transactions, Mortgage, Real Estate, Uncategorized, | Leave a comment
Did you know that if you acquire title to a parcel of real estate which is subject to a mortgage, you will, without signing any document, be “automatically” obligated to both the mortgagee (the creditor) and to the party transferring to you (the original mortgagor/debtor), that you will be responsible for performance of all of the obligations owed to the mortgagee/creditor under the mortgage? To find out what the ramifications of this rule may be, please refer to my more detailed memorandum on this matter by going to same on “Implied Covenants”
The benefits of a Manitoba Limited Partnership
Posted August 29, 2011 | Business Development, Commercial Transactions, Corporate Information, Entrepreneurs, | Leave a comment
One of the concerns that arises with limited partnerships is whether or not and when a limited partner might lose its limited liability. Most legislation allowing for the creation of limited partnerships specify if a limited partner takes an active role in the business of the limited partnership, they become liable as if they were a general partner. In the [...]
Franchisors beware – you may be the employer of your franchisees for WCB purposes!
Posted August 25, 2011 | Business Development, Distribution, Employment Standards, Franchising, Labour and Employment, Licensing, Uncategorized, | Leave a comment
Both franchisors and franchisees need to be aware of a recent decision of Manitoba’s Appeal Commission. The key issue under dispute, in Decision No. 99/11, was whether franchisees are entitled to register as a separate business with the Workers Compensation Board (WCB) ofManitoba. The WCB found they were not.
Manitoba Government Establishes Commercialization Support for Business Program
Posted August 19, 2011 | Business Development, Commercial Transactions, Corporate Information, Entrepreneurs, Marketing, | Leave a comment
If you develop products or are thinking of developing products, you may find this post very interesting. We certainly do.
Just when you thought you had an interest in land…
Posted May 9, 2011 | Access to Information, Commercial Transactions, Corporate Information, Personal Property Secured Transactions, Real Estate, Uncategorized, | Leave a comment
Where an owner of lands and premises undertakes to provide you with some rights pertaining to his/her/its realty, you would, in most cases, wish to be able to enforce those rights against property owners who acquire title subsequent to the current owner’s title holding. In other words, you wish to bind all “successors in title” [...]