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: Security
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
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, [...]
Mortgage/Security interests in “Fixtures”
Posted April 25, 2011 | Commercial Transactions, Personal Property Secured Transactions, Real Estate, Security, Uncategorized, | Leave a comment
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?
The case against Big Brother at work
Posted April 14, 2011 | Access to Information, Due Diligence, E-mail, Employee Monitoring, Personal Information, Privacy, Privacy Commissioner, Social Networking Websites, Uncategorized, | Leave a comment
Here’s a good article in the Globe & Mail’s Report on Business about the thorny issue of workplace monitoring. As I’m quoted by the Globe & Mail, “I recognize employers have risks and obligations to manage data, but on the other hand going to a more Big Brother approach isn’t the answer. And the privacy [...]
Reasonable Notice – What details are creditors required to provide?
Posted April 7, 2011 | Bankruptcy and Insolvency, Corporate Information, Security, Uncategorized, | Leave a comment
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 [...]
Difficulty in Taking Security on After-Acquired Serial Numbered Goods
Posted March 15, 2011 | Bankruptcy and Insolvency, Personal Property Secured Transactions, | Leave a comment
You take a general security agreement from a debtor which is broad enough to include all present and after-acquired serial numbered goods acquired by the debtor. The problem is that, at the outset, the debtor does not own any serial numbered goods (so you can’t register against same) and only acquires some later. At that [...]
Should the Use of the Personal Property Registry be Expanded?
Posted March 4, 2011 | Personal Property Secured Transactions, | Leave a comment
The original – and primary – purpose of the Manitoba Personal Property Registry (the “MPPR”) was and is to be a public registry office in which notices of the existence of security interests in personal property are recorded. This gives persons searching the Registry the ability to ascertain whether or not personal property which is [...]
Granting of Security without an Underlying Obligation
Posted November 11, 2010 | Personal Property Secured Transactions, Security, | Leave a comment
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 [...]
Difficulties in Taking Security in Intangible Property
Posted July 28, 2010 | Personal Property Secured Transactions, | Leave a comment
Sometimes a borrower’s most valuable “collateral” – which the borrower’s creditor seeks to obtain a security interest in – consists of intangible rights and interests. Think of a borrower who is a book/magazine publisher which holds a number of copyrights. Or think of a borrower who holds a franchise, licence or production quota right. Such [...]
A Conversation with Dr. Ann Cavoukian, Ontario’s Information and Privacy Commissioner
Posted March 1, 2010 | Airport Security, Data Protection, Personal Information, Privacy, Privacy Commissioner, Security, | Leave a comment
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 [...]