Changes to Bank Act Clarify Security Issues
Stephen Waque, a senior partner at Borden Ladner Gervais LLP with a leading practice in environmental law, highlights a recent amendment to the Bank Act which overrules two Supreme Court decisions.
On March 29, 2012, the Financial System Review Act (“FSRA”) received royal assent, with the provisions coming into force on a date to be fixed by order in council. The FSRA contains amendments to the Bank Act, clarifying the order of priorities in a situation where multiple security interests, including those under the Bank Act and under a provincial Personal Property Security Act (“PPSA”), are taken with respect to the same collateral.
Stephen Waque is a senior partner with BLG and a founding director and past president of the Ontario Expropriation Association. He has more than 30 years experience in the practice of expropriation legislation and real estate law. Stephen is the author of New Law of Expropriation, a two-volume reference text that deals comprehensively with government acquisitions of real estate and business interests, and is considered an authority in Canada. For more information on Stephen Waque please visit: http://www.blg.com/en/home/our-professionals/Pages/Waque-Stephen.aspx