Resources
Writs versus PMSI in Manitoba
Manitoba, unlike other jurisdictions, does not provide the holder of a purchase money security interest with priority over a pre-existing writ. Lenders should be aware of this peculiarity in the law in the Province of Manitoba.
Bankruptcy and Registered Retirement Plan Exemption Protection
Recently enacted Saskatchewan and Manitoba legislation exempts registered retirement plans from enforcement proceedings. Federal bankruptcy legislation has also been amended (but remains unproclaimed to date) to alter the exemption protection available to registered retirement plans during bankruptcy. Lenders should be familiar with the implications of this legislative reform.
Canada Revenue Agency Abandons Untenable Position on Directions to Pay
Don Layh explains how, through perseverence and a litany of letters, he managed to have CRA recognize that some of its agents were imporperly interpreting and applying the law regarding CRA Directions to Pay.
Layh & Associates: Regular Column in Canadian Equipment Dealer Magazine
Layh & Associates has been invited by Canadian Equipment Dealer Magazine to provide a regular column regarding legal matters of concern to farm equipment dealers accross Canada. You can read the inaugural column in the May 2008 issue of Canadian Equipment Dealer. Just copy the following URL and enjoy the read:
www.canadianequipmentdealer.com
"Investment Property": A New Category of Personal Property
In September 2007, The Securities Transfer Act was enacted in the Province of Saskatchewan along with consequential amendments to The Personal Property Security Act. The legislation has introduced new terminology, and modified old terminology, relevant to secured lenders. Lenders are advised to gain familiarity with this legislation to ensure that they are optimally protected when being granted a security interest in "investment property". The attached provides a summary of the changes brought about by the implementation of The Securities Transfer Act.
Properly Identifying Individuals in the Manitoba PPR
The seemingly simple task of identifying your debtor and registering a security interest against his/her personal property, may not be so simple. This paper describes the proper procedure for (a) determining the name of your debtor, and (b) registering your security interest in the Personal Property Registry.
Supreme Court of Canada Finds for Credit Unions
Two recent cases from the Supreme Court of Canada may be the most nationally significant decisions generated by any Canadian Credit Union. Ironically, they will most impact chartered banks. See http://scc.lexum.umontreal.ca/en/2010/2010scc48/2010scc48.html for full text of Radius Credit Union v. Royal Bank of Canada and http://scc.lexum.umontreal.ca/en/2010/2010scc47/2010scc47.html for full text of Innovation Credit Union v. Bank of Montreal.
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We specialize in debtor-creditor law, secured finance and agricultural law. Learn more about our practice here.
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