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ARTICLE · 31 DECEMBER 2012

Fully Secured @ Gowlings: December 19, 2012 - Volume 3, Number 4

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To obtain effective security over personal property, a lender must describe the collateral subject to its security interest in both its security agreement with the debtor and in its registered financing statement.

CanadaFinance and Banking
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Edited by Richard Dusome

The Nuts and Bolts of Collateral Descriptions in British Columbia

By: Mike Todd and Julia Winters

Introduction

To obtain effective security over personal property, a lender must describe the collateral subject to its security interest in both its security agreement with the debtor and in its registered financing statement. This article will focus on the requirements for proper description of collateral in financing statements in B.C. (and most jurisdictions in Canada other than Ontario), and is a reminder to those in Ontario that B.C .does not have a "check-the-box" system for describing collateral in financing statements. Instead, lenders in B.C. must comply with stringent requirements for describing collateral in the BCPPSA1 and the regulations under that Act.

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