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ARTICLE · 05 JULY 2012

Fully Secured @ Gowlings: June 27, 2012 - Volume 3, Number 2

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A Saskatchewan court has recently struck down an unsecured creditor’s attempt to elevate its position by taking an assignment of the prior ranking debt of another creditor.

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Edited by Richard Dusome

In this issue:

  • Court Disallows Sheltering of Unsecured Debt under Prior Ranking GSA
  • Update on Bank Act Security Amendments
  • British Columbia: The Dangers of Using the Prescribed Standard Mortgage Terms
  • Security on Commercial Licences: Developments Since the Saulnier Case
  • A Banker Asked Us: What is a "fondé de pouvoir" and Why do I need one in Québec Syndicated Loan Transactions?
  • Security Granted Following Payment Default Held to be Improper Preference
  • Spotlight on Security Documents: The Forbearance Agreement

Court Disallows Sheltering of Unsecured Debt under Prior Ranking GSA

By: Lisa MacDonnell (Toronto)

A Saskatchewan court has recently struck down an unsecured creditor's attempt to elevate its position by taking an assignment of the prior ranking debt of another creditor and the security related to that debt.

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