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ARTICLE · 06 OCTOBER 2011

Fully Secured @ Gowlings: September 29, 2011 - Volume 2, Number 3

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Lenders should be aware that one of the waivers found in most standard form guarantees of certain statutory rights is not effective under the British Columbia Personal Property Security Act ("BCPPSA").

CanadaFinance and Banking
Richard Dusome
Richard Dusome
Jeffrey Oliver
Jeffrey Oliver
Mike Todd
Mike Todd
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Edited by Richard Dusome

Guarantor Waivers of PPSA Rights in British Columbia

By: Mike Todd (Vancouver)

Lenders should be aware that one of the waivers found in most standard form guarantees of certain statutory rights is not effective under the British Columbia Personal Property Security Act ("BCPPSA").

This was the result in the recent BC Supreme Court decision HSBC Bank Canada v. Kupritz. The facts of that case are unremarkable. A trucking company went out of business leaving an unpaid debt to the bank of approximately $1 million. The bank was unable to recover that amount from the company's assets and therefore sued the two principals of the company on their unlimited guarantees. One of the principals defended the claim on the basis that the bank had breached its obligations to him under the BCPPSA by failing to secure the company's assets, improvidently realizing on the collateral seized, failing to provide notice of the impending sale of the

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