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ARTICLE · 06 FEBRUARY 2017

Lessons Learned - Lesson One Supplement: Get The Name Right On The Financing Statement

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The case of Harbouredge Mortgage v Powell is a classic example whereby a secured party registered a financing statement which contained an error in the debtor's name, and therefore lost their claim as a secured creditor.

CanadaFinance and Banking
Jonathan Fleisher
Jonathan Fleisher
Hilary Fender
Hilary Fender
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Cassels Brock developed this Lessons Learned series based on our experience with priority disputes between secured creditors and the realization that many secured parties make fundamental errors of law that cause them to lose priority in their collateral. Each lesson in the series outlines a basic mistake and the lesson to be learned - this supplement illustrates a previous "Lesson Learned"...

Lessons Learned - Lesson One Supplement: Get the Name Right on the Financing Statement

The first instalment in our "Lessons Learned" series cautioned secured parties of the risks associated with registering their security using an incorrect name for the debtor.

The case of Harbouredge Mortgage Investment Corp v Powell Associates Ltd., 2016 NBQB 178 is a classic example whereby a secured party registered a financing statement which contained an error in the debtor's name, and therefore lost their claim as a secured creditor.

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