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ARTICLE · 16 OCTOBER 2012

Two Recent Ontario Cases Act As A Reminder And Reconfirmation

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In recent years the Ontario "Personal Property Security Act" ("PPSA") changed the scope of its application to include all leases for a term of more than one year.

CanadaFinance and Banking
Sarah McKinnon
Sarah McKinnon
Kerian Wallace
Kerian Wallace
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1. Leases Over One Year Must be Registered in all Provinces Except Québec

In recent years the Ontario Personal Property Security Act ("PPSA") changed the scope of its application to include all leases for a term of more than one year, regardless of whether it is a "true" or "financing" lease. This is a different rule than exists in the United States and one often missed on cross border transactions. Simply stated, any lease for a term of one year or more must be registered to safeguard the lessor's rights in the property. Also note that the one year rule is broadly defined to include any renewals and possible renewals.

The requirement to register was highlighted in Re Scott, 2012 ONSC 4656 (Ont. S.C.J.), which confirmed a lease agreement itself is a security agreement for PPSA purposes. In this case, a lessor attempted to claim rights in a leased vehicle following the lessee's assignment into bankruptcy. The lease was for a term of more than one year and was not

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