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ARTICLE · 06 AUGUST 2021

Harsh Reminder For Secured Creditors Who Take Security In Individual's Vehicles

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A recent decision of the Ontario Superior Court of Justice in Re Marleau (2021 ONSC 3390) reminds lenders who take security in individuals' vehicles that if a vehicle is moved to Ontario...

CanadaInsolvency/Bankruptcy/Re-Structuring
Monique Sassi
Monique Sassi
Jonathan Fleisher
Jonathan Fleisher
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A recent decision of the Ontario Superior Court of Justice in Re Marleau (2021 ONSC 3390) reminds lenders who take security in individuals' vehicles that if a vehicle is moved to Ontario the lender must re-register its security interest in Ontario quickly to maintain priority.1 The impact of this case is particularly harsh as the debtor filed for bankruptcy prior to the lender re-perfecting its security interest by registration and as such, the lender was deemed unsecured and lost the vehicle. While this is not new law or a surprising result, it is a reminder that a lessor needs to remain vigilant in keeping track of their clients and the location of the collateral.

Specifically, under section 5.2 of the Ontario Personal Property Security Act (R.S.O, 1990, c. P.10) the secured creditor must re-register its security interest in Ontario within 60 days from when the vehicle is moved or 15 days from when the secured creditor receives notice of the relocation – whichever

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