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ARTICLE · 22 DECEMBER 2011

Fully Secured @ Gowlings, December 14, 2011 - Volume 2, Number 4

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The definition of the term "licence" in the British Columbia Personal Property Security Act ("BCPPSA") will be changing, making it easier for holders of licences relating to personal property to use them as collateral to obtain credit.

CanadaStrategy
Mike Todd
Mike Todd
Vukica Djuric
Vukica Djuric
Richard Dusome
Richard Dusome
Julie Fregeau
Julie Fregeau
Stacy Madar
Stacy Madar
Leila Burden Nixon
Leila Burden Nixon
Christopher Stanek
Christopher Stanek
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Edited by Richard Dusome

British Columbia: PPSA Amendments Will Add Clarity to Licences as Collateral

The definition of the term "licence" in the British Columbia Personal Property Security Act ("BCPPSA") will be changing, making it easier for holders of licences relating to personal property to use them as collateral to obtain credit.

Currently, and unique to BC, the BCPPSA defines a "licence" as a right under an agreement referred to in section 12 of the Forest Act (BC). In addition to this restrictive definition, there is a line of cases in Canada which makes it unclear whether certain licences, permits and quotas, particularly those issued by a governmental authority, are personal property which can be subject to a security interest granted under personal property security legislation.

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