Professor Roderick Wood gave a morning seminar on “New and Emerging Developments in Personal Property Security Law” in St. John’s on June 17, 2013 for the Law Society of Newfoundland and Labrador Continuing Legal Education. The presentation was also webcast live to lawyers on the west coast of Newfoundland and in Labrador. Professor Wood had given a presentation on the PPSA in St. John’s in 1999 when the Newfoundland and Labrador PPSA was about to come into force, and was happy to return to this vibrant and interesting city.
Professor Wood examined some very recent developments such as the ratification by Canada of the Cape Town Convention on International Interests in Mobile Equipment which creates a new world-wide notice registration system for interests in aircraft. Several important Supreme Court of Canada decisions were discussed concerning security interests in fishing licences (Saulnier v Royal Bank of
Canada); flawed asset arrangements (Caisse populaire Desjardins de l’Est de Drummond v. Canada) and priority competitions with Bank Act security (Bank of Montreal v Innovation Credit Union). Important considerations in the drafting and review of security agreements were canvassed (including “all obligations” clauses, subordination provisions, and charging provisions). Important legislative amendments were outlined (including the effect of bankruptcy on priorities, taking security interests in investment property since the coming into force of the Securities Transfer Act, and the 2012 amendment to the Bank Act security provisions). Professor Wood also examined the relevance of common law and equitable principles in supplementing the PPSA (unjust enrichment, subrogation and marshalling of securities).
