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Cash Collateral - Promised changes to the Ontario PPSA will
facilitate taking cash as security by Michael Bertrand
Goodmans LLP - Toronto - Toronto Office
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May 15, 2012
Currently, a security interest in a deposit account is perfected by filing a financing statement under the Ontario Personal Property Security Act (“PPSA”). This can create a challenge for lenders and swap counterparties as there is no way to take priority over creditors with pre-existing registrations without asking those creditors for releases or estoppels. This in turn may create significant delay for those lenders and swap counterparties who need to take security over cash collateral quickly.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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