Control v. Registration: Contemplating a Potential Paradigm Shift in the PPSA's Governance of Security Interests in Deposit Accounts

• Author / Creator

  Bangsund, Clayton Darryl

• The thesis explores and interrogates the control paradigm for perfection and priority ordering of security interests in deposit accounts. It subjects control, alongside registration, to a critical examination having regard for the traditional values of personal property security law. Drawn from these traditional values are a series of evaluative criteria designed to assist in a comparative evaluation of the broadly similar, yet distinct, statutory personal property security regimes of Canada, Australia and the United States, as well as a proposed new regime for the Province of Ontario. The comparative evaluative exercise is conducted in an effort to answer the current and pressing question of whether Canadian common law jurisdictions ought to amend the PPSA in a manner that permits or mandates a security interest in a deposit account to be perfected by control. The thesis contributes to the literature on this important and timely subject through its detailed comparative accounts of various distinctive deposit account regimes and model-types, and its assessment of those regimes and model-types in accordance with traditional values of personal property security law. In short, the thesis pits various iterations of the control paradigm against the registration paradigm in a comparative evaluative exercise. This evaluative exercise reveals that the registration paradigm better adheres to the traditional values of personal property security law than the control paradigm. This, in turn, suggests that Canadian common law jurisdictions ought not amend the PPSA in a manner that permits or mandates a security interest in a deposit account to be perfected by control.

• Subjects / Keywords

  • Bank account
  • Security interest
  • Secured finance
  • Personal property security law
  • Secured transaction
  • Perfection by control
  • Cash collateral
  • Deposit account

• Graduation date

  Spring 2018

• Type of Item

  Thesis

• Degree

  Doctor of Philosophy

• DOI

  https://doi.org/10.7939/R3X05XT6Z

• License

  This thesis is made available by the University of Alberta Libraries with permission of the copyright owner solely for non-commercial purposes. This thesis, or any portion thereof, may not otherwise be copied or reproduced without the written consent of the copyright owner, except to the extent permitted by Canadian copyright law.