The floating charge on land in the western provinces

• Author(s) / Creator(s)

  • Wood, Roderick J.

• Introduction: The implementation of personal property security legislation in the Western provinces brought about a unification and rationalization of the registry systems. The Personal Property Security Act created a single registry for security interests in personal property under provincial law. In Alberta and British Columbia, this process is covered by a transition period which will continue until October 1, 1993. For the most part, this transition presents few difficulties: existing security interests must be re-registered under the new system during this period. However, a special problem arises as a result of the phasing out of the corporate securities registries. The legislation which formerly governed the registration of debentures and other corporate securities was not restricted to security interests in personal property, but was sufficiently wide to encompass security interests in real property. This did not generally affect a corporate mortgage or charge that covered specified land. Such mortgages were registered against each parcel of land under the provincial land titles system, and matters of priority were governed by land titles law. The legislation was significant in respect of a floating charge that covered or included real property because the general practice was not to register the charge in the land titles system.

• Date created

  1992

• Subjects / Keywords

  • Secured Transactions
  • Land Titles
  • Collateral Security

• Type of Item

  Article (Published)

• DOI

  https://doi.org/10.7939/R31C1TW3C

• License

  © 1992 Canadian Business Law Journal. This article has been reproduced with the permission of the CBLJ.