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Difference between revisions of "Conditional Sales Contracts and Security Agreements (11:VI)"
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Conditional Sales Contracts and Security Agreements (11:VI) (view source)
Revision as of 20:42, 12 August 2020
, 20:42, 12 August 2020→E. Application of PPSA to Leases
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== E. Application of PPSA to Leases == | == E. Application of PPSA to Leases == | ||
Many consumers lease cars instead of buying on credit under a financing agreement. A lease can qualify as a security agreement: see ''[https://www.canlii.org/en/bc/bcca/doc/2007/2007bcca144/2007bcca144.html?autocompleteStr=Daimler%20chr&autocompletePos=3 DaimlerChrsyler Services Canada Inc. v Cameron]'', 2007 BCCA 144 for factors and ''[https://www.canlii.org/en/bc/ | Many consumers lease cars instead of buying on credit under a financing agreement. A lease can qualify as a security agreement: see ''[https://www.canlii.org/en/bc/bcca/doc/2007/2007bcca144/2007bcca144.html?autocompleteStr=Daimler%20chr&autocompletePos=3 DaimlerChrsyler Services Canada Inc. v Cameron]'', 2007 BCCA 144 for factors and ''[https://www.canlii.org/en/bc/bcsc/doc/1995/1995canlii3263/1995canlii3263.html?resultIndex=3 Re Bronson]'', (1995), 34 CBR (3d) 255 (BCSC). Therefore, if they default and the car is repossessed, the “seize or sue” restriction may apply, but the situation is not always clear-cut. LSLAP clients should be referred to a lawyer. | ||
== F. Bills of Exchange Act == | == F. Bills of Exchange Act == | ||
