On March 29, 2012, the Financial System Review Act (“FSRA”) received royal assent, with the provisions coming into force on a date to be fixed by order in council. The FSRA contains amendments to the Bank Act, clarifying the order of priorities in a situation where multiple security interests, including those under the Bank Act and under a provincial Personal Property Security Act (“PPSA”), are taken with respect to the same collateral ​... 


type New 'Bank Act' Amendments Alter Security Interest Priorities Between Federal 'Bank Act' Security and Unperfected PPSA and other Security Interests