The Supreme Court of Canada recently released its decision in Saulnier v. Royal Bank of Canada ("Saulnier"), an important case involving fishing licences in the context of a secured lending transaction and an assignment in bankruptcy. This case contains what we believe is significant commentary on classifying certain governmental licences as "property" under the Bankruptcy and Insolvency Act (Canada) (the "BIA") and "personal property" under the Personal Property Security Act (Nova Scotia) (the "Nova Scotia PPSA").

type Financial Services Alert - April 2009 - Rights of Trustees in Bankruptcy and Secured Creditors to Licenses Held by a Debtor