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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 20:40, 12 August 2020
, 20:40, 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 ''DaimlerChrsyler Services Canada Inc. v Cameron'', 2007 BCCA 144 for factors and ''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. | 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 == | ||
