Commerce
Clayton Bangsund, Control v. Registration: Contemplating a Potential Paradigm Shift in the PPSA's Governance of Security Interests in Deposit Accounts
None denieth that, indeed; an the law mean anything, what is the lord’s is his, and what is mine is his also.
- Mark Twain, A Connecticut Yankee in King Arthur’s Court
March 15, 2018: I wrote my doctoral thesis under the supervision of Professor Roderick J. Wood of the University of Alberta, Faculty of Law. The thesis, which I defended in October 2017, explores and interrogates the control paradigm for perfection and priority ordering of security interests in deposit accounts. It subjects control, alongside registration, to a critical examination having regard for the traditional values of personal property security law. In due course I intend to publish my thesis as a book, with some extra bells & whistles of course, so stay tuned...
To view the thesis, click on the image Regina Solis.
Regina Solis, by Joseph Bangsund
Clayton Bangsund, Realigning Incentives: Reforming the Securitization Model Under Dodd-Frank
March 19, 2018: I wrote this paper in 2012 while taking a course on International Banking and Financial Law at Columbia Law School. The research project was supervised by Professors P. Nicholoas Kourides and Paul L. Lee. I post it for my students in Banking, Payment & Transfer Systems, and for anyone else interested in securitization.
To view the paper, click on the image Extra Energy.
Extra Energy, by Joseph Bangsund
Clayton Bangsund, Another Appeal for Pragmatic Reform: The Future of Section 427 Bank Act Security and Canadian Personal Property Security Law
Colonel Sellers: “Don’t you fail to write your father about it, Washington. And tell him the idea is mine – I’m no more conceited than most people, I reckon, but you know it is human nature for a man to want credit for a thing like that.”
- Mark Twain & Charles Dudley Warner, The Gilded Age: A Tale of Today
March 27, 2018: In this paper I propose specific amendments to the Bank Act security provisions that would ultimately result in the repeal of Bank Act security. While the idea of repealing Bank Act security isn't novel, my recommended approach is unique in that it diverges from the Law Commission of Canada’s recommendations. The paper was originally written and posted to SSRN in January 2012, and remains available for review there. Like Colonel Sellers, I want credit for this one.
To view the paper, click on the untitled image.
Braeden Pivnick, Once is Enough, Twice is Too Much: An Analysis of the Dual Search Requirement for Serial Numbered Goods in Canadian Personal Property Security Legislation
April 2, 2018: In this paper, Braeden critiques Ontario jurisprudence that imposes, on a searcher of the Personal Property Registry, a dual search requirement for serial numbered goods. Since the paper was completed, the Ontario legislature has codified the dual search requirement and formally entrenched this key difference between Ontario's PPSA and its counterparts in other Canadian jurisdictions.
To view the paper, click on the image Buffalo Boy.
Buffalo Boy, by Joseph Bangsund
Evan Hutchison, The Right Answer to the Wrong Question: Atlantic Potato Distributors Ltd. v. Meersseman
April 10, 2018: In this insightful piece, Evan critically examines the New Brunswick Court of Appeal’s interpretation of Sale of Goods Act provisions governing assessment of damages for seller’s breach. I recommend it for anyone with an interest in sales & contract law, especially my students in Commercial Relationships.
To view the paper, click on the image Ridges.
Ridges, by Joseph Bangsund
Clayton Bangsund, The Devil is in the Details: A Case Comment on Royal Bank v. Ramco Sales Inc.
April 17, 2018: This long-lost case comment was written in 2011 while I transitioned from legal practice to academia. The Ramco decision caught my attention so I recorded some thoughts. My students in Secured Transactions in Personal Property should probably take note.
To view the paper, click the image Nuance.
Nuance, by Joseph Bangsund
Cory Kapeller, Keeping Up With the Joneses: A Review, Critique and Analysis of Electronic Chattel Paper Approaches and Proposals
January 23, 2019: In this timely piece, Cory reviews and critiques existing and proposed legislative regimes governing security interests in, and sales of, electronic chattel paper. The subject matter is important because the proposed electronic chattel paper provisions, contained in the 2017 CCPPSL Report, have been given first reading in the Legislative Assembly for the Province of Saskatchewan, and may very well become law in the not too distant future.
To view the paper, click the image Felicity Fonda Forest.
Felicity Fonda Forest, by Joseph Bangsund
Nicole Krupski, PPSA Problems: Exploring a Priority Hitch Between Chattel Paper Purchasers and Purchase-Money Security Interest Proceeds Claimants
August 21, 2019: In this paper, Nicole highlights a contradiction in the rules that resolve priority disputes between chattel paper purchasers and inventory financiers claiming the same chattel paper as proceeds of their original collateral. She argues that the amendments recently passed by Saskatchewan’s Legislative Assembly, in response to recommendations made by the Canadian Conference on Personal Property Security Law, represent an improvement over the legislation currently in force, but that further improvements could be made in order to eliminate any residual ambiguity and uncertainty. Nicole’s paper is timely and important since The Personal Property Security Amendment Act, 2019 has received Royal Assent and is set to take force upon Proclamation.
To view the paper, click on the image Ludwig & Frieda Schoepp on Portage Avenue in Winnipeg.
Ludwig & Frieda Schoepp on Portage Avenue in Winnipeg - circa 1948
Laura Wolfe, The Value of Negotiability
November 19, 2019: In this paper, Laura concisely describes the concept of negotiability and the manner in which negotiable instruments facilitate commercial transactions. This paper will be particularly useful for my students in Banking, Payment & Transfer Systems.
To view the paper, click on the image Sir.
Sir, by Joseph Bangsund
Madison Kowalchuk, Monetary Policy and the 2% Inflation Control Target: The Best-Known Method for the Canadian Economy
January 20, 2020: In this technical piece, Madison describes how Canadian monetary policy is implemented by the Bank of Canada. She argues that inflation targeting remains the best-known method available to Canada’s central bank, citing this method’s advantages over price-level targeting and employment targeting as monetary policy alternatives. This paper is certainly worth reading for those who seek enlightenment on the important monetary policy decisions that lie ahead for the Bank of Canada in 2021 and beyond.
To view the paper, click on the image Schoepp Siblings.
Schoepp Siblings: Harold, Frieda, Louis & Ruth - 1925
Clayton Bangsund, PPSA 3.0: Personal Property Security Law Reform in Saskatchewan
June 29, 2020: Saskatchewan recently became the first jurisdiction to comprehensively implement the changes recommended in the 2017 CCPPSL Report. Enacted last spring, The Personal Property Security Amendment Act, 2019 was proclaimed the law of the Province on June 22, 2020. The legislative amendments took force concurrently with attendant changes to The Personal Property Security Regulations that govern registration in the personal property registry. Collectively, these amendments usher in a new generation of personal property security legislation – PPSA 3.0. Yet the amendments do not fundamentally overhaul the current version of the Act. Instead, they are better understood as a patchwork of refinements and innovations that improve the overall substance and structure of the PPSA. For instance, unlike its predecessors (PPSA 1.0 refers to Saskatchewan’s original Act, which took force in 1981, while PPSA 2.0 refers to the 1993 Act), PPSA 3.0 recognizes “control” as a special method of attaching and perfecting a security interest in “electronic chattel paper.” In the age of COVID-19, legislative updates of this nature are prudent, indeed necessary. Of course, the recent amendments address numerous other items of reform, too many to mention in this short post. You can read more about them in a brief article Professor Cuming and I co-authored in the CBA BarNotes, Winter 2019. I hope that other Canadian provinces and territories will undertake parallel reform initiatives and similarly adopt PPSA 3.0, the updated CCPPSL model statute. For in matters of commercial law, uniformity is virtue.
Clayton Bangsund, An Exposition of the Electronic Chattel Paper Amendments to the PPSAs of Saskatchewan and Ontario
August 9, 2021: Ontario and Saskatchewan are the first Canadian provinces to adopt the electronic chattel paper amendments recommended in the 2017 CCPPSL Report. This temporarily posted article, which will soon be published in the Banking & Finance Law Review (Issue 37.1, December 2021), furnishes an exposition of the various aspects of PPSA governance of electronic chattel paper.
To view the paper, click on the image Ruth & Erwin.
Ruth & Erwin - 1944
