Supreme Court rules on Saskatchewan PPSA Bank Act Priority Disputes

The Supreme Court of Canada recently rendered two companion decisions concerning priority disputes between security taken pursuant to the Personal Property Security Act (Saskatchewan) and security taken pursuant to the Bank Act (Canada). The Court determined that, as between PPSA security that was unperfected at the relevant time and perfected Bank Act security granted subsequent in time to such PPSA security, the unperfected PPSA security had priority.

These decisions are likely to have the...