Federal Security Interests Research Study and Report 2000



PART ONE: INTRODUCTION

Messrs. Fraser Milner Casgrain has been retained by the Law Commission of Canada to provide an overview of the current statutory and regulatory provisions regarding federal security interests.; We understand that the Law Commission of Canada is considering the possibility of recommending to the Government of Canada that certain reforms be undertaken in this area.

Accordingly, this report has three main objectives.; First, it identifies and describes the various federal statutory and regulatory provisions dealing with security interests.; Second, it reviews the case for harmonizing the current federal security interest regime.; Finally, it identifies some of the options available and notes certain advantages and disadvantages arising from each of the options.

In order to satisfy these objectives, the first step undertaken by Fraser Milner Casgrain was to identify the various federal statutory and regulatory provisions dealing with security interests.; These statutory and regulatory provisions were then summarized and classified into eleven broad categories.; Where a provision could not be easily grouped into one of the categories, it was classified into an eleventh "miscellaneous" category.; The summaries for each of these categories are included as appendices A to J of this report.

Once these provisions were summarized and categorized, a search of the caselaw and the academic literature was performed in order to identify the strengths and weaknesses of each of the provisions, as well as the potential options for reform.; Lawyers at Fraser Milner Casgrain were also consulted in an attempt to identify certain practical problems associated with the various federal statutes and regulations dealing with security interests and their interplay with provincial PPSA legislation.; Finally, certain recommendations were formulated based on the results of the aforementioned research and consultation.

As demonstrated by the table of contents, the report itself is organized in accordance with the eleven categories of provisions identified in the appendices.; In addition, part three of the report provides some general conclusions and recommendations for reforming the federal security regime.

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