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An Overview of Bill 152: An Act to Modernize Various Acts Administered By Or Affecting the Ministry of Government Services, 2006
Ontario was the first province in Canada to adopt a UCC Article 9 type registration system called the 'Personal Property Security Act' or PPSA. During the early 1990s, Ontario refreshed its legislation, and other Canadian provinces soon followed with their own acts that were modeled on but not the same as the Ontario PPSA. As with any legislation, certain changes made by other provinces turned out to be superior to the act that it modeled.
Bill 152: An Act to modernize various Acts administered by or affecting the Ministry of Government Services, 2006, which received Royal Assent in the Ontario Legislature on Dec. 12, 2006, is Ontario's effort to keep itself as a leading-edge commercial environment. Bill 152 amends a variety of provincial Acts including the PPSA.
The most important amendments to the PPSA are set out below. To the leasing industry, clearly the most significant change will be the requirement to register all leases (finance and true) if they have a term of greater than one year. It is important to note that while Bill 152 has received Royal Assent, it has not yet been proclaimed and as such is not in force. It will be proclaimed at different stages, and certain aspects are unlikely to come into force for years. The list set out below is based as how they appear in Bill 152 and not in order of importance.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?