Should the court grant priority

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Reference no: EM133855858

Question

GE Commercial Distribution Finance Canada v. R.L. Hillman and Co. Inc., [2016 BCSC 2289 (CanLII)

CGI was the secured party in an Inventory and Loan Security Agreement with Hillman Yachts Sales Ltd. CGI claimed priority over the prior registered security interest of R.L. Hillman on the basis of the "super priority" of a purchase money security interest (PMSI). Notice of the registration of the PMSI was not provided to R.L. Hillman, as required by the PPSA legislation. CGI argued that the legislation does not provide a strict code governing the manner in which notice can be given and that equity should be applied with respect to notice that was provided in any manner.

Should the Court grant priority to CGI even though it did not provide notice as required by the PPSA legislation? Should the law of equity override the rules set out in the legislation?

Reference no: EM133855858

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