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Results: 1-10 of 19

Whose bank account is it anyway? A bank's right to close an account against the customer's will

McMillan LLP
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Canada
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June 24 2011

It is not good business for a bank to tell a customer to move its accounts elsewhere, but banks will occasionally do so

Banks have right to hold tight in paying cheques: Ontario court holds that banks need not bear the risks of cheques being dishonoured

McMillan LLP
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Canada
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April 29 2011

Generally speaking, banks' customers have no immediate right to the proceeds of the cheques that they deposit

When banks’ clients behave badly

McMillan LLP
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Canada
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March 30 2011

In Dynasty Furniture Manufacturing Ltd v Toronto-Dominion Bank, ("Dynasty Furniture") the Ontario Court of Appeal upheld a lower court's holding that Toronto-Dominion Bank ("TD") did not owe a duty to the appellants to take steps to protect them from an alleged fraud perpetrated by one of TD's clients

Dracula versus Peter Pan: fictitious persons and banks' liability for cheque conversion

McMillan LLP
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Canada
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February 11 2011

When businesses fall victim to cheque fraud, banks are often sued for accepting or dealing with the fraudulent cheques

Private loans: disclosure of mortgage statements to thirdparty creditors violates PIPEDA

McMillan LLP
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Canada
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January 17 2011

A recent decision of the Ontario Court of Appeal should be heard as a warning bell by financial institutions that are in the practice of providing mortgage information about their clients upon the request of their clients' creditors

Supreme Court weighs in on the battle of the security regimes

McMillan LLP
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Canada
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November 25 2010

What happens when two creditors with valid security interests, one taken by a financial institution pursuant to the federally enacted Bank Act, SC 1991, c 46 ("Bank Act") and one by a credit union pursuant to a provincial personal property security regime, compete for priority over the same collateral?

Taking proceeds without caution Ontario court determines secured lenders’ entitlement to proceeds of collateral

McMillan LLP
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Canada
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October 29 2010

In Bank of Nova Scotia v IPS Invoice Payment System Corporation, the Ontario Superior Court of Justice recently addressed a novel issue of law: whether under Ontario's Personal Property Security Act (the "PPSA), the amount secured by a security interest in both collateral and proceeds of the collateral is limited to the amount of the secured debt or to the value of the collateral

The broader the clause, the better the protection

McMillan LLP
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Canada
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September 24 2010

The recent decision by Ontario's highest court in Med-Chem Health Care Limited v Misir highlights the protection that a broadly drafted indemnification clause in a loan agreement can provide to a lender

Time to take action - Ontario Court of Appeal outlines the limitation periods applicable to the enforcement of indemnities and collateral mortgages

McMillan LLP
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Canada
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August 31 2010

The Ontario Court of Appeal’s decision in Mortgage Insurance Co. of Canada v. Grant Estate, et al. (“Grant Estate”) provides a helpful summary of the complex rules that apply in determining whether an enforcement action in respect of an indemnity or collateral mortgage is statute-barred

Verify those verification clauses - an update to account

McMillan LLP
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Canada
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July 14 2010

Changes made by banks to their standard financial services agreements in recent years are proving to be important and necessary

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