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The cash collateral working group drafting subcommittee of the
Ontario Personal Property Security Law Sub-Committee of the Ontario
Bar Association's Business Law Section has prepared a draft proposal to amend Ontario personal
property security law to deal more effectively with cash
collateral. Over the past year the working group circulated a
number of draft proposals and this final proposal reflects input
from many committee members and others. The proposal is to be
considered by the PPSL Committee later this month and if approved
(which hopefully it will be) will serve as the basis for a formal
submission of the Business Law Section of the OBA to the Ontario
Ministry of Consumer Services (with a copy to the Ministry of
Finance) early in this year. If the proposal is acceptable to the
government, it is hoped that it could be put before the legislature
shortly thereafter. Comments on the draft proposal are
welcome. For more information, see the background paper on the proposals.
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