In an earlier edition of Fully Secured (December 14, 2011 – Volume 2, Number 4) we reported on pending amendments to the BCPPSA1, expanding the definition of the term "licence" and including a licence as an "intangible" to which the BCPPSA applies. Those amendments came into force on September 1, 2012, and as a result it is now easier in B.C. for the holder of a licence relating to personal property to offer its licence as collateral and for a lender to take enforceable security charging that licence. In particular, the definition of "licence" has been expanded to mean a grant of rights which entitles the holder of the rights to deal with or acquire personal property or provide services. Thus it now includes licences granted by a governmental authority, such as fishing, forestry and liquor licences, and non-governmental licences relating to personal property entered into between other parties.
Footnotes
1. Personal Property Security Act, RSBC 1996, c 359 ["BCPPSA"].
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.