Ontario Court of Appeal grants priority to senior secured lender in equipment lease dispute

Roger Jaipargas, Charlotte Chien and Kaliopi Dimitrakoudis summarize an Ontario Court of Appeal decision which addresses the long-standing scarcity of Ontario PPSA case law on leases for a term of more than one year, and acts as a stark reminder for lessors that the failure to secure a PMSI can lead to a subordinate position.