THE DRAFT ONTARIO PERSONAL PROPERTY SECURITY ACT

Abstract

Since the end of World War II, there has been an enormous expansion in the volume and value of short and medium term credit. Indeed, the outstanding balance of the type of credit usually secured by some kind of personal property represents more than a quarter of the gross national product and exceeds by a very large margin long term credit and credit secured by real property. But dynamic changes in our credit structure have left the law trailing in the dust, and so credit plays the dominant role in our society not because of the law, but despite it. The draft Ontario personal property security Bill has aroused widespread interest across the country and is vital to maintaining impetus for reforming this branch of the law. Here, then, is a fertile field for the concept of co-operative federalism and the exercise of those diplomatic skills with which the Canadian Bar Association is so well endowed.