B LAW403 Lecture Notes - Lecture 4: Canadian Imperial Bank Of Commerce, Accounts Receivable, Security Interest

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Bc company took a loan from cibc to buy into a joint venture. S. 8 controlling shareholder has a guarantee to pay out the bank once they get fund from the joint venture. Issue = can this be enforceable against a third party? (i. e. against the joint venture?) Needs to be signed by the debtor and needs a description of the collateral. The bank was not being diligent and was not aware that the debtor was. Yes, it is enforceable. taking on another creditor to pay back the bank. The collateral that was used for both was the money made through the joint venture. The other party (not the bank) did register but the arguments by the bank that the other party"s agreement is not a security agreement. A security agreement must be in writing and signed by the debtor. A description of the collateral must be in place as well.

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