Tomorrow morning, the Supreme Court of Canada will, finally, release its judgment in Saulnier v. Royal Bank of Canada. The case concerns whether a government-issued licence – in this case, a fishing licence – can be treated as a form of intangible “property” for purposes of the Personal Property Security Act and the Bankruptcy and Insolvency Act.
This case has the potential to be quite significant. The traditional common law position, represented by cases such as National Trust v. Bouckhuyt (1987), 61 O.R. (2d) 640 (C.A.), was that a discretionary licence issued by a government body grants a mere . . . [more]