Commercial Law (Secured Transactions)(Larocque)

Course Number
Course Description

This is an upper-year elective course which is designed to introduce students to the law applicable to lending. In particular, the course will focus on secured lending with security provided in the form of personal property (that is, neither land, nor chattels affixed to it). The Personal Property Security Act (Manitoba) will be the primary legislative instrument considered in the course. However, the Executions Act (Manitoba) and the Bank Act (Canada) will also be considered. This course will not consider security interests in real property (land) (i.e. mortgages).

The majority of the course will be devoted to a consideration of the basic concepts in secured transactions through the examination of the Personal Property Security Act (Manitoba), including the following topics, among others:

(i) The differences between secured and unsecured lending;
(ii) The definition and nature of a “security interest”;
(iii) The elements of “attachment”, that is, the creation of a security interest;
(iv) The concept of “perfection” of a security interest;
(v) The rules for resolving priority of security interests.

Additionally, the course will consider certain issues related to enforcing security interests on reserve land and against First Nation individuals and bands under the Indian Act (Canada).

Teaching Method

This course will be taught via weekly video teleconference (Zoom) during the scheduled class sessions. Students will receive weekly invites to a Zoom session. Classes will be recorded and can be provided upon request.


The course assessment will be a final exam worth 100 per cent of your grade during the December exam schedule. Additional details will be provided during the term.

Course Materials

MacPherson, Secured Transactions: Cases, Materials & Perspectives (available on the UMLearn course website)
Personal Property Security Act, C.C.S.M., c. P35
Personal Property Registry Regulation, Man. Reg. 80/2000 (
Bank Act, S.C. 1991, c. 49
Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3 (
Executions Act, C.C.S.M., c. E160 (
Indian Act, R.S.C. 1985, c. 1-5 (
Optional: Anthony Dugan, Secured Transactions in Personal Property: Cases, Text, and Materials, 7th ed (Emond Publishing 2017), available in the E.K. Williams Law Library)
Optional: R. Cuming, C. Walsh & R. Wood, Personal Property Security Law, Essentials of Canadian Law 2nd ed. (Irwin Law, 2012) (also available in the E.K. Williams Law Library)