The Receiver sought approval of its activities, fees, and a determination of priority over three leased trucks.
The dispute was between the senior lender, RBC, which held a perfected general security agreement, and Paccar, which leased the trucks to the debtor but failed to perfect its security interest.
Paccar argued that as a 'true' lessor, it retained ownership and was exempt from the enforcement provisions of the Personal Property Security Act.
The court held that the 2007 amendments to the PPSA brought true leases of more than one year into the registration system.
Because Paccar failed to perfect its interest, it was subordinate to RBC's perfected security interest.
The court ordered Paccar to return the truck in its possession to the Receiver.
