Gustavo Fabian Camelino

The appellant financed insurance premiums for the respondent, taking an assignment of the right to receive any unearned premiums as security.

After the respondent defaulted and obtained CCAA protection, the appellant sought to enforce its security.

The motion judge held that the appellant's security interest was not perfected because it was not registered under the PPSA.

The Court of Appeal allowed the appeal, holding that the assignment of unearned premiums is a transfer of an interest in or under a policy of insurance, which is exempt from PPSA registration under s. 4(1)(c) of the PPSA and s. 138 of the Insurance Act.

The moving party, CAFO Inc., sought leave to appeal in the Stelco Inc. proceedings.

The Court of Appeal for Ontario granted leave to appeal with respect to the questions in paragraphs 23-28 of the moving party's factum, but denied leave for question 29.

Costs of the motion were reserved to the panel hearing the appeal.