Bank Act Filing

What is a Bank Act Filing?

When Canadian lenders loan money to a person or a business to purchase goods or equipment, the debtor signs documentation that provides the lender the first preferential lien on those goods or equipment. The lender then registers a ‘Notice of Intention’ to take the goods as security to protect its security interest. When the lender is ready to release its preferential lien, the lender registers a ‘Certificate of Release’ confirming all obligations of the debtor have been satisfied. Both registration types are filed with the Canadian Securities Registration System (CSRS) pursuant to the Bank Act.

The following must be provided to complete a Notice of Intention filing:

  • Two original copies with original signatures on the lender’s letterhead
  • The five-digit transit number of the lender must be referenced in the Notice of Intention
  • Debtor and lender information

The following must be provided to complete a Certificate of Release filing:

  • One original copy with original signatures on Bank Letterhead
  • Original Notice of Intention registration number
  • Debtor and lender information

ESC can provide you all the help you need to file either online or through one of our experienced and knowledgeable in house law clerks.