Floating security in Québec? Hypothecs on a universality of movable property

Catherine Walsh

Chapter 9 in Floating Charges in Comparative Perspective, 2025, pp 284-315 from Edward Elgar Publishing

Abstract: This chapter explores how Québec, with its mixed legal tradition, has addressed the demand for non-possessory security over an enterprise grantor's circulating assets. The focus is on the regime for movable security set out in the Civil Code of Québec (CCQ). The CCQ introduced the concept of a hypothec on the universality of an enterprise debtor's present and future movable property. The chapter reviews the principal rules governing its creation, publicity, ranking and enforcement. While conceptualized as a fixed security, it will be seen that special rules apply to hypothecs on a grantor's rolling inventory, receivables and rights to securities or cash credited to a securities account or bank account, giving the grantor the freedom to deal with such assets. To this extent, the hypothec on a universality of movables retains floating characteristics but without prejudice to the advantages, and especially the ranking advantage, associated with fixed security.

Keywords: Floating charge; Flloating security; Secured transactions; Security interest; Movable hypothec; Security on property in Québec (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035317134
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