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Enron Mail |
Greg Johnston may have a solution to the limitation on Canadian cash
collateral. Without getting into detail, a security interest in an "instrument" can be perfected by possession under the Personal Property Security Act, and an "instrument" includes a bank draft. If counterparties were to provide bank drafts on the same terms as they provide LCs we could rely on perfection by possession. Is this something we should investigate further? Peter.
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