Can a bank discharge a financing statement under the Public Prosecutions Act?

Ontario, Canada

The following excerpt is from Sekulovski v. Georgiou, 2022 ONSC 1819 (CanLII):

In MBNA Canada Bank v. Luciani, 2011 ONSC 6347, the respondent registered a financing statement under the PPSA against the applicant bank claiming a security interest in respect of an obligation by the bank to him. The bank demanded that the respondent discharge the financing statement and the applicant responded saying that he would do so provided the bank extended a credit line to his wife and him. The bank refused and moved for an order discharging the financing statement registration.

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