Joshua Had a Licence to Operate a Nursing Home in Scarborough

Essay

Joshua had a licence to operate a nursing home in Scarborough. Under the legislation setting up the licencing scheme, the licence was fully transferable at the request of the licencee. Indeed, licences were bought and sold all the time along with the nursing home businesses that they related to. The licence could only be revoked on limited grounds by the responsible agency of the government of Ontario, and there was a right to appeal any decision to revoke the licence. Under the licence, Joshua operated Green Acres Nursing Home. In order to finance the building of an addition to the nursing home, Joshua borrowed $75 000 from the Bank of Ontario. As security for the loan, he gave the Bank a security interest in all his personal property. A few months after he received the loan, Joshua defaulted. Can the Bank seize the licence along with Joshua's other personal property?