Francesca Carries on an Investment Business in Ontario

Essay

Francesca carries on an investment business in Ontario.She borrowed $50 000 from Barry.Francesca gave Barry a security interest in all her present and future personal property.Barry never filed a financing statement to register his interest under the Ontario Personal Property Security Act.Subsequently, she borrowed $20 000 from Toronto Bank to invest in the shares of Argus Corp.The bank took a security interest in the shares and required Francesca to deposit the share certificates with the bank.Subsequently, Francesca defaulted on her obligations to Barry and to the bank.Who is entitled to the shares?