Giovanni Boats Inc has a line of credit with Imperial Bank in Vancouver. The line of credit is secured on all the assets that Giovanni has or later acquires. The bank filed a financing statement to register its security interest under the British Columbia PPS legislation on 1 March 2013. In June 2013, Giovanni bought a boat from West-End Marina under a conditional sales contract for $15 000. That contract provided that Giovanni would make regular monthly payments for five years. West-End retained ownership of the boat as security for Giovanni’s obligations to make the payments. West-End assigned its interest in the boat and the conditional sales contract to Springliner Finance Corp.

At the end of three years Giovanni defaulted on its payments under the conditional sales agreement and on its obligations to the bank. The bank has seized the boat. What should Springliner do? Is there anything that Springliner could have done to better protect its interests?