Almost the only member of the press to notice, Julius Melnitzer recently reported an Ontario Court of Appeal decision that held the Royal Bank of Canada had no right to freeze accounts belonging to one of its customers by simply starting a lawsuit. The case turned on the application of a little known (but much loved by litigators) section of the Bank Act: section 437(2). This ...
In a pair of companion cases, the Supreme Court of Canada unanimously turned down an opportunity to patch over a priority lacuna in the federal Bank Act, S.C. 1991, c. 46 and, instead, held such security could rank after unregistered security granted under Saskatchewan’s Personal Property Security Act, S.S. 1993, c. P-6.2. In doing so, the Court (quite rightly) rejected a ...
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