This is a vexing question. It generally arises when a rogue has made off with money or assets having perpetrated a fraud and has left behind two or more equally innocent victims. As between those victims, who should bear the loss?
Earlier this week, the Alberta Court of Appeal weighed in on just such a case. The short answer is that the court will look to the statutory rights of the ...
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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