Restitution Discussion Group Archives
| Sender: |
Lionel Smith |
| Date: |
Tue, 3 Jan 2006 12:27:42 -0500 |
| Re: |
Tracing in the Ont CA |
Re
Graphicshoppe Ltd. [2005] O.J. No. 5184, 2005 CanLII 45183 deals
with whether the lowest intermediate balance rule can eliminate a trust
claim in a bankruptcy of the trustee.
The decision has some Canadian constitutional elements,
no doubt of less interest to an international audience (a line of cases
on whether provincial deemed trusts can create priority in bankruptcy,
which is a federal field).
It seems to me, however, that these are basically beside
the point. I think that the majority decision represents a re-affirmation
of the importance of the lowest intermediate balance rule in tracing through
bank accounts, and an attempt perhaps to distance the Court somewhat from
its earlier decision in LSUC
v TD Bank (1998) 42 OR (3d) 257.
Lionel
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