Supreme Court

Decision Information

Isaac v Cook

Court Supreme Court
Date 1982-07-13
Other citations (1982) – [1983] N.W.T.R. 11 – 43 A.R. 1 (S.C.) – 44 C.B.R. (N.S.) 39
File numbers SC 5828, SC 5974
Judge(s) de Weerdt
Location Yellowknife
Cases and statutes considered Cases considered:
Vangaurd Petroleums Ltd. v. Vermont Oil & Gas Ltd. (1977) 2 W.W.R. 66
Bensette and Campbell v. Reece (1973) 2 W.W.R. 497
Beakhurst et al v. Williams et al, [1971] 1 W.W.R. 230 (N.W.T. T.C.).
Clarkson v. Wishart (1913) A.C.828
Jellet v. Wilkie (1896), 26 S.C.R. 282
Re Standard Manufacturing Co. (1891) 1 Ch. 627
Ontario Development Corporation v. T.C. Suatae Construction Ltd. (1976) 12 O.R. (2d) 464
Mackay and Hughes (1975) Ltd. v. Martin Potatoes Inc, Dominion Stores Ltd. (garnishee) (1981) , 15 B.L.R. 312
Nesmith v. Williston (1844) 4 N.B.R. 459
Sloan v. Whalen (1965) 15 U.C.C.P.
Re Woodall (1904) 8 O.L.R. 288

Statutes considered:
Companies Ordinance, R.O.N.W.T. 1974, c. C-7
Corporation Securities Registration Ordinance, R.O.N.W.T. 1974, c. C-17
Canadian Mining Regulations, SOR/610-86, SOR/77-900, C.R.C. 1978, c. 1516
Territorial Lands Act, 1970, c. T-6
Public Lands Grants Act, R.S.C. 1970, c. P-29
Evidence Ordinance, R.O.N.W.T. 1978, C. E-4
Seizures Ordinance, R.O.N.W.T. 1978, c. S-1
Land Titles Act S.R.C. 1970, c. L-4
Northwest Territories Act, R.S.C. 1970, c. N-22
Statute of Frauds, 1677, 29 Car. II, c. 13, s. 15 and 5 Geo III, c. 7(1785)
Decision information:

Abstract: The Receiver applied to the court for directions with respect to the disposition of certain claims and a mining lease in realization of the security granted to a Bank by Northrim Mines. Ltd. The court considered the priority of a caveat, royalty agreements, options and writ of execution filed against the lease
Decision: Application by the Judgment Creditor dismissed. The Court concluded that the Receiver on behalf of the Bank had priority under the debentures. The floating charge under the debentures had crystallized and became a first fixes specific mortgage and charge on the mineral claim having priority over the unrealized execution under the writ.
Subjects: Bankruptcy and insolvency - Secured creditors - Realization of security
Creditors and debtors - Execution - Priorities between execution creditors and others
Energy and natural resources - Mineral ownership - Freehold mineral interests

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