Supreme Court
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