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bigcaat bigcaat
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6 years ago
Alvin Smith bought a car from XYZ Autos Inc., a car dealership, for the price of $15 000. Alvin paid $5000 cash and entered into a conditional sales contract to finance the remaining $10 000. Alvin had obtained the $5000 from his bank and executed a chattel mortgage for $9000 in favour of his bank. This represented $5000 for the deposit and $4000 in existing indebtedness. After Alvin obtained the car, he provided the bank with a description and its serial number. The bank completed the chattel mortgage with this information and registered a financing statement under the prevailing personal property security legislation. XYZ Autos Inc. similarly registered a financing statement, but did this three days later than the bank. Alvin subsequently defaulted under both securities. Which of the creditors has priority to the car, and why?
Textbook 
The Law and Business Administration in Canada

The Law and Business Administration in Canada


Edition: 14th
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MiY4GiMiY4Gi
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bigcaat Author
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6 years ago
This helped my grade so much Perfect
Gamiung3657
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Yesterday
Thanks for your help!!
big_larry_samp
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2 hours ago
Good timing, thanks!
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