Canadian Imperial Bank of Commerce v. Campbell

Canadian Imperial Bank of Commerce v. Campbell

The assignment did not cover cash in the assignor's possession at the time because 'moneys' must be construed ejusdem generis with debts/accounts/claims and choses in action; the funds therefore vested in the trustee on bankruptcy under s.50(5) and the bank was not entitled to them.

Citation
[1976] 1 SCR 341
Parties
Appellant (creditor): Canadian Imperial Bank of Commerce; Respondent (trustee in Bankruptcy): Elric Campbell, Trustee in Bankruptcy of the Estate of Joseph A. Smith
Court
Supreme Court of Canada
Jurisdiction
Canada
Judgment Date
6 March 1975
Procedural Posture
Appeal Bankruptcy/collection / Decision on Appeal to Supreme Court of Canada From Supreme Court of Prince Edward Island in Banco
Outcome
Appeal dismissed
Legal Topics
Assignment of Debts, Floating Charge, Trust Funds Held by Solicitor, Vesting of Property in Trustee, Ejusdem Generis Rule, Statutory Interpretation of Bankruptcy Act S.50(5), Priority of Secured Creditors
Source Language
English
Bankruptcy Contract Trusts Property Civil Procedure Assignment of Debts Floating Charge Trust Funds Held by Solicitor +4 more

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Parties

Canadian Imperial Bank of Commerce

Appellant (creditor)

Elric Campbell, Trustee in Bankruptcy of the Estate of Joseph A. Smith

Respondent (trustee in Bankruptcy)

Procedural Posture

Appeal Bankruptcy/collection / Decision on Appeal to Supreme Court of Canada From Supreme Court of Prince Edward Island in Banco

Legal Issues

  1. 1 Whether a general assignment of 'debts, accounts, claims, moneys and choses in action' attached to cash proceeds held by the assignor's solicitor
  2. 2 Whether the bank was a secured creditor entitled to funds paid into court by the solicitor
  3. 3 Whether property in the funds vested in the trustee under s.50(5) of the Bankruptcy Act

Ratio Decidendi

The assignment did not cover cash in the assignor's possession at the time because 'moneys' must be construed ejusdem generis with debts/accounts/claims and choses in action; the funds therefore vested in the trustee on bankruptcy under s.50(5) and the bank was not entitled to them.

Court Disposition

Appeal dismissed

Orders

  • Sum of $14,688.70 paid into Court to form part of the estate of Joseph A. Smith for distribution in bankruptcy
  • Trustee entitled to costs of this appeal