Digest: Input Capital Corp. v Thomas, 2018 SKQB 72

• Date: February 28, 2018

Reported as: 2018 SKQB 72

Docket Number: QB17456 , QBG 571/16 JCR

Court: Court of Queen's Bench

Date: 2018-02-28

Judges:

• Rothery

Subjects:

• Statutes � Interpretation � The Personal Property Security Act, Section 50(3)

Digest: The defendants, Robert Thomas (Robert) and Magnum Grain Handling Company Ltd. (Magnum Grain) served the plaintiff with a Demand pertaining to four financing statements that had been registered by it at the Personal Property Registry in 2013. They stated that they were named as debtors in the financing statements and demanded their names be removed. The plaintiff applied pursuant to s. 50(7) of the Personal Property Security Act (PPSA) for an order that the registrations be maintained on the basis that the collateral listed in the registrations pertained to collateral that had been transferred to Thomas by his son, Jeremy and Jeremy�s corporation, Magnum Land Holdings Company Ltd. (Magnum Land) without the consent of the plaintiff. When the plaintiff learned of the transfers, it registered the four financing change statements under s. 51(2) of the PPSA. The application occurred in the context of a much larger dispute between the parties. The plaintiff commenced an action against Robert and Jeremy, and their respective corporations, for judgment for over $2.23 million for monies advanced by it to Jeremy and Magnum Land to...