Saskatchewan Co-operative Credit Society Ltd. v. Canada (Minister of Finance) and Canada Deposit Insurance Corp., (1991) 131 N.R. 59 (FCA)

• Judge: Hugessen, Décary and Linden, JJ.A.
• Court: Federal Court of Appeal (Canada)
• Case Date: January 23, 1991
• Jurisdiction: Canada (Federal)
• Citations: (1991), 131 N.R. 59 (FCA)

Sask. Co-op Credit Soc. Ltd. v. Can. (1991), 131 N.R. 59 (FCA)

MLB headnote and full text

Saskatchewan Co-operative Credit Society Limited (appellant/plaintiff) v. The Honourable Michael Wilson, in his capacity as Minister of Finance of Canada and Canada Deposit Insurance Corporation (respondents/defendants)

(No. A-232-90)

Indexed As: Saskatchewan Co-operative Credit Society Ltd. v. Canada (Minister of Finance) and Canada Deposit Insurance Corp.

Federal Court of Appeal

Hugessen, Décary and Linden, JJ.A.

January 23, 1991.

Summary:

A cooperative transferred a mortgage and a related agreement to a bank in return for a promissory note. The bank failed and the cooperative claimed that the transaction was a deposit for purposes of the Canada Deposit Insurance Corporation Act.

The Federal Court of Canada, Trial Divi­sion, dismissed the claim of the cooperative - see 32 F.T.R. 91. The cooperative appealed.

The Federal Court of Appeal dismissed the appeal.

Banks and Banking - Topic 3102

Bank deposits - What constitutes a deposit - A cooperative transferred a mortgage and a related agreement to a bank in return for a promissory note - The cooperative claimed that the transaction was a deposit for purposes of the Canada Deposit Insur­ance Corporation Act - The Federal Court of Appeal affirmed a dismissal of the claim of the cooperative.

Statutes Noticed:

Canada Deposit Insurance Corporation Act, R.S.C. 1970, c. C-3, Schedule, sect. 2(1) [para. 1].

Financial Institutions Depositors Compen­sation Act, S.C. 1985, c. 51, sect. 2 [para. 1].

Counsel:

Ray C. Rutman, for the appellant;

Barbara A. McIsaac, Q.C., for the respon­dents.

Solicitors of Record:

Gauley & Co., Saskatoon, Sask., for the appellant;

John C. Tait, Q.C., Deputy Attorney Gen­eral of Canada, Ottawa, Ontario, for the respondents.

This appeal was heard by Hugessen, Dé­cary and Linden, JJ.A., of the Federal Court of Appeal at Ottawa, Ontario on January 23, 1991. The decision of the court was delivered by Hugessen, J.A., on January 23, 1991.