Sokoloski (Bankrupt), Re, 2002 ABQB 1022

• Court: Court of Queen's Bench of Alberta (Canada)
• Case Date: November 13, 2002
• Citations: 2002 ABQB 1022;(2002), 331 A.R. 8 (QB Reg.)

Sokoloski (Bankrupt), Re (2002), 331 A.R. 8 (QB Reg.)

MLB headnote and full text

Temp. Cite: [2002] A.R. TBEd. NO.140

In The Matter Of the Bankruptcy of Lawrence Oswald Sokoloski

(Action No. Bk03 98587; 2002 ABQB 1022)

Indexed As: Sokoloski (Bankrupt), Re

Alberta Court of Queen's Bench

Judicial District of Edmonton

Funduk, Registrar in Bankruptcy

November 19, 2002.

Summary:

A trustee in bankruptcy disallowed a bank's claim to be a secured creditor with respect to a 1986 Kenworth truck. The bank appealed.

A Registrar of the Alberta Court of Queen's Bench, In Bankruptcy, allowed the appeal.

Personal Property - Topic 6092

Security interests - Registration - Validity -Sufficiency of description - In 1994, Sokoloski gave a bank a general security agreement, which charged all of his present and after acquired personal property, including all equipment or vehicles - The general security agreement was registered and the registration was renewed and was still subsisting - In 1996, Sokoloski bought a Kenworth truck and gave the bank a security agreement with respect to the truck - Sokoloski went bankrupt - The trustee disallowed the bank's claim to be a secured creditor with respect to the Kenworth truck because the registration with respect to the 1996 security agreement had expired - The bank appealed - A Registrar of the Alberta Court of Queen's Bench, In Bankruptcy, allowed the appeal - The truck was serial number goods and it was "equipment" as defined in s. 1(p) of the Personal Property Security Act - The 1994 general security agreement complied with the requirement in s. 28(2)(b) of Reg. 234/90 to provide a description of the goods, where it specifically identified "equipment" to include "vehicles of whatsoever nature or kind" - The 1996 security agreement did not displace the 1994 general security agreement, the registration of which continued by later renewals.

Personal Property - Topic 6220.2

Security interests - Priorities - Serial number goods - [See Personal Property - Topic 6092 ].

Statutes Noticed:

Personal Property Security Act Regulations (Alta.), Reg. 234/90, sect. 26 [para. 3].

Authors and Works Noticed:

Cumming and Wood, Alberta Personal Property Security Act Handbook (4th Ed.), pp. 331, 332 [para. 12].

Counsel:

B.W. Summers (Fraser Milner Casgrain), for Royal Bank of Canada;

Collins Barrow Limited, trustee.

This appeal was heard on November 13, 2002, before Funduk, Registrar, of the Alberta Court of Queen's Bench, In Bankruptcy, Judicial District of Edmonton, who delivered the following memorandum of decision on November 19, 2002.