Harrison Western Canadian Inc. leased several trailers from Wells Fargo Equipment Finance Company. These leases were registered

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Harrison Western Canadian Inc. leased several trailers from Wells Fargo Equipment Finance Company. These leases were registered as secured transactions under the Alberta Personal Property Security Act in April and May of 2004 against Harrison Western Canadian Inc. at the appropriate registry. In July of that year Harrison Western changed its name to Head West. Subsequently, Head West became indebted to the Royal Bank, which secured that indebtedness with a general claim against the company’s assets and registered that secured claim under the P.P.S.A. at the appropriate registry. Head West became insolvent and was taken over by a receiver, and the trailers were sold for $401 760. Both Wells Fargo and the Royal Bank claimed those funds. Which creditor was entitled to the funds and why?

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