In June 2015, Cory leased a $50 000 truck from Superior Leasing Inc for the snowploughing business
Question:
In June 2015, Cory leased a $50 000 truck from Superior Leasing Inc for the snowploughing business he carried on in Toronto. The lease allowed Cory to use the truck for three years in return for monthly lease payments of $1000. There is no option to purchase the truck at the end of the term. Superior did not file a financing statement in relation to lease. Cory had also borrowed $40 000 from the Bank of Toronto and had given the bank a security interest in all of his property. The bank properly registered a financing statement relating to this interest on 1 January 2016. Who is entitled to the truck if Cory defaults on his payments to both the bank and Superior?
Step by Step Answer:
Managing the Law The Legal Aspects of Doing Business
ISBN: 978-0133847154
5th edition
Authors: Mitchell McInnes, Ian R. Kerr, J. Anthony VanDuzer