Does a bank have security attached to a primary debtor's book debt?

Alberta, Canada


The following excerpt is from Davis v. Alberta (Workers' Compensation Board), 1979 CanLII 1192 (AB QB):

But as stated by Masten J.A. in Great Lakes Petroleum, supra, at p. 745: "Until the bank takes legal proceedings to enforce its security that security does not attach to any specific book debt of the primary debtor. The bank cannot take out one particular book debt of the primary debtor and make its assignment attach to that book debt, while allowing the primary debtor to go on carrying on business and the charge to remain a floating charge with respect to other assets. Robson v. Smith, [1895] 2 Ch. 118."

Other Questions


What is the difference between a debtor's response to an acknowledgment of a debt? (Alberta, Canada)
Is a debtor's lawyer liable to a lender if they oppose a lender's application for a judicial sale? (Alberta, Canada)
Can an execution creditor only sell the property of his debtor subject to all such charges, liens and equities as the same was subject to in the debtor's hands? (Alberta, Canada)
Can a guarantor be held liable even if the guarantor's obligations are co-extensive with those of the principal debtor? (Alberta, Canada)
Can a creditor commit a tort against a debtor and the damages resulting from the tort are set off against the original debt? (Alberta, Canada)
Is a solicitor’s lien attached to the fund? (Alberta, Canada)
What is the effect of a notice of seizure on a debtor's property? (Alberta, Canada)
What is the impact of a change of custody that would result in the children being removed from their mother's primary care? (Alberta, Canada)
Does a writ of execution bind a debtor's legal and equitable interest in land? (Alberta, Canada)
What is the impact of a deceased's death on the amount of family debt? (Alberta, Canada)

There are no other similar questions at this time.