class notes - nov1 -legality & assignment of debts

class notes - nov1 -legality & assignment of debts -...

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Legality: K is illegal because 1 The are contrary to a statute (Maksymetz) 2 They are contrary to public policy (Rhino freight) Blue Pencil Rule: Judge can sever out offensive/illegal parts of the contract, if what is left makes sense the judge can enforce it. Judge will not substitute more reasonable terms Ex. Can’t solicit clients for 2 years in BC, Alberta Marksymetz: Partnership M K S Liquor Control Act, Manitoba – need a liquor license Partnership was operating bar without liquor license and not sharing profits with M M sued for his share of illegal profits An illegal partnership will not be enforced, nor be recognized, nor remedies given Assignment of Debts Choses in action – intangible personal property giving right to a ‘right to sue’
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Unformatted text preview: Assignee’s Title Stewart Auctioneers Parlby Construction Finance Co Q: What are the assignee’s rights? Law: Assignee of a debt takes “Subject to the Equities” Assignee of the debt takes only as much right to collect the debt as the assignor had to collect the debt, so if the assignor never had or loses the right to collect the debt then so does the assignee. Priorities BMO Ellen UBC CIBC Personal property security registry- tangible & intangible 1 registered priority takes priority over unregistered 2 as between 2 registered interests the 1 st registered prevails 3 as between 2 unregistered interests the 1 st to give notice prevails...
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This note was uploaded on 12/10/2011 for the course COMM 393 taught by Professor Elaine during the Spring '10 term at UBC.

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class notes - nov1 -legality & assignment of debts -...

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