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Legal Blog:
Feb
01
2003
Name Report
Corporations, particularly one-person corporations, can be very sloppy with the use of their names. In Turi v. Swanick (2002), 61 O.R. (3d) 368 (S.C.J.) a sloppy use of the corporate name resulted in the incorporator being held liable to a supplier to the corporation. The incorporator then commenced an action against the incorporating lawyer for failing to advise him of the consequences of the incorrect use of the name.
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01
2003
Shareholder’s Loss
Another law school quiz! Do you remember the rule in Foss v. Harbottle? It seems that not many lawyers remember it because, every so often, a lawyer takes a run at it. The latest run can be found in Medicare Healthcare Inc. v. Shoppers Drug Mart [2002] O.J. No. 3891 (C.A.).
Continue Reading >Feb
01
2003
RSP
Under the Execution Act, a creditor may direct a sheriff to seize and sell an RSP that is not part of any insurance plan. It is an asset like any other asset. If the owner of the RSP dies, then the proceeds of the RSP become the property of the estate of the deceased owner. If the owner had creditors at the time of death, the estate trustee must use the funds to repay the debts of the owner before the trustee may distribute any of the assets of the estate to the beneficiaries.
Continue Reading >Feb
01
2003
Role Reversal
Sometimes the positions of various parties to an action appear to be the opposite of what you might expect. Of course, there are reasons for the seeming role reversal; you simply have to analyse the situation more closely to find out what they are. Re Fields, a 2002 decision of the Ontario Superior Court of Justice, was one such case.
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