Bankruptcy

Commission, Receiver/Manager Can’t Be Sued Personally for Sale of Unionized Business, Seller Discharged Employees, Not Liable for Payment Made by Buyer to Settle Grievance #327

Legally Speaking

By Gerry NeelyB.A. LL.B. An agent who is given a listing of real property by a receiver/manager licensed under the Bankruptcy and Insolvency Act can confidently expect to be paid if a buyer contracts during the term of the listing to purchase the property in question and completes the purchase. Unfortunately, the agent with a listing from

Personal Property Security Act – Commission Trust; Contract of Purchase and Sale (Paragraph One) Restrictive Covenant; Third Party Approval of Plans Not a Minor Defect of Title #267

Legally Speaking

By Gerry Neely B.A. LL.B The last column No. 266 ended with the suggestion that licensees with independent contractor contracts containing commission trusts, might wish to file a Financing Statement in the Personal Property Security Registry in Victoria, against the possibility that the Supreme Court of British Columbia may conclude that the commission trust creates

Bankruptcy of an Agent #177

Legally Speaking

By Gerry NeelyB.A., LL.B. There have been fortunately, very few bankruptcies among real estate agencies in British Columbia, but when they do occur, they have unpleasant consequences for salespersons sharing in commissions paid to the bankrupt firm. Usually the bankrupt agency had assigned its receivables to its bank to secure a line of operating credit,

Disclaimer Clause; Joint Tenancy Risk #102

Legally Speaking

By Gerry NeelyB.A. LL.B. “Above information is from sources believed to be reliable, but should not be relied upon without verification. N.R.S. assumes no responsibility for its accuracy.” This clause, at the foot of a page in an N.R.S. catalog containing listing information of a property available for sale, proved to be quite valuable in