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Copyright © International Chamber of Commerce (ICC). All rights reserved. ( Source of the document: ICC Digital Library )
1999 LC CASE SUMMARIES 1999 DLR LEXIS 190; 173 D.L.R. 4 th 309 (Alberta Ct App) [Canada]
Topic :
Article
Insolvency of Issuer
Note: The Alberta (Canada) Court of Appeal (Berger, J.) allowed the appeal of the decision of Wachowich A.C.J., granting an order in favor of Barclays Bank of Canada. The opinion indicated that an irrevocable letter of credit issued by Canadian Commercial Bank (CCB) in favor of Barclays Bank qualifies as a "priority payment instrument" within the meaning of the Canadian Payments Association Act with respect to Barclay's claims in the winding up of CCB. In the principal action, the judge deemed Barclays was not a priority unsecured creditor in the estate of CCB.
© 2000 INSTITUTE OF INTERNATIONAL BANKING LAW & PRACTICE
COPYRIGHT OF THE INSTITUTE OF INTERNATIONAL BANKING LAW & PRACTICE
The views expressed in this Case Summary are those of the Institute of International Banking Law and Practice and not necessarily those of ICC or the other partners in DC-PRO.