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ARTICLE · 03 OCTOBER 2016

Alberta Registered Land Interests Prevail Over Unregistered Trust For Deposit Monies

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A recent decision of the Alberta Court of Queen's Bench has confirmed the priority of registered interests in land against an unregistered trust for deposit monies...

CanadaReal Estate and Construction
Graeme L. Ireland
Graeme L. Ireland
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A recent decision of the Alberta Court of Queen's Bench has confirmed the priority of registered interests in land against an unregistered trust for deposit monies, and has highlighted the need for purchasers to ensure their deposits are properly protected against the claims of parties holding registered interests.

The decision in 1864684 Alberta Ltd.1 involved a dispute between four classes of creditors over the net sale proceeds (the "Proceeds") from the sale of certain lands (the "Lands") that were being developed as a commercial condominium by 1693737 Alberta Ltd. (the "Developer"). The Developer failed to develop the Lands, leading to the Lands being sold in a court-supervised receivership. The first class of creditors (the "Purchasers") had, under agreements for purchase and sale, paid deposits (the "Deposits") to the Developer to purchase condominium units being constructed on the Lands. The Purchasers claimed priority to the Proceeds under a statutory trust

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