Words and Phrases - "assets"

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Industrial Development Bank v. Valley Dairy Ltd., 53 DTC 1027, [1953] CTC 132 (Ont. S.C.)

S.112(6) of the Act as it read effective prior to July 1, 1950 provided that the liability of a taxpayer for amounts withheld by him "constituted a first charge on his assets", and s. 112(6) after that date provided that such amounts were a first charge "on his property". After finding that the Department had priority over a bank because the bank's floating charge had not become crystallized at the time the above statutory lien attached, Judson J. stated (p. 1028):

"If the floating charge had first become crystallized, I would have held that it had priority on the ground that 'property' or 'assets' means what is left to the taxpayer after satisfaction of prior charges."

Words and Phrases
assets