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The Priority of the Operator's Lien
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Date: January 30 2009 |
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In
Brookfield Bridge Lending Fund Inc. v. Vanquish Oil & Gas Corp., the Alberta Court of Queen's Bench found that the trust created pursuant to section 507 of the 1990 Canadian Association of Petroleum Landman Operating Procedure ("1990 CAPL Operating Procedure") created a trust in favour of the joint operator that went beyond funds held in the insolvent operator's account at the date a receiver was appointed to cover all assets of the debtor's estate, including the net proceeds of the sale of the insolvent operator's interest in that property, in priority to the operator's secured lender.
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