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Luxury Events, a wedding reception business, purchased freehold land, which had an existing tenant, Riverbank Retreat, also a wedding reception business. The Riverbank Retreat tenancy
Luxury Events, a wedding reception business, purchased freehold land, which had an existing tenant, Riverbank Retreat, also a wedding reception business. The Riverbank Retreat tenancy was terminated and Luxury Events agreed to acquire some of their equipment including a large outdoor gazebo that had been permanently installed on the grounds near the riverbank worth $50,000, a range of tables, chairs and tableware worth $40,000, two golf carts worth $10,000 each and two vans worth $25,000 each. The terms of the sale were that Luxury Events would pay Riverbank Retreat in 12 equal instalments over the next 12 months and that title in the equipment would not pass until the last payment was made. Riverbank Retreat registered a security interest in each of the equipment sold to Luxury Events. Luxury Events has a bank account with Big Bucks Bank but also maintained an existing bank account with Golds Bank which had over $30,000 in a savings account. Golds Bank provided Luxury Events with a line of credit and had a security interest over all Luxury Events present and after acquired property registered. Golds Bank registered a security interest over all Luxury Events' present and after acquired property. Because of Covid cancellations Luxury Events was struggling nancially and ultimately becomes insolvent. The last client payment was $15,000 which was deposited in the Big Bucks Bank account just before Luxury Events was placed into liquidation. Who would have priority over this money? 0 TechCo Leasing 0 Golds Bank 0 Big Bucks Bank 0 Riverbank Retreat
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