Gisele operates an outdoor equipment store in premises rented from Orca Real Property Inc.Before she moved to these premises,she borrowed $10 000 from Imperial Bank for her business and gave Imperial a security interest in her present and future inventory and accounts receivable.Gisele defaults on her obligations to the bank and to Orca.Orca is entitled to seize Gisele's assets located in the space rented from Orca.

Question

Quizplus · Accepted Answer

Orca has a right to seize Gisele's assets located in the space rented from them as they have a landlord's lien which allows them to seize assets located on their property to recover unpaid rent or other fees owed to them. Imperial Bank also has a security interest in Gisele's inventory and accounts receivable, but they do not have a right to seize assets located on Orca's property unless they have obtained a court order or the assets have been abandoned.

Gisele Operates an Outdoor Equipment Store in Premises Rented from Orca