Ontario Barrister and Solicitor Practice Exam

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How may a corporate seller exercise an unpaid seller's lien on a defaulting corporation?

  1. By taking legal action

  2. By seizing assets directly

  3. By giving notice to an affiliate of the buyer

  4. By cancelling the sale agreement

The correct answer is: By giving notice to an affiliate of the buyer

A corporate seller may exercise an unpaid seller's lien on a defaulting corporation by giving notice to an affiliate of the buyer. This means that the seller must inform another company or entity that is related to the buyer of the default and the seller's intention to exercise their lien. Option A, taking legal action, may be a viable option but it is typically a last resort and can be a lengthy and costly process. Option B, seizing assets directly, may not be feasible if the assets are not easily accessible or if there are legal restrictions. Option D, cancelling the sale agreement, may be an option but it does not necessarily allow the seller to recover any unpaid amounts.

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