BUSAD 120 Lecture Notes - Lecture 22: Public Auction, Fiduciary
Document Summary
Two ladies hired a man to act as their agent and manage an apartment building that they owned. Two ladies (wong sisters) from hong kong bought an apartment building in. Montreal in 1987 through a corporation that they set up: wongs moved from montreal to toronto soon after and then back to hong. Kong in 1996: leung was hired as manager (mandatary) to maintain/manage the building in. After payment of judgment and costs, ,000 remained from the auction sale and was payable to the owners of the building. Leung forged the signatures of the wong sisters so that the money was paid directly to him instead. The cheque for ,000 had in fact been misappropriated from another business that. The wong sisters became suspicious on receiving the deed and cheque, and flew back to montreal to investigate. They sued leung in 2007 when they discovered that their building had been sold 5 years earlier.
