Re Zurich Insurance Co., 84 DTC 6232, [1984] CTC 639 (Ont CA) -- summary under Subsection 224(1)

After a fire damaged the insured premises of a licensee under the Excise Tax Act and the licensee defaulted under a loan agreement with a bank secured by a floating charge on its assets, the bank appointed a receiver. After the appointment but before notice of the appointment had been given to the insurance company, a third party demand pursuant to s. 52(6) of the Excise Tax Act (similar to s. 224(1) of the Act) was served on the insurance company. Since the floating charge crystallized at the time of appointment, the insurance moneys thereafter were ultimately payable to the receiver, not the licensee, and so there was nothing for the third party demand to attach. Furthermore, even if the service of the demand were regarded as creating an equitable interest (which it did not) in the debt from the insurance company (which was not yet payable) the older equitable charge of the bank had priority.