(d) “Chevron Canada is a fully capitalized corporation which
funds its own day to day operations without financial contributions from Chevron Corp. or any other Chevron entity.”14
(e) “Chevron Canada files its own tax returns and corporate
(f) Chevron files a consolidated set of financial statements
because it is required to do so by the U.S. Securities and
Exchange Commission and the Sarbanes-Oxley legislation.
(g) The provision of guarantees by Chevron in relation to Chevron Canada underscored the separate corporate existence of
each. He concluded that “[c]ertainly the lenders in those
cases proceeded on the basis that parent and indirect sub
were separate legal entities, otherwise they would not have
asked for the guarantees of the ultimate parent”.16
 I make the same findings of fact on the evidentiary record
Are the shares and assets of Chevron Canada exigible and
available for execution and seizure pursuant to the
Execution Act to satisfy the Ecuadorian judgment
 The plaintiffs’ principal submission is that Chevron
Canada is an asset of Chevron that is exigible and available for
execution and seizure.
 The plaintiffs submit that the Execution Act authorizes and
empowers the sheriff to execute against any interest of a judgment-debtor and that the broad wording of this Act entitles the
sheriff to seize any property in which a judgment-debtor has a
direct or indirect legal or beneficial interest. According to the
plaintiffs, this includes property in which the judgment-debtor
has an indirect beneficial interest, such as Chevron’s indirect
beneficial interest in Chevron Canada. They rely upon the following language in s. 18(1) of the Execution Act in support of their
14 Ont. S.C. decision, at para. 100.
15 Ont. S.C. decision, at para. 102.
16 Ont. S.C. decision, at para. 101.
17 Execution Act, s. 18(1).