The Ontario Reports; Containing Reports of Cases Decided in the Queen's Bench, Chancery, and Common Pleas Divisions of the High Court of Justice for Ontario Volume 9

The Ontario Reports; Containing Reports of Cases Decided in the Queen's Bench, Chancery, and Common Pleas Divisions of the High Court of Justice for Ontario Volume 9

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1885 edition. Excerpt: ...pursuant to the above section of the re lations, obtained an issue of the licenses directly to themselves. he plaintiffs now brought this action for discovery of the securities held by the defendants on account of F.'s indebtedness, and for redemption, and for a declaration that the defendants had no lien on the timber limits in question. Held, that as to the advances made before the pledge was given the security was valid, but that as to the future advances, the pledge of gm timliebr limits was invalid as being in contravention of 3-1 Vic. ch. 5. sec.. Held, however, that inasmuch as the defendants, although the had obtained the issue of the licenses directly to themselves, an thus procured a complete title to the property, under the above section of the regulations, nevertheless voluntarily restricted their claim to a lien upon it for the whole amount of F. 's indehtc lness, they were entitled to judgment declnrin such lien, and that on payment of such indebtedness the defendants s ould convey the property to the plaintiffs. Helll, further, that it was open to the plaintifil in this actimi to object to the transaction as contravening the Banking Acts, and it was not necessary for the purpose of such objection that the proceedings should be by the Crown. Semble, that if a mortgage upon lands be given to a bank as security for future advances in contravention of the Banking Acts, and after the debt has been contracted or advances made, another mortgage be executed upon the same property as additional security for the debt so contracted or advances made, the second mortgage will be valid. THIS was an action brought by Allan Grant and J. P. Millar, against La Banque Nationals for discovery of the securities held by the...show more

Product details

  • Paperback | 276 pages
  • 189 x 246 x 15mm | 499g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236945859
  • 9781236945853