June 4, 1917 (12th Parliament, 7th Session)

LIB

William Pugsley

Liberal

Mr. PUGSLEY:

In the case of the manufacturer, it is different because of the largeness-of the operations. It has been thought well to make provision in the case of the lumber manufacturers, because of the largeness of the operations and the important interests involved. Provincial legislatures have not made any provision to meet cases of that kind, but they have legislated in
regard to ordinary bills of sale given by farmers and others. But this gets right down to the case of a farmer who might own ten cows. He would get a loan, he would give the hank a secret lien and he could go tomorrow and borrow money on that stock, the lender would lend the money in good faith, he would record his mortgage in the provincial registry office and he might wake up a fortnight or six weeks afterwards and find that the hank, under its secret lien, could take away his security.

Topic:   QUESTIONS.
Subtopic:   BANK ACT AMENDMENT.
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