Charles Brown,a Fisherman,gave Security to a Bank Under Section 427

question 41

Essay

Charles Brown,a fisherman,gave security to a bank under section 427 of the Bank Act in order to finance the purchase of a fishing boat from Triumph Ship Builders Ltd.The bank duly registered the standard form of notice with the Bank of Canada in relation to the fishing boat.A year later,Charles sold the fishing boat to Sea Traders Inc.,who were marine mercantile agents.Sea Traders were unaware of the bank's section 427 security and made no attempt at searching for encumbrances against the fishing boat.Sea Traders in the normal course of business sold the fishing boat to Harold Walker,a bona fide purchaser for value.Charles left the country permanently after his sale to Sea Traders.Discuss the bank's position against each of Sea Traders,Charles Brown,and Harold Walker.

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Definitions:

Criticisms

Evaluations or judgments regarding the merits and faults of the actions or work of another.

Self-Actualisation

The process of realizing and fulfilling one’s own potential and capabilities, often considered the ultimate goal of personal development.

Potential

The inherent capability or capacity for growth, development, or coming into being.

Self-Actualise

The process by which individuals realize their fullest potential, achieving personal growth and self-fulfillment.