Friday, November 13, 2015

The Law Is Well Settled,

Forensic specialists looking into the Wilfred Doyle case state that the root of the problem is that Royal Bank of Canada acted illegally when it seized and sold a registered vessel under the terms of its Security Agreement, also known as a chattel mortgage, because the legal authorities hold that a security instrument, like the security agreement held by the Royal Bank of Canada, is merely an "equitable charge" upon the vessel or ship.  

"However, the law is well settled that a security instrument which is not in the statutory form and is therefore not registerable as a "mortgage" under the Canada Shipping Act can only rank as an equitable charge upon the ship. (12 Hals. (4th) 98, para. 134; Imperial Timber & Trading Co. v. Henderson (1908), 14 B.C.R. 216).
According to a legal dictionary:

"Equitable charge refers to a security interest in property granted by a debtor. Equitable charges are similar to mortgage interests, and may be enforced by court order for sale. It does not grant ownership or possession to a creditor but gives him or her the right to the judicial process for recovery of the loan amount in case of non-payment."

According to legal scholars, in Canada, the "judicial process" means having the case heard by a judge not a court clerk, registrar or prothonotary like the Prothonotary Thompson  who granted the Brain Tumour Order referred to in the posting made on November 1, 2015 (see below).


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