"The real point is whether or not the partnership was carrying on business for the company. That is a question of fact and we are quite satisfied that the learned President of the Exchequer Court had ample evidence before him upon which to base his finding, and we agree THE with his finding, which, in effect, we take to be that the partnership was carrying on business for, and as the agent of, the company.
"The appeal will, accordingly, be dismissed with costs." Martin Griffin K.C. for the appellant.
F. P. Varcoe K.C. and W. R. Jackett for the respondent. THE CANADIAN
BANK OF COM- A
N MERCE (PLAINTIFF)
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J
* May 4,5 * Dec. AND
THE
YORKSHIRE
& CANADIAN
TRUST LIMITED, ADMINISTRATOR
RESPONDENT. OF THE ESTATE OF NELLIE GRACE SILK,
DECEASED (DEFENDANT)
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ON APPEAL FROM THE COURT OF APPEAL FOR BRITISH COLUMBIA
Banks and banking-Choses in action-Vendors and purchasers-Assignment to bank of moneys payable under agreement of sale of land, as security Jor all existing and future indebtedness of the vendor to bank-Validity of assignment-Bank Act (Dom., 1934, c. 24), 75 (2) (c), 79 (1) (b)-Inseverability of purchaser's obligation to pay (under agreement of sale) from vendor's obligation to convey-Rights of third persons having equities against assignor (vendor) in respect of the land.
One S., registered as owner of certain land in Vancouver, B.C., entered into an agreement for sale thereof, and subsequently, being indebted to the appellant bank in the sum of $500, executed and delivered to it, "as security for all existing and future indebtedness and liability " of S. to the bank, an assignment of "all moneys now or hereafter payable" to S. under said agreement for sale.
The purchaser was notified thereof. The assignment was not registered.
Subsequently the bank made further loans to S. Certain next of kin of S.'s wife, deceased, had claimed that said land had been purchased with her moneys and that the land and proceeds of sale thereof were held by S. in trust for her estate, and they sued and obtained judgment against S. in favour of their claim. Respondent company was appointed administrator of her estate (in place and stead of S.) PRESENT:-Duff C.J. and Crocket, Davis, Kerwin and Hudson JJ.