C-53 - Act respecting bills of lading, receipts and transfers of property in stock

Section 6 Disposition versions

1977-12-31

6. Any cove-receipt or any receipt given by a cove-keeper or by the owner or keeper or other person entitled to the possession, use or occupancy of any wharf, yard, timber-limit, harbour, boom, warehouse, storehouse or other place for logs, pulpwood or other timber, boards, deals, staves or other lumber or products thereof there laid up, stored or deposited, or any receipt given by any person in charge of logs, pulpwood or other timber in transit by river or otherwise from timber limits or other lands, or by the owner of or any other person entitled to receive the same, or any bill of lading or receipt given by a master of a vessel or by a carrier for logs, pulpwood or other timber, boards, deals, staves or other lumber or products thereof shipped in such vessel or delivered to such carrier for carriage from any place to any part of Québec or through the same or on the waters bordering thereon, or from the same to any other place, may, by endorsement thereon by the owner of or person entitled to receive such timber, or products thereof, or his attorney or agent, be transferred as collateral security for the payment of any bill of exchange, note, debt or liability.

Such endorsement, notwithstanding any existing law, shall vest in the endorsee, from the date of such endorsement, all the right and title of the endorser to or in or in respect to such logs, pulpwood or other timber, boards, deals, staves or other lumber or products thereof, and to all property into which the same or any thereof may be converted, subject to the right of the endorser to have the same re-transferred to him, if such bill, note, debt or liability be paid when due.

In the event of the non-payment of such bill, note, debt or liability, when due, such endorsee may sell the said logs, pulpwood or other timber, boards, deals, staves or other lumber or products thereof or the property into which the same or any thereof shall have been converted, and retain the proceeds or so much thereof as will be equal to the amount due upon such bill, note, debt or liability, with any interest or costs, returning the overplus, if any, to such endorser.

R. S. 1964, c. 318, s. 6.