Bank Act — B-1.01 427
(1)(a), (b), (g), (h), (i), (j) or (o), under paragraph (1)(c) or (m) consisting of aquacultural implements, under paragraph (1)(d) or (n) consisting of agricultural implements or under paragraph (1)(p) consisting of forestry implements, the same rights and powers as if the bank had acquired a warehouse receipt or bill of lading in which that property was described, or (d) if the property (i) is property on which security is given under paragraph (1)(c) consisting of aquacultural stock growing or produced in the aquaculture operation or aquacultural equipment, (ii) is property on which security is given under paragraph (1)(d) consisting of crops or agricultural equipment, (iii) is property on which security is given under any of paragraphs (1)(e), (f), (k) and (l), (iv) is property on which security is given under paragraph (1)(m) consisting of aquacultural equipment, (v) is property on which security is given under paragraph (1)(n) consisting of agricultural equipment, or (vi) is property on which security is given under paragraph (1)(p) consisting of forestry equipment, a first and preferential lien and claim thereon for the sum secured and interest thereon, and as regards a crop as well before as after the severance from the soil, harvesting or threshing thereof, and, in addition thereto, the same rights and powers in respect of the property as if the bank had acquired a warehouse receipt or bill of lading in which the property was described, and all rights and powers of the bank subsist notwithstanding that the property is affixed to real property and notwithstanding that the person giving the security is not the owner of that real property, and all such property in respect of which such rights and powers are vested in the bank under this section is for the purposes of this Act property covered by the security. Power of the bank to take possession, etc. (3) Where security on any property is given to a bank under any of paragraphs (1)(c) to (p), the bank, in addition to and without limitation of any other rights or powers vested in or conferred on it, has full power, right and authority, through its officers, employees or agents, in the case of (a) non-payment of any of the loans or advances for which the security was given, (b) failure to care for or harvest any crop or to care for any livestock covered by the security, (c) failure to care for or harvest any aquatic stock growing or produced in the aquaculture operation or to care for any aquatic plants and animals covered by the security, (d) failure to care for any property on which security is given under any of paragraphs (1)(i) to (p), (e) any attempt, without the consent of the bank, to dispose of any property covered by the security, or (f) seizure of any property covered by the security, to take possession of or seize the property covered by the security, and in the case of aquacultural stock growing or produced in the aquaculture operation or a crop growing or produced on the farm to care for it and, where applicable, harvest it or thresh the grain therefrom, and in the case of livestock or aquatic plants and animals to care for them, and has the right and authority to enter on any land, premises or site whenever necessary for any such purpose and to detach and remove such property, exclusive of wiring, conduits or piping incorporated in a building, from any real property to which it is affixed. Notice of intention (4) The following provisions apply where security on property is given to a bank under this section: (a) the rights and powers of the bank in respect of property covered by the security are void as against creditors of the person giving the security and as against subsequent purchasers or mortgagees in good faith of the property covered by the security unless a notice of intention signed by or on behalf of the person giving the security was registered in the appropriate agency not more than three years immediately before the security was given; (b) regi