Bank Act — B-1.01 427
pment or an aquaculture electric system, (ii) the alteration or improvement of an aquacultural electric system, (iii) the erection or construction of fencing or works for drainage in an aquaculture operation for the holding, rearing or protection of aquatic plants and animals or for the supply of water to such plants and animals or the disposal of effluent from them, (iv) the construction, repair or alteration of or making of additions to any building or structure in an aquaculture operation, and (v) any works for the improvement or development of an aquaculture operation for which a loan, as defined in the Canada Small Business Financing Act , or a business improvement loan, as defined in the Small Business Loans Act , may be made, on the security of aquacultural equipment or aquacultural implements, but security taken under this paragraph is not effective in respect of aquacultural equipment or aquacultural implements that, at the time the security is taken, by any statutory law that is then in force, are exempt from seizure under writs of execution and the aquaculturist is prevented from giving as security for money lent to the aquaculturist, (n) to any farmer for (i) the repair or overhaul of an agricultural implement, agricultural equipment or a farm electric system, (ii) the alteration or improvement of a farm electric system, (iii) the erection or construction of fencing or works for drainage on a farm, (iv) the construction, repair or alteration of or making of additions to any building or structure on a farm, (v) [Repealed, 2009, c. 15, s. 13] (vi) any purpose for which a loan as defined in the Canadian Agricultural Loans Act may be made, on the security of agricultural equipment or agricultural implements, but security taken under this paragraph is not effective in respect of agricultural equipment or agricultural implements that, at the time the security is taken, by any statutory law that is then in force, are exempt from seizure under writs of execution and the farmer is prevented from giving as security for money lent to the farmer, (o) to any fisherman, on the security of fishing vessels, fishing equipment and supplies or products of the sea, lakes and rivers, but security taken under this paragraph is not effective in respect of any such property that, at the time the security is taken, by any statutory law that is then in force, is exempt from seizure under writs of execution and the fisherman is prevented from giving as security for money lent to the fisherman, and (p) to any forestry producer, on the security of fertilizer, pesticide, forestry equipment, forestry implements or products of the forest, but security taken under this paragraph is not effective in respect of any such property that, at the time the security is taken, by any statutory law that is then in force, is exempt from seizure under writs of execution and the forestry producer is prevented from giving as security for money lent to the forestry producer, and the security may be given by signature and delivery to the bank, by or on behalf of the person giving the security, of a document in the prescribed form or in a form to the like effect. Rights and powers vested by delivery of document (2) Delivery of a document giving security on property to a bank under the authority of this section vests in the bank in respect of the property therein described (a) of which the person giving security is the owner at the time of the delivery of the document, or (b) of which that person becomes the owner at any time thereafter before the release of the security by the bank, whether or not the property is in existence at the time of the delivery, the following rights and powers, namely, (c) if the property is property on which security is given under paragraph (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)(