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Difference between revisions of "Conditional Sales Contracts and Security Agreements (11:VI)"
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Conditional Sales Contracts and Security Agreements (11:VI) (view source)
Revision as of 20:44, 12 August 2020
, 20:44, 12 August 2020→F. Bills of Exchange Act
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If an instrument meets the definition of a consumer note, any defence that consumer would have for an action against them by the seller would also be available as against subsequent note holders. | If an instrument meets the definition of a consumer note, any defence that consumer would have for an action against them by the seller would also be available as against subsequent note holders. | ||
Therefore, if the consumer does not get what | Therefore, if the consumer does not get what they have paid for, that person may not be required to pay the loan back when pressed for payment by the assignee. Also, if the seller does not fulfil obligations under a warranty, the consumer will be able to resist payment. (See ''Canadian Imperial Bank of Commerce v Geldart'', [1985] BCJ No 1973 and ''Canadian Imperial Bank of Commerce v Kabatoff'', [1986] BCJ No 942) | ||
