This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 580.— In advancing money on security under 74, it is difficult to ascertain the amount of the goods hypothecated. Is the following a sufficient description: " All the lumber (or whatever the produce may be) held in my yard at , being all the lumber belonging to me ?"
Answer. — Unless the lumber or other goods can be specifically described, it is best to use such a general description as that referred to by you. In Ontario the chattel mortgage cases have settled conclusively that a general or blanket description, if properly worded, is valid.
In this connection we beg to refer you to the article written by Z. A. Lash, Q.C., entitled " Warehouse Receipts, Bills of Lading and Securities, under Section 74 of the Bank Act, 1890," which appears on page 54, Volume 11 of the Journal.