This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 601.— In the case of an advance secured by a pledge of grain, under section 74, would the security hold good against a seizure by the sheriff under execution, if the precise grain on which the advance was made had been removed, and other grain of a like character substituted ? What decisions have been given on the subject?
Answer.—No case dealing directly with the point has come up, but the following cases bear upon it: Bank of Hamilton v. Noye Manufacturing Company, 9 Ont. 631; Re Goodfellow, Traders Bank v. Goodfellow, 19 Ont. 299; Llado v. Morgan, 23 U. C. C. P. 524. It is difficult to say what view the courts would take in a case of substitution under section 74, but if you are able to examine the cases quoted you will probably be able to see to what extent the courts would be likely to attach the security to the substituted grain in the case you mention.