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Its business law question please need urgent 23. (3 marks) Tim's Badges Limited (Tim's) wanted to buy a machine that manufactures metal badges from Howard's
Its business law question please need urgent
23. (3 marks) Tim's Badges Limited (Tim's) wanted to buy a machine that manufactures metal badges from Howard's Machine Shop Limited. The Bank of Toronto agreed to lend Tim's the money provided Tim's granted a chattel mortgage on the machine. Tim's agreed and the Bank took a propertly signed chattel mortgage from Tim's putting a mortgage on the machine. Howard's was paid from the proceeds of the loan, and the title to the machine was transferred to Tim's. The bank loans officer forg register the chattel mortgage right away. She realized her mistake two months registration to the Personal Property Security Registry. Before the registration was received, Tim's sold the machine to Doug's Novelties Limited (Doug's). The chattel mortgage did not restrict a sale of the machine, but Doug's did not know that Tim's had granted a chattel mortgage. Tim's has now later and mailed the stopped paying the Bank. Doug's has the machine. What are the Bank's remedies, if they have any, against Tim's and Doug's Step by Step Solution
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