Is a transfer of a ship in form absolute but is in reality only intended as a security for an advance?
Canada (Federal), Canada
The following excerpt is from Versatile Pacific Shipyards Inc. v. Prince George (The), 1990 CanLII 7962 (FC):
The case of Ward v. Beck (1863), 32 L.J.C.P. 113, is authority for the principle that a transfer of a ship which is in form absolute but is in reality only intended as a security for an advance does not prevent the owner who has executed the bill absolute in its terms from showing that it was intended to operate as a security only.
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