Even supposing that, as must happen occasionally, a tenant gives notice in advance that it will be in default of payment of the rent, and the landlord then conducts a search at central registry and discovers as in this case, that the tenant is not the owner but only the lessee of the chattels, he has actual notice. It would appear to me illogical that someone who has constructive notice by virtue of the registration of a lease rather than a bill of sale, which is converted to actual notice if a potential creditor cares to search, should be in a better position than someone who has actual notice acquired from some other method than registration, or conversely, that the purchaser should be in a worse position than someone who has registered a document that is so defective as to be void, as in the case of Toronto-Dominion Bank v. Avco.
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