Introduction: The law governing the pledge of documents of title in Ontario is a curious mixture of statutory provisions and common law concepts. Much of the legislation is of an ancient lineage. It does not purport to create a comprehensive or coherent body of law; it was enacted merely to remedy certain judicially-created annoyances that frustrated commercial practice. This piecemeal approach led to frequent duplication, occasional conflict, and many significant gaps. In more recent years, legislators have borrowed heavily from American sources. This legislation was more comprehensive, but unfortunately the American conception of the documentary pledge differed in several material respects. The problem is exacerbated by a strong federal presence manifested in several sections of the Bank Act.' The resultant legislative framework resembles a patchwork quilt, and an examination of each piece of legislation in its original context is necessary to understand the interaction between the various enactments.