Can an action for money obtained as a consideration of ultra-vires borrowing be successful?

Saskatchewan, Canada

The following excerpt is from Gnaedinger & Sons Ltd. v. Turtleford Grain Growers Co-Operative Association Ltd., 1922 CanLII 193 (SK CA):

The case of Sinclair v. Brougham., supra, shows that, although an action for money had and received will not lie to recover money obtained as the consideration of an ultra-vires borrowing, yet if the money can be identified an action will lie for its return. The goods of the plaintiffs which the defendants have on hand being readily identified, must be returned to the plaintiffs as they are their property.

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