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Acts and Regulations

2019-36 - Personal Property Security Act

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NEW BRUNSWICK

REGULATION 2019-36

under the

Personal Property Security Act

(O.C. 2019-215)

Filed November 21, 2019

1Section 2 of New Brunswick Regulation 95-57 under the Personal Property Security Act is amended

(a) by repealing the definition “claimant” and substituting the following:

“claimant” means a person who has obtained a preservation order under Part 3 of the Enforcement of Money Judgments Act;(réclamant)

(b) by repealing the definition “debtor” and substituting the following:

“debtor” means (débiteur)

(a) if the registration is in respect of a security interest or a notice of the appointment of a receiver, a debtor as defined in subsection 1(1) of the Act, and,

(b) if the registration is in respect of a notice of claim as authorized by subsection 18(1) of the Enforcement of Money Judgments Act, a person against whom a preservation order has been issued under Part 3 of that Act;

“judgment creditor” means a judgment creditor as defined in section 1 of the Enforcement of Money Judgments Act;(créancier sur jugement)

(d) by repealing the definition “judgment debtor” and substituting the following:

“judgment debtor” means a judgment debtor as defined in section 1 of the Enforcement of Money Judgments Act;(débiteur sur jugement)

2Section 14 of the Regulation is repealed and the following is substituted:

14(1)Subject to subsection (2), the following provisions of the Act apply, with the necessary modifications, to a notice of judgment registered under Part V, a notice of claim registered under Part VI, a notice of a certificate registered under Part VII, a notice of an order in respect of household goods registered under Part VIII, and to their registration:

(a) subsection 35(7);

(b) section 42;

(d) section 44;

(e) section 45, except subsection (6);

(f) sections 46 to 48;

(g) section 50, except subsections (2), (8) and (9);

(h) section 51, except subsection (3);

(i) section 52; and

(j) section 54.

14(2)Section 50 of the Act does not apply to a notice of judgment registered under Part V.

3The heading “REGISTRATION OF A NOTICE OF JUDGMENT UNDER THE CREDITORS RELIEF ACT” following section 36 of the Regulation is amended by striking out “CREDITORS RELIEF ACT” and substituting “ENFORCEMENT OF MONEY JUDGMENTS ACT”.

4Section 37 of the Regulation is amended by striking out “section 2.2 of the Creditors Relief Act” and substituting “subsection 21(1) of the Enforcement of Money Judgments Act”.

5Section 40 of the Regulation is repealed and the following is substituted:

40The registrant shall specify the period of time during which the registration of the notice of judgment is to be effective by entering a whole number from one to 15 indicating the number of years, but no registration of a notice of judgment is effective more than 15 years after the date of the judgment.

6The heading “REGISTRATION OF A NOTICE OF CLAIM UNDER THE CREDITORS RELIEF ACT” following section 46 of the Regulation is amended by striking out “CREDITORS RELIEF ACT” and substituting “ENFORCEMENT OF MONEY JUDGMENTS ACT”.

7Section 47 of the Regulation is amended by striking out “section 2.4 of the Creditors Relief Act” and substituting “subsection 18(1) of the Enforcement of Money Judgments Act”.

8Subsection 49(1) of the Regulation is repealed and the following is substituted:

49(1)The registrant shall

(a) indicate the court that issued the preservation order to which the notice of claim relates,

(b) indicate the judicial district of the court that issued the preservation order,

(d) enter the amount of the claim, if known, and

(e) enter, under the heading “Additional Information”,

(i) the date of the preservation order,

(ii) the name of the claimant, and

(iii) the name of the debtor.

9Section 77 of the Regulation is amended

(a) in paragraph (1)(d) of the English version by striking out “twenty-five” and substituting “25”;

(b) by repealing subsection (2) and substituting the following:

77(2)If a registrant wishes to renew the registration of a notice of judgment registered under Part V, the registrant shall specify the period of time for which the registration is to be extended by entering a whole number indicating the number of years, but no registration of a notice of judgment is effective more than 15 years after the date of the judgment.

10This Regulation comes into force on December 1, 2019.