Acts and Regulations

P-7.1 - Personal Property Security Act

Section 18
Disposition versions

Full text
Obtaining information about the security agreement
18(1)The debtor, a creditor, a sheriff, a person with an interest in personal property of the debtor, or an authorized representative of any of them may require a secured party, by a demand in writing, to send or make available the information or documentation referred to in subsection (3) to the person making the demand or, if the demand is made by the debtor, to any person at an address specified by the debtor.
18(2)A demand under subsection (1) shall contain an address for reply and may be delivered to the secured party
(a) at the most recent address of the secured party that was registered as part of a financing statement that includes a description of personal property of the debtor, or
(b) at a more recent address that is the current address of the secured party if known by the person making the demand.
18(3)Any or all of the following may be demanded under subsection (1):
(a) a copy of any security agreement providing for a security interest held by the secured party in the personal property of the debtor;
(b) a statement in writing of the amount of the indebtedness and of the terms of payment of the indebtedness, as of the date specified in the demand;
(c) a written approval or correction of an itemized list of personal property attached to the demand indicating which items are collateral as of the date specified in the demand;
(d) a written approval or correction of the amount of indebtedness and of the terms of payment of the indebtedness, as of the date specified in the demand;
(e) sufficient information as to the location of the security agreement or a copy of it within the Province to enable a person entitled to receive a copy of the security agreement to inspect it within the Province.
18(4)A person with an interest in personal property of the debtor is entitled to make a demand under subsection (1) only with respect to a security agreement providing for a security interest in the personal property in which the person has an interest.
18(5)The secured party, on the demand of a person entitled to receive a copy of the security agreement referred to in paragraph (3)(a), shall permit the person to inspect the security agreement or a copy of it during regular business hours at the location referred to in paragraph (3)(e).
18(6)If a person makes a demand under subsection (1) for a written approval or correction of an itemized list referred to in paragraph (3)(c) and the secured party claims a security interest in all of the debtor’s present and after-acquired personal property, in all of the debtor’s present and after-acquired personal property except specified items or kinds of personal property or in all of a specified kind of the debtor’s personal property, the secured party may indicate this instead of approving or correcting the itemized list.
18(7)A secured party shall comply with a demand under subsection (1) or (5) within
(a) twenty-five days after the demand is made, if the secured party is a trustee under a trust indenture, or
(b) ten days after the demand is made, in the case of any other secured party.
18(8)If, without reasonable excuse, the secured party fails to comply with a demand under subsection (1) or (5) within the time specified in subsection (7) or provides an incomplete or incorrect reply to a demand under subsection (1), the person making the demand, in addition to any other remedy provided by this Act, may apply to the Court for an order requiring the secured party to comply with the demand.
18(9)If a person receiving a demand under subsection (1) or (5) no longer has an interest in the obligation or property of the debtor that is the subject of the demand, that person shall, within fifteen days after receiving the demand, disclose the name and address of the immediate successor in interest and, if known, the latest successor in interest.
18(10)If, without reasonable excuse, the person receiving the demand fails to comply with subsection (9), the person making the demand, in addition to any other remedy provided in this Act, may apply to the Court for an order requiring the person receiving the demand to comply.
18(11)On an application under subsection (8) or (10), the Court may make an order requiring the secured party or the person receiving the demand to comply with the demand or to disclose the information.
18(12)On an application under subsection (8) or (10) or on a separate application, the Court may make
(a) any order that it considers necessary to ensure compliance with the demand, and
(b) an order that, in the event of non-compliance with an order made on an application under subsection (8), the security interest of the secured party in relation to which the demand was made is unperfected or extinguished and the person making the demand may register a financing change statement discharging any registration related to that security interest.
18(13)On an application under subsection (8) or (10), or on an application by the secured party referred to in subsection (8) or by the person receiving a demand referred to in subsection (9), the Court, subject to section 66, may make
(a) an order exempting the secured party or person receiving the demand in whole or in part from complying with subsection (7) or (9), unless the demand is made by the debtor, or
(b) an order extending the time for compliance.
18(14)If a secured party replies to a demand under subsection (1), the secured party and a successor in interest referred to in subsection (9) are estopped, for the purposes of this Act, as against the person making the demand, and any other person who can reasonably be expected to rely on the reply to the extent that the person relied on the reply, from denying
(a) the accuracy of any of the information referred to in paragraph (3)(b), (c) or (d) that is contained in the reply, or
(b) that the copy of the security agreement referred to in paragraph (3)(a) that is provided with the reply is a true copy of that security agreement.
18(15)A successor in interest referred to in subsection (9) is not estopped under subsection (14) if
(a) the person making the demand knows the identity and address of the successor in interest, or
(b) before the demand, a financing change statement has been registered under section 45 disclosing the successor in interest as the secured party.
18(16)The person to whom a demand is made under this section may require payment in advance of a fee in the amount prescribed for each demand, but the debtor is entitled to a reply without charge once every six months.
18(17)A secured party who receives a demand that purports to be made by a person entitled to make the demand under subsection (1) may act as if the person is entitled to make the demand unless the secured party knows that the person is not entitled to make it.
1994, c.22, s.4
Obtaining information about the security agreement
18(1)The debtor, a creditor, a sheriff, a person with an interest in personal property of the debtor, or an authorized representative of any of them may require a secured party, by a demand in writing, to send or make available the information or documentation referred to in subsection (3) to the person making the demand or, if the demand is made by the debtor, to any person at an address specified by the debtor.
18(2)A demand under subsection (1) shall contain an address for reply and may be delivered to the secured party
(a) at the most recent address of the secured party that was registered as part of a financing statement that includes a description of personal property of the debtor, or
(b) at a more recent address that is the current address of the secured party if known by the person making the demand.
18(3)Any or all of the following may be demanded under subsection (1):
(a) a copy of any security agreement providing for a security interest held by the secured party in the personal property of the debtor;
(b) a statement in writing of the amount of the indebtedness and of the terms of payment of the indebtedness, as of the date specified in the demand;
(c) a written approval or correction of an itemized list of personal property attached to the demand indicating which items are collateral as of the date specified in the demand;
(d) a written approval or correction of the amount of indebtedness and of the terms of payment of the indebtedness, as of the date specified in the demand;
(e) sufficient information as to the location of the security agreement or a copy of it within the Province to enable a person entitled to receive a copy of the security agreement to inspect it within the Province.
18(4)A person with an interest in personal property of the debtor is entitled to make a demand under subsection (1) only with respect to a security agreement providing for a security interest in the personal property in which the person has an interest.
18(5)The secured party, on the demand of a person entitled to receive a copy of the security agreement referred to in paragraph (3)(a), shall permit the person to inspect the security agreement or a copy of it during regular business hours at the location referred to in paragraph (3)(e).
18(6)If a person makes a demand under subsection (1) for a written approval or correction of an itemized list referred to in paragraph (3)(c) and the secured party claims a security interest in all of the debtor’s present and after-acquired personal property, in all of the debtor’s present and after-acquired personal property except specified items or kinds of personal property or in all of a specified kind of the debtor’s personal property, the secured party may indicate this instead of approving or correcting the itemized list.
18(7)A secured party shall comply with a demand under subsection (1) or (5) within
(a) twenty-five days after the demand is made, if the secured party is a trustee under a trust indenture, or
(b) ten days after the demand is made, in the case of any other secured party.
18(8)If, without reasonable excuse, the secured party fails to comply with a demand under subsection (1) or (5) within the time specified in subsection (7) or provides an incomplete or incorrect reply to a demand under subsection (1), the person making the demand, in addition to any other remedy provided by this Act, may apply to the Court for an order requiring the secured party to comply with the demand.
18(9)If a person receiving a demand under subsection (1) or (5) no longer has an interest in the obligation or property of the debtor that is the subject of the demand, that person shall, within fifteen days after receiving the demand, disclose the name and address of the immediate successor in interest and, if known, the latest successor in interest.
18(10)If, without reasonable excuse, the person receiving the demand fails to comply with subsection (9), the person making the demand, in addition to any other remedy provided in this Act, may apply to the Court for an order requiring the person receiving the demand to comply.
18(11)On an application under subsection (8) or (10), the Court may make an order requiring the secured party or the person receiving the demand to comply with the demand or to disclose the information.
18(12)On an application under subsection (8) or (10) or on a separate application, the Court may make
(a) any order that it considers necessary to ensure compliance with the demand, and
(b) an order that, in the event of non-compliance with an order made on an application under subsection (8), the security interest of the secured party in relation to which the demand was made is unperfected or extinguished and the person making the demand may register a financing change statement discharging any registration related to that security interest.
18(13)On an application under subsection (8) or (10), or on an application by the secured party referred to in subsection (8) or by the person receiving a demand referred to in subsection (9), the Court, subject to section 66, may make
(a) an order exempting the secured party or person receiving the demand in whole or in part from complying with subsection (7) or (9), unless the demand is made by the debtor, or
(b) an order extending the time for compliance.
18(14)If a secured party replies to a demand under subsection (1), the secured party and a successor in interest referred to in subsection (9) are estopped, for the purposes of this Act, as against the person making the demand, and any other person who can reasonably be expected to rely on the reply to the extent that the person relied on the reply, from denying
(a) the accuracy of any of the information referred to in paragraph (3)(b), (c) or (d) that is contained in the reply, or
(b) that the copy of the security agreement referred to in paragraph (3)(a) that is provided with the reply is a true copy of that security agreement.
18(15)A successor in interest referred to in subsection (9) is not estopped under subsection (14) if
(a) the person making the demand knows the identity and address of the successor in interest, or
(b) before the demand, a financing change statement has been registered under section 45 disclosing the successor in interest as the secured party.
18(16)The person to whom a demand is made under this section may require payment in advance of a fee in the amount prescribed for each demand, but the debtor is entitled to a reply without charge once every six months.
18(17)A secured party who receives a demand that purports to be made by a person entitled to make the demand under subsection (1) may act as if the person is entitled to make the demand unless the secured party knows that the person is not entitled to make it.
1994, c.22, s.4