Acts and Regulations

P-7.1 - Personal Property Security Act

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Damages recoverable by a lessor or consignor
21If the interest of a lessor under a lease for a term of more than one year or of a consignor under a commercial consignment is not effective against a person under paragraph 20(2)(a) or (b) or if the leased goods are seized pursuant to judgment enforcement proceedings by a person entitled to priority under subsection 20(1), the lessor or consignor shall be deemed to have suffered damages, as against the lessee or consignee in an amount equal to
(a) the value of the leased or consigned goods at the time of the bankruptcy, winding-up order or seizure, and
(b) the amount of the loss, other than that referred to in paragraph (a), resulting from the termination of the lease or consignment.
Damages recoverable by a lessor or consignor
21If the interest of a lessor under a lease for a term of more than one year or of a consignor under a commercial consignment is not effective against a person under paragraph 20(2)(a) or (b) or if the leased goods are seized pursuant to judgment enforcement proceedings by a person entitled to priority under subsection 20(1), the lessor or consignor shall be deemed to have suffered damages, as against the lessee or consignee in an amount equal to
(a) the value of the leased or consigned goods at the time of the bankruptcy, winding-up order or seizure, and
(b) the amount of the loss, other than that referred to in paragraph (a), resulting from the termination of the lease or consignment.