Acts and Regulations

P-7.1 - Personal Property Security Act

Section 49
Disposition versions

Full text
Fixtures and crops: registrations in the land registration system
1994, c.22, s.10
49(1)In this section
“debtor” includes any person named as a debtor in a notice registered under this section;(débiteur)
“land registration office” means the land registry office for a county or the land titles office for a land registration district;(bureau de l’enregistrement de bien-fonds)
“land registry” means the records of a land registry office or the title register of a land titles office;(registre de bien-fonds)
“secured party” includes any person named as a secured party in a notice registered under this section.(partie garantie)
49(2)A security interest in a fixture under section 36 and a security interest in a crop under section 37 may be registered in the land registry by submitting a notice in accordance with the regulations to the appropriate land registration office.
49(3)On the submission of a notice under subsection (2) and on the payment of any prescribed fee, the registrar of the land registration office to which the notice is submitted shall register it in the land registry for that office.
49(4)On the registration of a notice under subsection (3), every person dealing with the land to which the notice relates shall be deemed to have knowledge of the security interest referred to in the notice.
49(5)The secured party or person named as secured party in a notice registered under subsection (3) shall give to each person named as a debtor in the notice, within thirty days after it is registered, a copy of the notice, except where that person has waived in writing the right to receive it.
49(6)If a notice registered under subsection (3) has not expired, notice of its renewal, amendment or discharge or notice of the transfer or subordination of the security interest to which it relates may be registered by submitting a notice in accordance with the regulations to the appropriate land registration office.
49(7)On the submission of a notice under subsection (6) and on the payment of any prescribed fee, the registrar of the office to which the notice is submitted shall register it in the land registry for that office.
49(8)Subsections 43(6), (7), (8), (10) and (11) and sections 44 and 45 apply with the necessary modifications to the notices referred to in subsections (2) and (6).
49(9)If a notice registered under subsection (3) expires or a notice of its discharge is registered under subsection (7), it is of no effect and the appropriate registrar may cancel registration of the notice and any other notice that relates to the same security interest in the land registry.
49(10)The debtor named in a notice registered under subsection (3) or (7), and any person with a registered interest in the land to which the notice relates, may give a written demand to the secured party if
(a) all of the obligations under the security agreement to which the notice relates have been performed,
(b) the secured party has agreed to release part or all of the collateral described in the notice,
(c) the description of the collateral contained in the notice includes an item or kind of property that is not collateral under a security agreement between the secured party and the debtor, or
(d) no security agreement exists between the secured party and the debtor.
49(11)A demand under subsection (10) may require that the secured party, within thirty days after the demand is given, submit for registration a notice under subsection (6)
(a) discharging the registration of the notice, in a case within paragraph (10)(a) or (d),
(b) amending or discharging the registration of the notice to reflect the terms of the agreement, in a case within paragraph (10)(b), or
(c) amending the collateral description in the notice to exclude items or kinds of property that are not collateral under a security agreement between the secured party and the debtor, in a case within paragraph (10)(c).
49(12)If a secured party fails to comply with a demand under subsection (10) within thirty days after it is given, or fails to give to the person giving the demand an order of the Court confirming that the registration need not be amended or discharged, the person giving the demand may submit for registration the notice referred to in subsection (11) and the registrar shall register the notice.
49(13)A demand under subsection (10) may be given in accordance with section 69 or by registered mail addressed to the address of the secured party as it appears on the most recent notice registered under subsection (3) or (7).
49(14)On application by the secured party, the Court may order that the registration
(a) be maintained on any condition, and subject to section 44, for any period of time, or
(b) be discharged or amended.
49(15)Subsection (12) does not apply to a registration of a notice of a security interest provided for in a trust indenture if the notice states that the security agreement providing for the security interest is a trust indenture.
49(16)In a case within subsection (15), if the secured party fails to comply with a demand under subsection (10) within fifteen days after it is given, the person making the demand may apply to the Court for an order directing that the registration be amended or discharged.
49(17)No fee or expense shall be charged by a secured party for compliance with a demand given under subsection (10) unless the charge was agreed to by the parties before the demand was given.
1994, c.22, s.11
Fixtures and crops: registrations in the land registration system
1994, c.22, s.10
49(1)In this section
“debtor” includes any person named as a debtor in a notice registered under this section;
“land registration office” means the land registry office for a county or the land titles office for a land registration district;
“land registry” means the records of a land registry office or the title register of a land titles office;
“secured party” includes any person named as a secured party in a notice registered under this section.
49(2)A security interest in a fixture under section 36 and a security interest in a crop under section 37 may be registered in the land registry by submitting a notice in accordance with the regulations to the appropriate land registration office.
49(3)On the submission of a notice under subsection (2) and on the payment of any prescribed fee, the registrar of the land registration office to which the notice is submitted shall register it in the land registry for that office.
49(4)On the registration of a notice under subsection (3), every person dealing with the land to which the notice relates shall be deemed to have knowledge of the security interest referred to in the notice.
49(5)The secured party or person named as secured party in a notice registered under subsection (3) shall give to each person named as a debtor in the notice, within thirty days after it is registered, a copy of the notice, except where that person has waived in writing the right to receive it.
49(6)If a notice registered under subsection (3) has not expired, notice of its renewal, amendment or discharge or notice of the transfer or subordination of the security interest to which it relates may be registered by submitting a notice in accordance with the regulations to the appropriate land registration office.
49(7)On the submission of a notice under subsection (6) and on the payment of any prescribed fee, the registrar of the office to which the notice is submitted shall register it in the land registry for that office.
49(8)Subsections 43(6), (7), (8), (10) and (11) and sections 44 and 45 apply with the necessary modifications to the notices referred to in subsections (2) and (6).
49(9)If a notice registered under subsection (3) expires or a notice of its discharge is registered under subsection (7), it is of no effect and the appropriate registrar may cancel registration of the notice and any other notice that relates to the same security interest in the land registry.
49(10)The debtor named in a notice registered under subsection (3) or (7), and any person with a registered interest in the land to which the notice relates, may give a written demand to the secured party if
(a) all of the obligations under the security agreement to which the notice relates have been performed,
(b) the secured party has agreed to release part or all of the collateral described in the notice,
(c) the description of the collateral contained in the notice includes an item or kind of property that is not collateral under a security agreement between the secured party and the debtor, or
(d) no security agreement exists between the secured party and the debtor.
49(11)A demand under subsection (10) may require that the secured party, within thirty days after the demand is given, submit for registration a notice under subsection (6)
(a) discharging the registration of the notice, in a case within paragraph (10)(a) or (d),
(b) amending or discharging the registration of the notice to reflect the terms of the agreement, in a case within paragraph (10)(b), or
(c) amending the collateral description in the notice to exclude items or kinds of property that are not collateral under a security agreement between the secured party and the debtor, in a case within paragraph (10)(c).
49(12)If a secured party fails to comply with a demand under subsection (10) within thirty days after it is given, or fails to give to the person giving the demand an order of the Court confirming that the registration need not be amended or discharged, the person giving the demand may submit for registration the notice referred to in subsection (11) and the registrar shall register the notice.
49(13)A demand under subsection (10) may be given in accordance with section 69 or by registered mail addressed to the address of the secured party as it appears on the most recent notice registered under subsection (3) or (7).
49(14)On application by the secured party, the Court may order that the registration
(a) be maintained on any condition, and subject to section 44, for any period of time, or
(b) be discharged or amended.
49(15)Subsection (12) does not apply to a registration of a notice of a security interest provided for in a trust indenture if the notice states that the security agreement providing for the security interest is a trust indenture.
49(16)In a case within subsection (15), if the secured party fails to comply with a demand under subsection (10) within fifteen days after it is given, the person making the demand may apply to the Court for an order directing that the registration be amended or discharged.
49(17)No fee or expense shall be charged by a secured party for compliance with a demand given under subsection (10) unless the charge was agreed to by the parties before the demand was given.
1994, c.22, s.11