Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Canada–Newfoundland and Labrador Atlantic Accord Implementation Act (S.C. 1987, c. 3)

Act current to 2019-07-01 and last amended on 2019-01-01. Previous Versions

PART IIPetroleum Resources (continued)

DIVISION VIIITransfers, Assignments and Registration (continued)

Registration (continued)

Marginal note:Deemed notice

 The registration of an instrument under this Division shall be deemed to constitute actual notice of the instrument to all persons as of the time of registration of the instrument and, in the case of a security notice, shall be deemed to constitute actual notice to all persons who may serve a demand for information under section 113 in respect of the security notice of the contents of the documents specified in the security notice.

Marginal note:Priority of rights

  •  (1) Subject to subsections (2) and (5), any particular right, in relation to an interest or a share therein, in respect of which an instrument has been registered under this Division at any time has priority over and is valid against any other right, in relation to that interest or share,

    • (a) in respect of which an instrument may be registered under this Division,

      • (i) where the instrument was not so registered, or

      • (ii) where the instrument was so registered after that time,

      whether that other right was acquired before or after that particular right; or

    • (b) in respect of which an instrument may not be registered under this Division, acquired after that time.

  • Marginal note:Transitional

    (2) Where any right in respect of which an instrument may be registered under this Division was acquired before the coming into force of this section and an instrument in respect of such right is registered under this Division not later than one hundred and eighty days after the coming into force of this section, the priority and validity of such right shall be determined as though the instrument was registered under this Division at the time the right was acquired and as though this section was in force at that time.

  • Marginal note:Idem

    (3) Notwithstanding subsection (2), no right in respect of which that subsection applies shall have priority over and be valid against any other right in respect of which that subsection applies but in respect of which an instrument is not registered within the period referred to in that subsection, where the person claiming the right in respect of which an instrument is registered within that period acquired such right with actual knowledge of the other right.

  • Marginal note:Idem

    (4) No instrument in respect of any right to which subsection (2) applies shall be registered unless it is accompanied by the statutory declaration, in prescribed form, of the person claiming such right, attesting to the time at which such right was acquired.

  • Marginal note:Operator’s lien

    (5) An operator’s lien, in relation to an interest or share therein, shall, without registration of any document evidencing the operator’s lien, have priority over and be valid against any other right, in relation to that interest or share, in respect of which an instrument may be registered under this Division, whether an instrument in respect of that other right was registered before or after the acquisition of the operator’s lien or the operator’s lien was acquired before or after that other right, unless the operator’s lien is postponed with respect to such other rights by the registration under this Division of a postponement in respect of the operator’s lien and a discharge in respect of that postponement has not been registered under this Division.

  • 1987, c. 3, s. 112
  • 1994, c. 26, s. 12(F)

Marginal note:Demand for information

  •  (1) A person may, in accordance with this section, serve a demand for information in respect of a security notice that has been registered under this Division in relation to an interest or a share therein where that person

    • (a) is the holder of that interest or share;

    • (b) is specified in the security notice as the person from whom the security interest was acquired;

    • (c) is the secured party under another security notice registered under this Division in relation to that interest or share;

    • (d) is a member of a class of persons prescribed by the regulations for the purposes of this subsection; or

    • (e) obtains leave to do so from the court.

  • Marginal note:Contents of demand notice

    (2) A demand for information, in respect of a security notice, may be served pursuant to subsection (1) by serving on the secured party under the security notice a demand notice, in prescribed form, requiring the secured party

    • (a) to inform the person serving the demand notice, within fifteen days after service of the notice, of the place where the documents specified in the security notice or copies thereof are located and available for examination, and of the normal business hours during which the examination may be made; and

    • (b) to make such documents or copies thereof available for examination at that place during normal business hours by or on behalf of the person serving the notice, within a reasonable period after the demand notice is served.

  • Marginal note:Service

    (3) A demand for information is served for the purposes of this section if it is sent by registered mail or delivered to the official address for service in respect of the security notice according to the records of the Registrar.

  • Marginal note:Compliance with demand

    (4) A demand for information served pursuant to subsection (1) may be complied with by mailing or delivering to the person serving the demand notice a true copy of the documents referred to in the demand notice.

  • Marginal note:Court order where failure to comply

    (5) Where a secured party fails without reasonable excuse to comply with a demand for information in respect of a security notice in relation to an interest or share therein served on the secured party in accordance with this section, the court may, on application by the person who served the demand notice, make an order requiring the secured party to comply with the demand for information within the time and in the manner specified in the order.

  • Marginal note:Where failure to comply with court order

    (6) Where a secured party fails to comply with an order of a court made under subsection (5), the court may, on the application of the person who applied for the order,

    • (a) make any other order the court considers necessary to ensure compliance with the order made under subsection (5); or

    • (b) make an order directing the Registrar to cancel the registration of the security notice.

  • Definition of document

    (7) In this section, document includes any amendment to the document.

Marginal note:Notice to take proceedings

  •  (1) A person who may serve a demand for information in respect of a security notice in relation to an interest or a share therein pursuant to subsection 113(1) may

    • (a) serve on the secured party under the security notice a notice to take proceedings, in prescribed form, directing that secured party to apply to the court within sixty days after the day on which the notice to take proceedings is served, for an order substantiating the security interest claimed in the security notice; or

    • (b) commence proceedings in the court, requiring the secured party to show cause why the registration of the security notice should not be cancelled.

  • Marginal note:Order to shorten notice to take proceedings

    (2) The court may, by order, on the ex parte application of a person who proposes to serve a notice to take proceedings under subsection (1), shorten the sixty day period referred to in paragraph (1)(a) and, if the order is made,

    • (a) paragraph (1)(a) shall, in relation to that notice to take proceedings, be deemed to refer to the shorter period; and

    • (b) a certified copy of the order shall be served with that notice to take proceedings.

  • Marginal note:Order to extend notice to take proceedings

    (3) The court may, on the application of a secured party served with a notice to take proceedings, extend the period for applying to the court referred to in paragraph (1)(a), whether or not that period has been shortened under subsection (2).

  • Marginal note:Service

    (4) A notice to take proceedings is served for the purposes of this section if it is sent by registered mail or delivered to the secured party at the official address for service in respect of the security notice according to the records of the Registrar.

  • Marginal note:Cancellation of registration of security notice

    (5) The registration of a security notice shall be cancelled on submission to the Registrar of a statutory declaration showing that

    • (a) a notice to take proceedings was served in accordance with this section; and

    • (b) no application was commenced in accordance with the notice to take proceedings or within the period extended pursuant to subsection (3) or an application so made was dismissed by the court or discontinued.

  • Marginal note:No further registration after cancellation

    (6) Where the registration of a security notice in respect of a security interest is cancelled pursuant to subsection (5) or (7), the secured party under the security notice may not submit for registration under this Division another security notice in respect of that security interest without leave of the court to do so.

  • Marginal note:Cancellation of registration on order of court

    (7) The registration of a security notice shall be cancelled where there is submitted to the Registrar a certified copy of an order or judgment of a court directing the Registrar to do so, whether as a result of proceedings taken under this Division or otherwise.

 
Date modified: