Marginal note:Character of compensation
Marginal note:Effect of payment in case of security interest
(2) Any compensation agreed to be payable or the compensation adjudged by the Court under this Part to be payable in respect of a security interest described in subsection 26(10) shall, for all purposes as between the owner of the interest subject to the security interest and the owner of the security interest, be deemed to discharge any liability, under the terms of the security, of the owner of the interest subject to the security interest, to the extent of the compensation so agreed or adjudged to be payable, and, where any amount or proportion of any amount described in subparagraph 26(10)(b)(ii) is included in the compensation, to be in full satisfaction of any notice or bonus required under the terms of the security in respect of the prepayment thereof resulting from the expropriation.
- R.S., c. 16(1st Supp.), s. 30
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