Marginal note:Character of compensation
33 (1) Any compensation agreed to be payable or the compensation adjudged by the Court under this Part to be payable in respect of an expropriated interest or right stands in lieu of the interest or right.
Marginal note:Effect of payment in case of security interest or real security
(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 or real security described in subsection 26(10) is, for all purposes as between the owner or holder of the interest or right, subject to the security interest or real security and the owner or holder of the security interest or real security, to be deemed to discharge any liability, under the terms of the security, of the owner or holder of the interest or right, subject to the security interest or real security, to the extent of the compensation so agreed or adjudged to be payable, and, if 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 its prepayment resulting from the expropriation.
- R.S., 1985, c. E-21, s. 33
- 2011, c. 21, s. 147
- Date modified: