Canada-Newfoundland Atlantic Accord Implementation Act (S.C. 1987, c. 3)

Marginal note:Demand for information

• 113. (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.

• Marginal note:Definition of “document”

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