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Canada–Newfoundland and Labrador Atlantic Accord Implementation Act

Version of section 102 from 2014-12-31 to 2022-07-25:


Marginal note:Definitions

  •  (1) In this Division,

    assignment of security interest

    assignment of security interest means a notice of the assignment of a security interest or any part thereof in respect of which a security notice has been registered under this Division; (cession de sûreté)

    court

    court means the Trial Division of the Supreme Court of Newfoundland and Labrador and includes any of its judges; (tribunal)

    Deputy Registrar

    Deputy Registrar means such person as the Board may designate as the Deputy Registrar for the purposes of this Division; (directeur adjoint)

    discharge

    discharge means a notice of the discharge of a security notice or postponement and includes a partial discharge; (mainlevée)

    instrument

    instrument means a discharge, postponement, security notice, transfer or an assignment of a security interest; (acte)

    operator’s lien

    operator’s lien means any charge on or right in relation to an interest or a share in an interest

    • (a) that arises under a contract

      • (i) to which the interest owner or holder of the interest or share is a party,

      • (ii) that provides for the operator appointed thereunder to carry out any work or activity related to the exploration for or the development or production of petroleum in the portions of the offshore area to which the interest or share applies, and

      • (iii) that requires the interest owner or holder to make payments to the operator to cover all or part of the advances made by the operator in respect of the costs and expenses of such work or activity, and

    • (b) that secures the payments referred to in subparagraph (a)(iii); (privilège de l’exploitant)

    postponement

    postponement means a document evidencing the postponement of a security notice or operator’s lien; (cession de priorité)

    Registrar

    Registrar means such person as the Board may designate as the Registrar for the purposes of this Division; (directeur)

    secured party

    secured party means the person claiming a security interest under a security notice; (partie garantie)

    security interest

    security interest means any charge on or right in relation to an interest or a share in an interest that, pursuant to a written agreement, secures any payment or performance of an obligation, including

    • (a) the payment of an indebtedness arising from an existing or future loan or advance of money,

    • (b) a bond, debenture or other security of a corporation, or

    • (c) the performance of the obligations of a guarantor under a guarantee given in respect of all or any part of an indebtedness referred to in paragraph (a) or all or any part of a bond, debenture or other security of a corporation,

    and includes a security given under section 426 of the Bank Act, but does not include an operator’s lien; (sûreté)

    security notice

    security notice means a notice of a security interest; (Version anglaise seulement)

    transfer

    transfer means a transfer of an interest or a share in an interest. (transfert)

  • Marginal note:Assignees deemed secured parties

    (2) Where an assignment of security interest is registered under this Division, a reference in this Division to a secured party shall, in respect of the security notice to which the assignment of security interest relates, be read as a reference to the assignee named in the assignment of security interest.

  • 1987, c. 3, s. 102
  • 1988, c. 28, s. 259
  • 1990, c. 41, s. 12
  • 1991, c. 46, s. 585
  • 2014, c. 13, s. 19
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