Canada Petroleum Resources Act

Marginal note:Definitions

• 84 (1) In this Part,

  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 Part; (cession de sûreté)

  court

  court means, with respect to any frontier lands or any portion thereof, such superior court as may be prescribed and includes a judge thereof; (tribunal)

  Deputy Registrar

  Deputy Registrar means

  • (a) in relation to any area in respect of which the Minister of Natural Resources has administrative responsibility for the natural resources therein, such person as that Minister may designate, and

  • (b) in relation to any area in respect of which the Minister of Northern Affairs has administrative responsibility for the natural resources therein, such person as that Minister may designate; (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 frontier lands 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

  • (a) in relation to any area in respect of which the Minister of Natural Resources has administrative responsibility for the natural resources therein, such person as that Minister may designate, and

  • (b) in relation to any area in respect of which the Minister of Northern Affairs has administrative responsibility for the natural resources therein, such person as that Minister may designate; (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 secures

  • (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 Part, a reference in this Part 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.