O. Reg. 150/02: INABILITY TO OPERATE REGISTRATION SYSTEMSkip to content
|revoked or spent August 28, 2003|
Personal Property Security Act
ONTARIO REGULATION 150/02
Amended to: O. Reg. 356/03
INABILITY TO OPERATE REGISTRATION SYSTEM
Note: This Regulation was revoked on August 28, 2003. See: O. Reg. 356/03, s. 4.
This is the English version of a bilingual regulation.
Priorities, general rule
1. Despite subsection 30 (6) of the Act, where a security interest that had been perfected by registration became unperfected between March 13, 2002 and May 8, 2002, the security interest shall be deemed to have been continuously perfected from the time of first perfection if the security interest is again perfected by registration on or before May 23, 2002. O. Reg. 150/02, s. 1.
Purchase-money security interests, inventory
2. (1) Despite subsections 33 (1) and (2) of the Act, the time for perfecting a purchase-money security interest by registration and for giving the notices required by subsection 33 (1) of the Act is extended until June 6, 2002 if,
(a) the collateral subject to the purchase-money security interest is not an intangible and, between March 3, 2002 and May 8, 2002, the debtor obtained possession of the collateral or a third party, at the request of the debtor, obtained or held possession of the collateral; or
(b) the collateral subject to the purchase-money security interest is an intangible and the purchase-money security interest attached between March 3, 2002 and May 8, 2002. O. Reg. 150/02, s. 2 (1).
(2) A purchase-money security interest to which subsection (1) applies shall be deemed to have the priority given by subsection 33 (1) or (2) of the Act, as the case may be, if, within the extended period mentioned in subsection (1), the purchase-money security interest is perfected by registration and the notices required by subsection 33 (1) of the Act are given. O. Reg. 150/02, s. 2 (2).
Consumer goods, duty of secured party to register or provide discharge
3. If the 30-day period for registering a financing change statement mentioned in clause 57 (1) (a) of the Act expired between March 13, 2002 and May 8, 2002, the period is extended until May 23, 2002. O. Reg. 150/02, s. 3.