O. Reg. 356/03: INABILITY TO OPERATE REGISTRATION SYSTEM

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Personal Property Security Act

ONTARIO REGULATION 356/03

Inability to Operate Registration System

Consolidation Period:  From August 28, 2003 to the e-Laws currency date.

No amendments.

This is the English version of a bilingual regulation.

Priorities, general rule

1. Despite subsection 30 (6) of the Act, if a security interest that had been perfected by registration became unperfected in the time period set out in Column 1 of the following Table, 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 the date set out opposite it in Column 2:

Table
Deadlines for Re-Registration of Security Interest

 

Column 1 Time Period during which the Security Interest became Unperfected	Column 2 Deadline for Re-registration
between March 13, 2002 and May 8, 2002	May 23, 2002
between August 14, 2003 and August 24, 2003	September 8, 2003

O. Reg. 356/03, s. 1.

Purchase-money security interests

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. 356/03, s. 2 (1).

(2) 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 September 19, 2003 if,

(a) the collateral subject to the purchase-money security interest is not an intangible and, between August 4, 2003 and September 9, 2003, 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 August 4, 2003 and September 9, 2003.  O. Reg. 356/03, s. 2 (2).

(3) A purchase-money security interest to which subsection (1) or (2) 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) or (2), as the case may be, the purchase-money security interest is perfected by registration and the notices required by subsection 33 (1) of the Act are given.  O. Reg. 356/03, s. 2 (3).

Consumer goods, duty of secured party to discharge

3. If the 30-day period for registering a financing change statement mentioned in clause 57 (1) (a) of the Act expired in the time period set out in Column 1 of the following Table, the period for registering the financing change statement is extended until the date set out opposite it in Column 2:

Table
DEADLINES for registering a financing change statement

 

Column 1 Time Period during which the 30-day Period for Registering a Financing Change Statement mentioned in clause 57 (1) (a) of the Act expired	Column 2 Date of Extension
between March 13, 2002 and May 8, 2002	May 23, 2002
between August 14, 2003 and August 24, 2003	September 4, 2003

O. Reg. 356/03, s. 3.

4. Omitted (revokes other Regulations).  O. Reg. 356/03, s. 4.

 

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