1992 Legislative Session: 1st Session, 35th Parliament
The following electronic version is for informational purposes only.
The printed version remains the official version.
MINISTER OF FINANCE AND
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:
1 In this Act
"claim" has the meaning given in a regulation made under this Act;
"financing statement" means
(a) a printed financing statement in a form prescribed under the Personal Property Security Act or this Act including a financing charge statement, and
(b) data authorized by a regulation prescribed under the Personal Property Security Act or this Act to be transmitted electronically, directly to the computer data base of the registry to effect a registration;
"holder" means a person identified on a financing statement as having a claim;
"registrar" means the registrar of the personal property registry;
"registry" means the personal property registry established under the Personal Property Security Act.
2 A person may register a claim against personal property in the registry by registering a financing statement in accordance with the regulations made under the Personal Property Security Act and this Act.
3 A single registration may relate to more than one claim.
4 (1) Sections 42 (5), 43 (1) to (3), (12) and (13), 44, 46 (1), 48 and 54 of the Personal Property Security Act apply to registrations under this Act.
(2) For the purpose of applying the sections of the Personal Property Security Act referred to in subsection (1), a reference to "debtor" in the Personal Property Security Act must be read as a reference to a person who owns personal property that is subject to a claim.
5 (1) Registration under this Act does not affect the priority of an interest in personal property unless another enactment of British Columbia or Canada provides otherwise.
(2) Registration under this Act of a financing statement in the registry is not express, constructive or implied notice or knowledge of its contents, or of the claim to which it relates, to any person unless another enactment of British Columbia or Canada provides otherwise.
6 (1) If a claim that was registered under this Act ceases to exist, the holder must discharge the registration within one month of the claim ceasing to exist, by registering a form prescribed under the Personal Property Security Act or this Act.
(2) If the registration relates to more than one claim, the holder must partially discharge the registration by discharging that part of the registration that relates to the claim that has ceased to exist within one month of the claim ceasing to exist, by registering a form prescribed under the Personal Property Security Act or this Act.
(3) If the holder does not comply with subsection (1) or (2), a person with an interest in the personal property against which the claim is registered may require the holder to discharge the registration by giving a written demand in a form prescribed under the Personal Property Security Act or this Act.
(4) The demand may be given to the holder
(a) in accordance with section 72 of the Personal Property Security Act, or
(b) by registered mail addressed to the address of the holder as it appears on the financing statement.
(5) If the holder fails to discharge or partially discharge the registration as required by subsection (1) or (2), a person making the demand under subsection (3) may apply to a court having jurisdiction for an order directing that the registration be discharged or partially discharged.
(6) No fee or expense may be charged and no amount may be accepted by the holder for compliance with this section, unless the charge is agreed to by the parties before the demand is made.
7 The registrar may remove information from the records of the registry
(a) when the registration is no longer effective,
(b) on the receipt of a prescribed form discharging or partially discharging the registration, and
(c) on the receipt of a court order compelling the discharge or partial discharge of a registration.
8 (1) The Province is not liable either directly or vicariously for loss or damage suffered by a person because of
(a) verbal advice given by an agent or employee of the Province respecting
(i) this Act, the Personal Property Security Act or a regulation made under either Act, or
(ii) the operation of the registry
unless the person who brings the action proves that the agent or employee was not acting in good faith, or
(b) failure to register or to register correctly data authorized under a regulation to be transmitted electronically, directly to the computer data base of the registry to effect a registration.
(2) If an action is brought against the Province for the recovery of loss or damage that results from the failure of the registrar to register a claim submitted for registration, it is a defence to the action that the failure to register was because
(a) the applicant did not pay a prescribed fee, if any, for registration,
(b) the registrar had refused to register due to circumstances referred to in section 42 (5) of the Personal Property Security Act, or
(c) the registrar had refused to register for a reason referred to in section 43 (12) of the Personal Property Security Act.
(3) Nothing in this section limits any defences that would be available to the Province in the absence of this section.
9 (1) The Lieutenant Governor in Council may make regulations.
(2) Without limiting the generality of the foregoing, the Lieutenant Governor in Council may make regulations
(a) defining "claim",
(b) respecting matters set out in section 76 of the Personal Property Security Act with the necessary changes so that they apply to this Act, and
(c) requiring a holder to give a prescribed person a copy of a verification statement or a copy of a financing statement in a prescribed manner and within a prescribed time.
(3) A regulation made under subsection (1) or (2) may be made in respect of different classes of persons or transactions.
(4) Nothing in this section affects the power to make regulations under the Personal Property Security Act.
10 This Act comes into force by regulation of the Lieutenant Governor in Council.
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Copyright © 1992: Queen's Printer, Victoria, British Columbia, Canada