BILL NO. 3
(as passed, with amendments)
3rd Session, 58th General Assembly
Nova Scotia
52 Elizabeth II, 2003
Personal Property Security Act
(amended)
CHAPTER 13 OF THE ACTS OF 2003
The Honourable Peter G. Christie
Minister of Service Nova Scotia and Municipal Relations
First Reading: March 28, 2003 (LINK TO BILL AS INTRODUCED)
Second Reading: April 15, 2003
Third Reading: May 22, 2003 (WITH COMMITTEE AMENDMENTS)
Royal Assent: May 22, 2003
An Act to Amend Chapter 13
of the Acts of 1995-96,
the Personal Property Security Act
Be it enacted by the Governor and Assembly as follows:
1 Section 2 of Chapter 13 of the Acts of 1995-96, the Personal Property Security Act, is amended by adding immediately after clause (as) the following clause:
(asa) "seriously misleading defect, irregularity, omission or error" includes a defect, irregularity, omission or error in a serial number in a registration that would result in the registration not being identified as a registration that contains information that exactly or closely matches the serial number used by a person making a search of the Registry in accordance with the regulations.
2 Subsection 4(1) of Chapter 13 is amended by
(a) striking out the period at the end of clause (b) and substituting a comma; and
(b) adding immediately after clause (b) the following:
3 Clause 31(6)(b) of Chapter 13 is amended by adding ", or were described in that registration by a serial number in which there is a seriously misleading defect, irregularity, omission or error" immediately after "interest" in the third line.
4 Subsection 36(4) of Chapter 13 is amended by adding "and the serial number does not contain a seriously misleading defect, irregularity, omission or error" immediately after "registered" in the seventh line.
5 (1) Section 44 of Chapter 13 is amended by adding immediately after subsection (1) the following subsections:
(1A) A registration made after the coming into force of this subsection does not include a description of goods described by serial number sufficient to register or perfect a security interest in the goods unless the information required by the regulations to describe the goods by serial number is entered in the Registry in the manner required in the regulations.
(1B) Subject to subsection (10), a registration respecting collateral that is consumer goods of a kind that are prescribed as serial numbered goods made after the coming into force of this subsection is invalid unless the information required by the regulations to describe the collateral by serial number is entered in the Registry in the manner required in the regulations.
(1C) A registration made before the coming into force of subsection (1A) that is still in effect three months after that subsection comes into force or at such later date as is prescribed by regulation does not include a description of goods described by serial number sufficient to register or perfect a security interest in the goods unless the information required by the regulations to describe the goods by serial number is entered in the Registry in the manner required in the regulations.
(1D) Subject to subsection (10), a registration respecting collateral that is consumer goods of a kind that are prescribed as serial numbered goods made before the coming into force of subsection (1B) that is still in effect three months after that subsection comes into force or at such later date as is prescribed by regulation is invalid unless the information required by the regulations to describe the collateral by serial number is entered in the Registry in the manner required by the regulations.
(2) Section 44 of Chapter 13 is further amended by adding immediately after subsection (8) the following subsections:
(8A) For greater certainty, if there is a seriously misleading defect, irregularity, omission or error in the name of any of the debtors required to be included in the financing statement other than a debtor who does not own or have rights in the collateral, the registration is invalid even if there is no seriously misleading defect, irregularity, omission or error in a serial number.
(8B) For greater certainty, if there is a seriously misleading defect, irregularity, omission or error in the serial number that is included in the financing statement for collateral that is consumer goods of a kind that are prescribed as serial numbered goods, the registration is invalid even if there is no seriously misleading defect, irregularity, omission or error in the name of any of the debtors required to be included in the financing statement.
6 Section 72 of Chapter 13 is amended by adding immediately after subsection (1) the following subsection:
(1A) A regulation made pursuant to clauses (1)(e) to (h) may, where it so provides, be made retroactive in operation to a date not earlier than November 3, 1997.
7 Subclause 9(3)(a)(i) of Chapter 33 of the Acts of 2001, the Liens Act, is amended by adding "and the serial number does not contain a seriously misleading defect, irregularity, omission or error as defined in the Personal Property Security Act" immediately after "number" in the third line.
8 Section 18 of Chapter 7 of the Acts of 1999, the Petroleum Resources Removal Permit Act, is repealed.
9 Clause 22(1)(p) of Chapter 7 is repealed.
10 This Act comes into force on such day as the Governor in Council orders and declares by proclamation.
This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 2002 Crown in right of Nova Scotia. Updated May 26, 2003. Send comments to legc.office@novascotia.ca.
