Please be seated. Madam Speaker and Members of the Legislative Assembly, as Commissioner of the Northwest Territories, I hereby assent to: Bill 2, An Act to Amend the Charter Communities Act; Bill 3, An Act to Amend the Cities, Towns and Villages Act; Bill 4, An Act to Amend the Hamlets Act; Bill 5, An Act to Amend the Partnership Act; Bill 6, An Act to Amend the Workers' Compensation Act; Bill 7, Personal Property Security Act; Bill 8, An Act to Amend the Legislative Assembly and Executive Council Act; and, Bill 14, An Act to Amend the Borrowing Authorization Act. Madam Speaker, thank you.
Historical Information The Information below relates to a previous session of the Legislative Assembly.
Bill 7, Personal Property Security Act
Government Bill
12th Assembly, 5th SessionIntroduced on Dec. 14, 1993
Status
Law (Assent given) as of March 17, 1994
This bill has received Commissioner's Assent and is now law (but may not be in force yet).
Bill Text
We don't actually have a good way of downloading the text of a bill, but copies of the bill and all sorts of other information is available
on the Legislative Assembly's website under Documents.
Related Votes
March 3, 1994 Passed Mr. Speaker, I move, seconded by the honourable Member for Hay River, that Bill 7, the Personal Property Security Act, be read for the third time.
Dec. 14, 1993 Passed Madam Speaker, I move, seconded by the honourable Member for Hay River, that Bill 7, The Personal Property Security Act, be read for the second time. This bill would establish a new system for the registration of transactions involving security interests in personal property, to replace the various systems set out in the assignment of the Bad Debts Act, Bills of Sale Act, Conditional Sales Act, Corporation Security Registration Act, and Document Registry Act.
The bill will comprehensively establish rules to deal with the priorities of various parties who may have secured interest in the same collateral and set out the remedies available to various debtors, creditors, and third parties. The rules established in the bill strike a more fair balance between purchasers, borrowers, and lenders, than the law does now. The current law can be determined only by looking at a great number of judicial decisions. It is not consistent in the way it treats creditors who hold different types of security interest, and has not always accommodated changes in consumer and commercial lending practices.
The bill would bring the law of the territories in line with the law of a number of the provinces, establishing proper foundation for commercial lending activities by removing existing obstacles to commercial activity in the Northwest Territories. Thank you.
Dec. 14, 1993 Passed Thank you, Madam Speaker. I move, seconded by the honourable Member for Hay River, that Bill 7, Personal Property Security Act, be read for the first time.
Discussion & Mentions
Bill 7: Personal Property Security Act
Item 20: Third Reading Of Bills
March 2nd, 1994
Page 531
See context
Stephen Kakfwi Sahtu
Mr. Speaker, I move, seconded by the honourable Member for Hay River, that Bill 7, the Personal Property Security Act, be read for the third time.
Bill 7: Personal Property Security Act
Item 17: Second Reading Of Bills
December 13th, 1993
Page 41
See context
Stephen Kakfwi Sahtu
Madam Speaker, I move, seconded by the honourable Member for Hay River, that Bill 7, The Personal Property Security Act, be read for the second time. This bill would establish a new system for the registration of transactions involving security interests in personal property, to replace the various systems set out in the assignment of the Bad Debts Act, Bills of Sale Act, Conditional Sales Act, Corporation Security Registration Act, and Document Registry Act.
The bill will comprehensively establish rules to deal with the priorities of various parties who may have secured interest in the same collateral and set out the remedies available to various debtors, creditors, and third parties. The rules established in the bill strike a more fair balance between purchasers, borrowers, and lenders, than the law does now. The current law can be determined only by looking at a great number of judicial decisions. It is not consistent in the way it treats creditors who hold different types of security interest, and has not always accommodated changes in consumer and commercial lending practices.
The bill would bring the law of the territories in line with the law of a number of the provinces, establishing proper foundation for commercial lending activities by removing existing obstacles to commercial activity in the Northwest Territories. Thank you.
Bill 7: Personal Property Security Act
Item 16: First Reading Of Bills
December 13th, 1993
Page 39
See context
Stephen Kakfwi Sahtu
Thank you, Madam Speaker. I move, seconded by the honourable Member for Hay River, that Bill 7, Personal Property Security Act, be read for the first time.