Mr. Chairman, I understand that, for instance, when goods are seized, there is a process for disposal, and it is not uncommon -- though I can't say that it is common practice -- to sell things for what may be considered less than their value, their book value. But, I think everybody knows it when goods will probably be seized. The people who have originally purchased them have some recourse to try to fend off the people that seek to seize it. The best way is to sell it in advance, get a good dollar for it and that way you are in control. If not, then another process kicks in, but the people who have the lien or the security interest in the item also have an interest in getting a good dollar return. It is unfortunate when items have to be seized because all parties usually suffer as a result.
Stephen Kakfwi on Bill 7: Personal Property Security Act
In the Legislative Assembly on March 2nd, 1994. See this statement in context.
Bill 7: Personal Property Security Act
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
March 1st, 1994
Page 485
See context to find out what was said next.