Definitions

1   In this Act:

"claim" has the meaning given in a regulation made under this Act;

"financing change statement" has the meaning prescribed under the Personal Property Security Act or this Act;

"financing statement" means

(a) [Repealed 2003-96-51.]

(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) a person identified on a financing statement as having a claim, or

(b) a person who has issued a notice or order defined as a claim by a regulation made under this Act;

"registrar" means the registrar of the personal property registry;

"registry" means the personal property registry established under the Personal Property Security Act.

Registration of claims

2   A person may register a claim respecting 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.

Registration of multiple interests

3   A single registration may relate to more than one claim.

Application of Personal Property Security Act

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.

Registration has no effect

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.

When does a registration have to be discharged?

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.

Removal of information from records of registry

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.

What limitations are there on the liability of the government?

8   (1) The government 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 government 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 government 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 government in the absence of this section.

Power to make regulations

9   (1) The Lieutenant Governor in Council may make regulations referred to in section 41 of the Interpretation Act.

(2) Without limiting subsection (1), the Lieutenant Governor in Council may make regulations as follows:

(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;

(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;

(d) applying regulations made under the Personal Property Security Act to this Act.

(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.