Bill 52 (Legislature 10, Session 3)

L10 S3 7485

Alberta — Bills

Bill No. 52 of 1946. A BILL TO AMEND THE MECHANICS' LIEN ACT. NOTE.

Section lIb of the Act which is amended hy

section of the Bill deals with the sale of mortgaged premises which are subject to a mechanics' lien. Subsection (4) which is struck out by the amendment provides that neither the lien holder nor the mortgagee shall have the right to bid at the sale by auction of the lands in questiQn. The amendment authorizes; both the mortgagee and lienholder to bid a.t the sale provided the bid is equal in amount to the value of the premises as fixed by the Court prior to the Isale. It is also provided that if the bids. 'are equal, the 'One having the larger claim shall have the preference. W. S.

GRAY, Legislative Counsel. (This note does not form any part of the Bill but is offered in explanation of its provisions.) BILL No. 52 O'f 1946.

An Act to' amend The Mechanics' Lien Act. (Assented to , 1946.) HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enaCJts as fO'IIO'ws: 1. The Mechanics' Lien Act, being

chapter of' the Revised Statutes of Alberta, 1942, is hereby amended as to

section lIb by striking out subse,crtion (4) thereof and by substituting ,therefor the following: " ( 4) The lienholder O'r the m.ortgagee shall have the right to' bid or tender at any such sale, provided that any such bid .or tender shall be at least equal to the amount of the value of the mortgaged p'remises including all improOvements as determined by the Court pursuant toO the proOvisions of subsection (2), and if both the lienholder and the mortgagee submit the same bid .or tender, prefe'rence shall be given to the one ha ving the larger claim against the mortgaged premises. 2.

This Act shall come into force O'n the day upon which it is assented to. THIRD SESSION TENTH LEGISLATURE GEORGE VI BILL

An Act to amend The Mechanics' Lien Act. Received and read the First time .......................... . Second time .................................... . Third time ....................................... . HON. MR. MAYNARD. EDMONTON: A.. Shnltka, King's Printer 1U8 Title: 1946 (10th, 3rd) Bill 52,

An Act to amend The Mechanics' Lien Act

Document details

Collection	Alberta — Bills
Citation	L10 S3 7485
Type	bill
Volume / chapter	L10 S3 7485
Language	en
Format	json
Source	PROVINCIAL
Identifier	2ac72c32915fbc593ea24414eb760489c4b66db5

Source file is stored in the law ingest library (json).