Bill 246 — Fourth Session, 19Th Legislature, 31 Elizabeth Ii the Legislative Assembly of Alberta Bill 246 An Act To Amend the Law of Property Act (Legislature 19, Session 4)

L19 S4 3861

Alberta — Bills

1982 BILL 246 Fourth Session, 19th Legislature, 31 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 246

AN ACT TO AMEND THE LAW OF PROPERTY ACT MR. KESLER First Reading ................................................................ . Second Reading ............................................................ . Committee of the Whole .................................................. . Third Reading ............................................................... . Royal Assent ................................................................ .

Bill 246 Mr. Kesler BILL 246 1982

AN ACT TO AMEND THE LAW OF PROPERTY ACT (Assented to , 1982) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1 The Law of Property Act is amended by this Act. 2

Section 42 is amended (

a) in subsection (2) by striking out "In an action" and substi tuting "Subject to subsection (2.1), in an action", (

b) in subsection (2)(a)(iv) by adding ", economic conditions" after "agricultural pests" , (

c) in subsection 2(b)(

v) by adding", economic conditions" after "unemployment", and (

d) by adding the following after subsection (2):

(2.1) In an application made under subsection (2) the Court shall increase the reduction period by 1 year in the case of farm land and urban land unless it is satisfied that the debtor is able to payor is able to dispose of assets which will enable him to pay, without undue hardship in the circumstances, and if the Court is so satisfied it may in its discretion increase or decrease the redemption period. 1 .

Explanatory Notes This Bill will amend

chapter L-8 of the Revised Statutes of Alberta 1980. 2 This will provide that the Court may only decrease the redemption period where is satisfied that the debtor is able to pay and must increase the re demption period unless it is so satisfied. It also adds economic conditions as a factor to be considered.

Section 42(2) presently reads:

(2) In an action coming under subsection (1), the Court on application may decrease or extend the period of redemption having regard to the following circumstances: (

a) when the action is in respect of a security on farm land, (

i) the ability of the debtor to pay, (ii) the value of the land including the improvements made thereon, (iii) the nature, extent and value of the security held by the creditor, and (iv) whether the failure to pay was due to hail, frost, drought, agricultural pests or other conditions beyond the control of the debtor; (

b) when the action is in respect of a security on urban land, (

i) the ability of the debtor to pay, (ii) the value of the land including the improvements made theron, 1

3 This Act expires on December 31, 1983. In accordance with

section 4(1) of the

Interpretation Act, this Bill comes into force on the date it receives Royal Assent. 2

(iii) the nature, extent and value of the security held by the creditor, (iv) the earning capacity of the debtor, and (

v) whether the debtor's failure to pay was due to temporary or permanent unemployment or other conditions beyond the control of the debtor. 3 Provides for temporary effect of amendment. 2 Title: 1982 (19th, 4th) Bill 246,

An Act to Amend the Law of Property Act

Document details

Collection	Alberta — Bills
Citation	L19 S4 3861
Type	bill
Volume / chapter	L19 S4 3861
Language	en
Format	json
Source	PROVINCIAL
Identifier	524c19974e8df10bb186c6f1a5d0504084ec45ab

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