Bill 241 (Legislature 22, Session 1)

L22 S1 2889

Alberta — Bills

1989 BILL Fkst Session, 22nd Legislature, 38 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL

AN ACT TO AMEND THE LAW OF PROPERTY ACT MR. WRIGHT Fkst Reading Second Reading Committee of the Whole Third Reading Royal Assent Bill Mr. Wright BILL

AN ACT TO AMEND THE LAW OF PROPERTY ACT (Assented to ,1989) 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 47(

b) is amended by adding "notwithstanding that the agreement may consist of one of more documents or is oral or written or partly oral and party written, providing that the agree ment is one in which at least a part of the payments serves to increase the equity of the baUee in the goods diat are die subject of the agreement" at the end of it. Explanatory Notes This BUI wUl amend

chapter L-8 of die Revised Statutes of Alberta 1980. 2

Section 47(

b) presendy reads: 47 In this Part, (b) "time sales agreement" means (

i) an agreement for sale uruier which the right of property in the goods remains in the seller until the purchase price is paid in full or until some other condition is fulfilled, (ii) a sale effected by way of a lien note or by way of any agreement or arrcmgement made at the time of the sale or subsequent thereto whereby the buyer gives to the seller a chattel mortgage or a bill of sale covering the whole or part of the purchase price of the goods sold, and (Hi) a sale made pursuant to a contract of bailment under which it is intended that the property in the goods will pass to the bailee on the payment of the purchase price in whole or in part or on the performance of a condition.

Title: 1989 (22nd, 1st) Bill 241,

An Act to Amend the Law of Property Act

Document details

Collection	Alberta — Bills
Citation	L22 S1 2889
Type	bill
Volume / chapter	L22 S1 2889
Language	en
Format	json
Source	PROVINCIAL
Identifier	9449901b8767ef654add3902ba499b0d069af09e

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