Bill 41 (Legislature 6, Session 1)

L6 S1 9210

Alberta — Bills

BILL No. 41 of 1927.

An Act respecting the Assignment of Book Debts. (Asscnted to , 1927.) HIS MAJESTY, by and with the advice· and consent of the Legislative Assembly of the Province of Alberta, enacts as follows:

SHORT TITLE 1.. This Act may be cited as "The Assignmcnt of Book Debts Act, 1.927." IN'],ERPRETA TION 2.

In this Act unless the context otherwise requires (a) "Assignment" shall include, save as herein provided, every assignment by way of security and every mortgage or other charge upon book debts; (b) "Book debts" shall mean all such debts accruing in the ordinary course of trade or business as are us ually entered in trade or business books of account, whether such books are kept or not, and whether such debts are acCidentally or inten tionally omitted from such books or not, but with out affecting the generality of the preceding \yards, shall not include money payable under mortgages of or agreements for the sale of land except in so far as such money otherwise constitutes a book debt; ,nor to mOlleys payable under instruments required to be registered under the provisions of The Condt' tional Sales Act or The Bills of Sale Act; (c) "Creditors" shall mean creditors having executions against the goods and chattels of the assignor in the hands of the sheriff, and trustees in bankruptcy. 3.-

(1) Every assignment, save as herein provided. made by any person engaged in any trade or business, of his existing or future book debts or any class or part thereof. shall be absolutely null and void as against the creditors of the assignor and as against subsequent purchasers or mort gagees of such debts or any part thereof in good faith for valuable consideration. unless such assignment is- (

a) in writing; (lJ) accompanied by an affidavit of the attesting witness thereto of the due execution thereof, giving the date of the execution, and a further affidavit of the as signee or one of the several assignees or the agent

2 of the assignee or assignees, that the assignment is bona fide and for good consideration, and not fol' the purpose of holding or enabling the assignee or assignees to hold the said debts against the creditors of the· assignor; (

c) registered together with the affidavits, within thirty days of the execution thereof, as hereinafter pro vided.

(2) An affidavit of bonn fides made by an agent of the assignee or assignees shall state that the deponent is ac quainted with the circumstances connected with the assign ment and has a personal knowledge of the facts deposed to . . .t. Nothing in

section 3 shall apply to assignments of book debts due or accruing due at the date of the assign ment from specified debtors, or of debts due or accruing due under specified contracts, or any assignment of book debts included in a transfer of a business made bonn fide and for value, or in any authorized assignment under The Bankt'uptcy Act. 5.-

(1) The assignment shall be registered in the office of the clerk of the registration district in which the assignor resides, or where the assignor is a corporation, in the office of the clerk of the registration district of Edmonton. .

(2) Such registration clerks shall file all instruments pre sented to them respectively for that purpose and shall in dorse thereon the time of receiving the same in their respec tive offices, and the same shall be kept there for the inspec tion of the public subject to payment of the proper fees.

(3) Every registration clerk shall number each assign ment filed in his office and shall enter in alphabetical ordel' in a book, the names of all the parties to such assignment, with the number endorsed thereon, opposite to each name; and such entry shall be repeated alphabetically under the nal1;le of every party thereto.

(4) The assignment shall operate and take effect upon, from and after the date of registration. 6.

Every assignment by way of security and every mort gage or other charge upon book debts registered under this Act shall cease to be valid as against the creditors and as against subsequent purchasers or mortgagees in good faith for valuable consideration, after the expiration of two years from the registration unless within thirty days next pre ceding the expiration of the said term of two years an affida vit of the assignee, mortgagee or chargee, or his agent, is filed in the office of the registration clerk of the district in which the assignment, mortgage or charge was filed, stating that such assignment, mortgage or eharge is still of full force and effect and has not been kept on foot for allY fraudulent purpose, and unless a similar affidavit is filed in the said office within the thirty days next preceding the expiration of each term of two years following the first mentioned term of two years.

3 7. An assignment registered under this Act may be dis charged by registering in the ollice in which the assignment is registered a certificate that the assignment is discharged or to the like effect, signed by the assignee and proved by the anidavit of a subscribing witness. 8. Where a document has been executed by a corporation undel' the provisions of this Act, no affidavit of attestation 01' execution shall be required to accompany such document for the purposes of registration. 9.

Subject to the rights of third persons accrued by reason of such omissions or misstatements as are hereinafter de fined, a judge of the Supl'eme Court or the judge of the Distl'ict Court of the judicial district in which an assign ment of book debts is or should be registered, on being satis fied that the omission to register an instrument under this Act, within the time prescribed or the omission 01' misstate ment of the name of any person, ,vas accidental or due to in advertence, 01' impossibility in fact, may in his discretion extend the time for registration or order the name or the true name to be inserted on such ter111S and conditions, if any, as to security, notice by advertisement or otherwise, or as to all,V other mattel', as he thinks fit to direct. 10.

For services under this Art, each registration clerk shall be entitled to receive the following fees: (It) For filing an assignment, fifty cents; (

b) For filing a certificate of discharge, fifty cents; (

c) For a general search, fifty cents; (d.) For each certificate or abstract of search, twenty five cents; (

e) For copies of any document filed under this Act, ,vith a certificate thereof, every one hundred ,vords, fifteen cents. 11. This Act shall come into force ................... .

No. 41. FIRST SESSION SIXTH LEGISLATURE 17 GEORGE V 1927 BILL

An Act respecting the Assignment of Book Debts. Received and read the First time ................... . Second time .................. . Third time ................... . HON. MR. LYMBURN ~MONTON: 'Wi. D. McLEA"~AcTI"G KING'S PmNTER AiD. 1927 Title: 1927 (6th, 1st) Bill 41,

An Act respecting the Assignment of Book Debts

Document details

Collection	Alberta — Bills
Citation	L6 S1 9210
Type	bill
Volume / chapter	L6 S1 9210
Language	en
Format	json
Source	PROVINCIAL
Identifier	a8aa338f095d2f2be5ae172670e3c334ff278ccb

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