Bill 61 (Legislature 10, Session 3)

L10 S3 7494

Alberta — Bills

Bill No. 61 of 1946. A BILL TO AMEND THE LAND TITLES ACT NOTE.

Section 1 of this Bill introduces a new se'ctiol1 115a. Sec tion 115 of the Act renders null and void what is commonly called the attornment ,clause in mortgages and agreements for sale, and which-gives a mortgagee or vendor the rights of a landlord, such as the right of distress. 'The 'new

section 115a makes an exception in the case ofa Imortgage or agree ment for sale of busines,s premises and renders the attorn m1ent, clause valid in'such cases unless the· mortgagor or purchaser occupies, part of the premises as a residence. "Business premises" means any land and premises other than farm land, from which revenue is derived.

Section 2 of the Bill adds a new subsection (2) to

section 139. That

section provides for the removal of a caveat on application to the Court or originating notice. This is a somewhat expensive procedure and the new subsection provides that a caveat may be removed on a judge's certifi cate where it is based on a mortgage or incumbrance. There is already a similar provision in

section 107 for cancellation of the registration of a mortgage or incambran,ce on a judge's certificate, and the amendment extends this authority to a caveat based on an unregistered mortgage or incumbrance. W. S. GRAY, Legislative CounBel. (This note does not form any part of the Bill but is offered in explanation of its provisionB.)

BILL No. 61 of 1946.

An Act to' amend The Land Titles Act. (Assented to , 1946.) HIS MAJESTY, by and with the advice and consent of ,the Legislative Assem'bly of the PrO'vin~ of Alberta, enacts as follows: 1. The Land Titles Act, being

chapter 205 of the Revised Statutes of Alberta, 1942, is hereby amended by adding immediately after

section 115 thereO'f the following new section: "115a.-

(1) Notwithstanding the prO'visiO'ns of secti'On 115, any 'mortgage or agreement for sale of business premises may contain a covenant 'Or provision where the mortgage mGney Gr purchase money, as· the ,case may be, is to' be paid by instalments, that the mortgagor Gr purchaser agrees to become the· tenant of the mGrtgagee or vendor, and in any such case the relationship of landlord and tenant shall be validly constituted between such persons but shall be so -constituted only so long. as no. part O'f such land O'r premises is occupied by the mortgagO'r or purchaser as a residence. "

(2) The rent payable under any .gu~h agreement shall not exceed the fair annual rent at which the premises might reasonably be expected to' rent on a tenancy frO'm year to year, the landlord paying the taxes. "

(3) No such agreement shall of itself O'perate as or be considered as a taking of possession O'f the premises or land mortgaged or sold by the mortgagee or the vendor. "

(4) In this

section 'busines'S premises' means land and premises, O'ther than land and premises used for farming purposes, from which revenue is derived." 2. The said Act is further amended as t'O

section 139 by adding i,mmediately at the end thereO'f the following new subsection: • "

(2) In any case where a -caveat has been filed with the Registrar pursuant to

section 131, which -caveat is based upon an unregistered mortgage or incumbrance, the Reg istrar shall cancrel the n1emorandum thereO'f UPO'n the ·certifi cate of title of the land affe-cted by the caveat upon the production of a certificate signed by a judge certifying that the judge is satisfied of the payment of all the moneys secured by the mortgage or incumbrance and that the mort gage,e 'Or incurnbrancee is living, or if dead, that n'O succes sion duty or other tax is payable to' the Crown in the right

2 of the Province with respect to the s,aid mortgage or incum brance, or upon the production of a certificate signed by a judge certifying that all obligations, the performance of which has been secured by the mortgage or incumbrance, have been duly performed and have :come to an end." 3. This Act shall come into force on the day upon which it is assented to.

THIRD SESSION TENTH LEGISLATURE 10 GEORGE VI 1946 BILL

An Act to amend The Land Titles Act. Recei ved and read the First time ..... . Second time ..................................... . Third time ....................................... . HON. MR. MAYNARD. EDMONTON: A. Shnftka, King's Printer 1946 Title: 1946 (10th, 3rd) Bill 61,

An Act to amend The Land Titles Act

Document details

Collection	Alberta — Bills
Citation	L10 S3 7494
Type	bill
Volume / chapter	L10 S3 7494
Language	en
Format	json
Source	PROVINCIAL
Identifier	b9101ea0b651af790f15186004c56fe7b651d1f6

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