 | Press Release |
Tuesday, April 17, 2001
Released by Northwest Territories Department of Justice (01-040)
New Legislation Makes Legal Registries Easier to Use
Yellowknife, Northwest Territories -- Minister of Justice Jim Antoine announced today that the Northwest Territories’ Personal Property Security Act will come into force on May 7, 2001.
“This new legislation and registry system will provide improved access to information, reduce administrative procedures and bring the Northwest Territories in line with other Canadian jurisdictions,” Mr. Antoine said.
The new Act will substantially change the way security interests in personal property are registered in the Northwest Territories. Financial institutions, lawyers and many other commercial organizations have filed and searched documents in a manual paper-based registry for many years. These organizations will now enter notices of security interests in an on-line territory-wide Personal Property Registry from their office or home computers. The legislation provides for the transition from the existing paper-based registry to the new electronic registry.
Access to the Personal Property Registry will be available by subscription through Atlantic Canada On-Line (ACOL), a public-private partnership between Unisys Canada Inc. and the four Atlantic provinces. By agreement with the Atlantic provinces, the Northwest Territories Personal Property Registry is incorporated into this single-point-of-access service. This system will support multiple territory or province registration and search capabilities via the Internet.
The proclamation of the Personal Property Security Act will result in the repeal of the following Acts: Assignment of Book Debts Act, Bills of Sale Act, Conditional Sales Act, Corporation Securities Registration Act, and Document Registry Act.
Several other Acts will be amended with this new law, including the Business Corporations Act, Factors Act, Garage Keepers Lien Act, and the Sale of Goods Act.
For more information, contact: Tom Hall
Registrar,
Northwest Territories Personal Property Registry
Tel: (867) 873-7493
For additional information, contact Tom Hall, Registrar, Northwest Territories Personal Property Registry (phone 867-873-7493) or Kevin Bauer, Unisys Project Manager (phone 902-421-2271).
