CCQ-1992 - Act respecting the implementation of the reform of the Civil Code

Section 157 Disposition versions

1994-01-01

157. Publications of transfers of property in stock, pledges of agricultural and forest property, commercial pledges and other movable real securities created and registered in accordance with the former legislation must be renewed within 12 months from 1 January 1994 by registration in the register of personal and movable real rights; the same applies to movable hypothecs published pursuant to the second paragraph of section 134.

Registration of the notice of renewal in the register of personal and movable real rights preserves the opposability of the security, notwithstanding article 2942 of the new Code, at the rank it held on the date of the first prior publication, regardless of the other dates of publication of the same security.

If the publication is not renewed, the rights preserved by the original registration have no effect, upon the expiry of 15 months after 31 December 1993, in respect of other creditors or subsequent purchasers in good faith whose claims have been regularly published.

1992, c. 57, s. 157.