D-17 - Land Transfer Duties Act

Section 40 Disposition versions

1994-06-17

40. There shall be an exemption from the payment of duties where the business of the transferee consists in the lending of money on the security of real property, provided the application for registration of the transfer mentions that the following conditions have been fulfilled:

(a)  the transfer relating to land to the transferee must result from the exercise of a right to take in payment or must have been effected in any other manner for the purpose of extinguishing a debt secured by real property or ensuring the protection of such security or of any claim;

(b)  the transferee must not be a person related to the transferor within the meaning of section 19 of the Taxation Act (chapter I-3); and

(c)  the transferee must not have acquired the land pursuant to one or more transactions made mainly for the purpose of avoiding or evading payment of the duties.

1976, c. 23, s. 40; 1976, c. 24, s. 7; 1992, c. 57, s. 571; 1994, c. 22, s. 16.

1994-01-01

40. There shall be an exemption from the payment of duties where the business of the transferee consists of the lending of money on the security of real property, provided the deed of transfer mentions that the following conditions have been fulfilled:

(a)  the transfer relating to land to the transferee must result from the exercise of a right to take in payment or must have been effected in any other manner for the purpose of extinguishing a debt secured by real property or ensuring the protection of such security or of any claim;

(b)  the transferee must not be a person related to the transferor within the meaning of section 19 of the Taxation Act (chapter I-3); and

(c)  the transferee must not have acquired the land pursuant to one or more transactions made mainly for the purpose of avoiding or evading payment of the duties.

1976, c. 23, s. 40; 1976, c. 24, s. 7; 1992, c. 57, s. 571.

1977-12-31

40. There shall be an exemption from the payment of duties where the business of the transferee consists of the lending of money on the security of real property, provided the deed of transfer mentions that the following conditions have been fulfilled:

(a)  the transfer relating to land to the transferee must have been made by reason of the application of a stipulation of the deed of security agreed by the transferor to secure payment of a debt or in any other manner for the purpose of extinguishing a debt secured by real property or ensuring the protection of such security or of any claim;

(b)  the transferee must not be a person related to the transferor within the meaning of section 19 of the Taxation Act (chapter I-3); and

(c)  the transferee must not have acquired the land pursuant to one or more transactions made mainly for the purpose of avoiding or evading payment of the duties.

1976, c. 23, s. 40; 1976, c. 24, s. 7.