LAST CHAPTERS Flashcards
transfer of titles for
-specific goods; deliverable/non-deliverable/require testing
-future/unascertained goods
-goods on approval
SG
-deliverable; on contract
-non; when deliverable & buyer notified
-testing; when done & buyer buyer notified
F/UA
-goods allocated & EITHER delivered to 3rd party courier OR buyer approves
GoA
-buyer approves OR retains goods
define
-vendors lien
-caveat emptor
-VL; seller can retain good until payment
-CE; ‘let buyer beware’
Protections for purchasers;
-implied conditions
-matches samples/descriptions & is merchantible
-matches delivery date
-fit for purpose (w sellers advice)
-seller has right to sell
Debt security;
Personal Property Security Act
provincal law setting out ruel about borrowing money against personal property & providing security
Debt security;
-specific & general security agreements
SSA- list specific, traceable assets
GSA- everything you have
Debt security default process
- notice
- seizure (by bailiff)
- 21 day redemption
- sale (by bailiff) —> surplus/debt to owner
- Seize OR Sue rule on consumer property
Land titles;
-the torrens system; 3 features
-priority registration
-gov guarantees
-all in 1 place
land titles;
3 types of ownership
-fee simple
-life estate
-leasehold (L/T)
multiple ownership of land:
-joint tenancy
-tenancy in common
-JT; equal & whoever survives becomes owner
-TiC; may be unequal & for whoever dies, property passes to whoever is in their will
define encumbrance
claims/charges against a fee simple owner’s land/property with exception to privity
land; voluntary encumbrances;
-easement
-statutory right of way
-restrictive covenant
E;
-access over adjoining property (rights for pipes/roadways/lines
-dominant/ subservient tenement
SRoW;
-for gov/utilities
-no dominant tenement
RC;
-things NOT allowed
land:voluntary encumb;
-option to purchase
-right of first refusal
-mortgage
OtP; buy the right to buy property
RoFR; getting first chance if property is to be sold
M; secured debt against house
land: voluntary encumb
-agrmnt for sale
-assgnt of rents
-lease & lease renewal
AfS; seller agrees to sell, person occupies & pays periodically
AoR; bank can collect mortgage payment from my tenants if i cant pay
L; agrmnt for landlord’s property for specified time.. >3years, must be registered for new landlords to honour lease… LR; extension
land; voluntary encumb;
-land use contract
-statutory building schemes
-mineral rights
LUC; agrmnt w city to have land for specific purpose
SBS; opposite of restrictive cov; what MUST do
MR; rights to gold/natural gas
land; involuntary emcumb;
-judgment
-caveats > cert. of pending litigation
-land spouse protection act claims
J; collection; garnishment of debt/wages, seizure & sale, etc
C; S/T freeze; claim filed against a property so that they can’t sell it/ transfer title for court action
—> CoPL; L/T freeze for ongoin court action
LSPA; non-owning spouse files to ensure property isn’t sold w/o their approval
land; involuntary encumbrance
-builders liens
-strata liens
BL; someone does work on property but unpaid; filed within 45 days of completion
SL; share/rent of condo/strata unpaid; strata files against property> sells unit, collect debts
land; involuntary encumb;
-notice of community charter violation
-notice of civil forfeiture
-NCCV; city files noncompliance eg. building deck on house without permit
-NCF; prov gov files if senses funding from proceeds of crime (can sell property and takes $$)
mortgage covenants
-covenant to pay
-pledge of the land
++
-pay taxes
-keep in good cndtn
-no illegal operations
mortgage default;
foreclosure process; before & after redemption period
- NOTICE of intention to enforce security —>petition of foreclosure served
- order NISI of foreclosure -judgment & redemption period (6mo)
after redemption period; options;
a) FORECLOSURE; lenders become owners
b) SALE; proceeds in order:
-property taxes/commissions
-first mortgage —> next
-surplus/debt to owner
cmmrcl rentals; ways of renting
-periodic tenancy
-commercial leases
PT; month by month; termination or rent increase notified 1 rental period before
CL; register when >3years for future landlords’ respect of lease
commercial leases; provisions/negotiations of:
-terms/rent/clauses
T; term & renewal of term
R;
-base rent
-gross rent; if within shopping malls, 7% of gross sales (on top of base)
-additional rent; triple net: -property taxes/insurance, maintenance
C;
-usage clause; purpose of rent
-noncompetition clause; no one of same usage in mall
commercial leases; list provisions/negotiations
-term/renewal
-rent (base,gross,additional)
-clauses; usage, non-competition
-parking, signage
-repairs, improvements
-sublease, assignment
-distraint; when unpaid, landlord can lock door & sell items to collect rent
define bankscruptcy; insolvency
liabilities > assets, unable to pay bills when due
2 ways to be in bankruptcy
-petitioned; by creditors if benefitable
-voluntary assgmnt
