Mod 7

Question 1

What is commercial personal property?

Answer 1

any item an individual or business may own that may be moveable and provide some sort of value to the business

Question 2

What are some other words for personal property?

Answer 2

-assets
-chattels
-moveable property

Question 3

When would the searches be conducted in a commercial personal property purchase transaction?

Answer 3

after the Offer to Purchase and before the Agreement is a firm and binding contract.

Question 4

What 6 searches are conducted for the purchase of commercial personal property?

Answer 4

-Corporate Registry
-Personal Property Registry
-Court House
-Industry Canada
-Bank of Canada
-Canadian Intellectual Property Office

Question 5

What is the document where it puts into writing the negotiations between seller and purchaser?

Answer 5

Letter of Intent

Question 6

How is a Court House Search conducted?

Answer 6

fill in Search Request form and submit to Clerk of Court for processing

Question 7

What doc proves the corp authorizes the purchase of assets?

Answer 7

Directors Resolution for the Purchase of Assets

Question 8

What search confirms if there are any liens from a third party on personal property?

Answer 8

Personal Property Registry Search

Question 9

How many days does the debtor have to complete the Notice of Objection to Seizure of Personal Property, and who do they send it to?

Answer 9

-15 days
-sent to the CEA

Question 10

What is contained on a Warrant (Writ of Enforcement)?

Answer 10

-reg number of Writ of Enforcement
-name and address of debtor
-amount owing to creditor
-info on any related writs

Question 11

How many days does the instructing creditor have to inform the CEA of how to sell the seized property?

Answer 11

90 days

Question 12

What two docs are prepared by the creditors lawyer if the debtor objects to the sale?

Answer 12

-Application for Removal and Sale
-Affidavit for Removal and Sale