New Brunswick is considering a new Limitation of Actions Act which will change several limitation periods affecting creditors’ relief including reducing the time period in which a judgment creditor can enforce a judgment to fifteen years.
The Province of New Brunswick is moving toward implementation of the Franchises Act which was passed in 2007 but has yet to be proclaimed in force. The Act and regulations will affect the relationship between franchisors and franchisees and is generally a statute partially protecting the interests of franchisees and deals with areas such as disclosure, duty of fair dealing and remedies which will affect the operation of the Act. For information or to make a submission regarding the regulations which will affect the operation of the Act, visit the Department of Justice and Consumer Affairs website or Le ministère de la Justice et de la Consommation.
On December 19, 2008 the Securities Transfer Act received Royal Assent. The new Act is intended to implement a modern system of rules that will apply when any security instrument (i.e. banknotes, debentures, corporate share certificates, mutual funds, etc.) is purchased, sold or used as a means to secure an obligation. In addition, the new legislation creates a new category of personal property known as “Investment Property” under the Personal Property Security Act and affects the manner in which control over a security instrument is perfected. The new Act offers greater certainty for lenders that offer loans which are collateralized by investment securities and allows for greater certainty and fewer qualifications when lawyers issue corporate opinions.
This is a Cox & Palmer publication prepared by our Corporate & Commercial Group in Fredericton, NB. It is intended to provide information of a general nature only and not legal advice. For assistance with any matter involving your business, call a member of our team:
Walter Vail Q.C. (506) 453-9602
Bruce Hatfield Q.C. (506) 453-9674
Matthew Tweedie (506) 462-4750
Deborah Power (506) 453-9645
Aaron Savage (506) 444-9284
Paul White (506) 453-9671
