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In This Volume

  • 37 (1) In this section, “secured party” includes a receiver.
  • (2) This section applies to land for which a certificate of title has been issued under the Land Title Act and to prescribed land or classes of land.
  • (3) Except as provided in this section, a security interest in crops has priority with respect to the crops over an interest in the crops claimed by a person with an interest in the land.
  • (4) A security interest referred to in subsection (3) is subordinate to the interest of
  • (a) a person who acquires for value an interest in the land while the crops are growing crops, including an assignee for value of the interest of a person with an interest in the land while the crops are growing crops, and
  • (b) a person with a registered mortgage on the land who
    • (i) makes an advance under the mortgage after the crops become growing crops, but only with respect to the advance, or
    • (ii) obtains an order for sale or foreclosure after the crops become growing crops,
  • without fraud and before the notice of the security interest in the growing crops is filed in accordance with section 49.
  • (5) A security interest referred to in subsection (3) is subordinate to the interest of a creditor of the debtor who causes to be registered, in accordance with the Court Order Enforcement Act, a judgment in the appropriate land title office affecting the land on which the crops are growing before the notice of the security interest is filed in accordance with section 49.
  • (6) The interest of a creditor referred to in subsection (5) does not take priority over a purchase money security interest in the crops, or a security interest in the crops referred to in section 34(8), a notice of which is filed in accordance with section 49 not later than 15 days after the time the security interest in the crops attaches.
  • (7) Section 36(8) to (15) applies to seizure and removal of growing crops from land.

1989-36-37.

CROSS REFERENCES AND OTHER SOURCES OF INFORMATION

Security Interests in Crops: Section 34(8)

See s. 34(8) of the Act, which provides:

  • 34 (8) A perfected security interest in crops or their proceeds given for value to enable a debtor to produce or harvest the crops and given
  • (a) while the crops are growing crops, or
  • (b) during a period of 6 months immediately prior to the time when the crops become growing crops,
  • has priority over any other security interest in the same collateral given by the same debtor.
Power to Make Regulations

See s. 36 of the Act regarding the power of the Lieutenant Governor in Council to make regulations.