in the Province of Alberta, do solemnly declare that the above is a true and correct statement of the names and addresses of all.... creditors, and shows correctly the amount of indebtedness or liability due, owing, payable or accruing due, or to become due and payable by. to each of said creditors. (If the declaration is made by an agent, add; I am the duly authorized agent of the vendor and have a personal knowledge of the matter herein declared to.) (Or, if the vendor is a corporation) in the Province of Alberta, do solemnly declare that the above is a true and correct statement of the names and addresses of all the creditors of the.. Company, and shows correctly the amount of the indebtedness or liability due, owing, payable or accruing due, or to become due and payable by such company to each of said creditors, and that I am the... ..of the said company, and have a personal knowledge of the matters herein declared to. And I make this solemn declaration conscientiously believing it to be true, and knowing that it is of the same force and effect as if made under oath, and by virtue of The Canada Evidence Act. SCHEDULE B. (Section 6.) WAIVER. We, the undersigned creditors of. of.. in the Province of Alberta, do hereby waive the provisions of The Bulk Sales Act of the Province of Alberta in so far as said Act would apply to, affect or cause to make fraudulent or void the sale in bulk by the said... of his stock of goods, wares, merchandise and fixtures, or part thereof, or an interest in his business (as the case may be), to. to... of.. in the Province of Alberta, and we do hereby admit having received notice of said intended sale and agree not to disturb, dispute or question the validity of said sale in any way under the provisions of said Act. .day of... Dated this. A.D. 192. . . . Signed in the presence of [1922, c. 47, Schedule B.] CHAPTER 149. An Act respecting Fraudulent or Preferential HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: Short Title. Short title Fraudulent transfers Transfers with intent to give preference Transfers with preferential effect 1. This Act may be cited as "The Fraudulent Preferences Act." [1922, c. 48, s. 1.] Fraudulent and Preferential Transactions. 2. Subject to the provisions of sections 7, 8, 9 and 10 hereof, every gift, conveyance, assignment or transfer, delivery over or payment of goods, chattels or effects, or of bills, bonds, notes or securities or of shares, dividends, premiums or bonus in any bank, company or corporation, or of any other property, real or personal, made by a person at a time when he is in insolvent circumstances or is unable to pay his debts in full or knows that he is on the eve of insolvency, with the intent to defeat, hinder, delay or prejudice his creditors or any one or more of them, shall as against the creditor or creditors injured, delayed or prejudiced, be utterly void. [1922, c. 48, s. 2.] 3. Subject to the provisions of sections 7, 8, 9 and 10 hereof, every gift, conveyance, assignment or transfer, delivery over or payment of goods, chattels or effects or of bills, bonds, notes or securities or of shares, dividends, premiums or bonus in any bank, company or corporation, or of any other property, real or personal, made by a person at a time when he is in insolvent circumstances or is unable to pay his debts in full or knows that he is on the eve of insolvency to or for a creditor, with intent to give such creditor preference over his other creditors or over any one or more of them, shall, as against the creditor or creditors injured, delayed, prejudiced or postponed, be utterly void. [1922, c. 48, s. 3.] 4. Subject to the provisions of sections 7, 8, 9 and 10 hereof, every gift, conveyance, assignment or transfer, delivery over or payment of goods, chattels or effects or of bills, bonds, notes or securities or of shares, dividends, premiums or bonus in any bank, company or corporation, or of any other property, real or personal, made to or for a creditor by a person at any time when he is in insolvent circumstances or is unable to pay his debts in full or knows that he is on the eve of insolvency, and which has the effect of giving such creditor a preference over the other creditors preferential 5. A transaction shall be deemed to be one which has Nature of the effect of giving a creditor a preference over other transaction creditors, within the meaning of the next preceding section, if by such transaction a creditor is given or realizes or is placed in a position to realize payment, satisfaction or security for the debtor's indebtedness to him or a portion thereof greater proportionately than could be realized by or for the unsecured creditors generally of such debtor or for the unsecured portion of his liabilities out of the assets of the debtor left available and subject to judgment, execution, attachment or other process; and such effect shall not be deemed dependent upon the intent or motive of the debtor or upon the transaction being entered into voluntarily or under pressure; and no pressure by a creditor or want of notice to the creditor alleged to have been so preferred of the debtor's circumstances, inability or knowledge as aforesaid, or of the effect of the transaction shall avail to protect the transaction except as provided by sections 7 and 10 hereof, but independently of the intent with which the transaction was entered into the preferential effect or result of the transaction impeached shall [1922, c. 48, s. 5.] govern. 6. When the word "creditor" or "creditors" occurs in any of the next preceding three sections, such word shall be deemed to include any surety and the indorser of any promissory note or bill of exchange who would, upon payment by him of the debt, promissory note or bill of exchange in respect of which such suretyship was entered into or indorsement was given, become a creditor of the person giving the preference within the meaning of the said sections, and such word shall include a cestui que trust or other person to whom liability is equitable only. [1922, c. 48, s. 6.] Bona Fide Transactions. bona fide 7. Nothing in the next preceding five sections shall apply Saving of to any bona fide sale or payment made in the ordinary course transactions of trade or calling to innocent purchasers or parties; nor to any payment of money to a creditor, nor to any bona fide conveyance, assignment, transfer or delivery over of any goods, securities or property of any kind as above mentioned which is made in consideration of any present actual bona fide payment in money or by way of security for any Proviso Payment to creditor by debtor present actual bona fide advance of money, or which is made in consideration of any present actual bona fide sale or delivery of goods or other property: Provided that the money paid or the goods or other property sold or delivered bear a fair and reasonable relative value to the consideration thereof. [1922, c. 48, s. 7.] 8. In case of a valid sale of goods, securities or property purchaser from and payment or transfer of the consideration or part thereof by the purchaser to the creditor of the vendor under circumstances which would render void such payment or transfer by the debtor personally and directly, the payment or transfer, even though valid as respects the purchaser, shall be void as respects the creditor to whom the same is made. [1922, c. 48, s. 8.] Restoration of security to creditor in case of void payment Saving of payment to up valid security 9. In case a payment has been made which is void under this Act and any valuable security has been given up in consideration of the payment, the creditor shall be entitled to have the security restored, or its value made good to him before or as a condition of the return of the payment. [1922, c. 48, s. 9.] 10. Nothing herein contained shall affect any payment creditor giving of money to a creditor where such creditor by reason or on account of such payment has lost or been deprived or has in good faith given up any valid security which he held for the payment of the debt so paid, unless the value of the security is restored to the creditor, nor the substitution in good faith of one security for another security for the same debt so far as the debtor's estate is not thereby lessened in value to the other creditors; nor shall anything herein contained invalidate a security given to a creditor for a pre-existing debt where, by reason or on account of the giving of the security, an advance is made in money to the debtor by the creditor in the bona fide belief that the advance will enable the debtor to continue his trade or business and pay his debts in full. [1922, c. 48, s. 10.] Suit for Proceedings by Creditors. 11. One or more creditors may, for the benefit of creditors generally or for the benefit of such creditors as have been injured, delayed, prejudiced or postponed by the impeached transaction, sue for the rescission of or to have declared void agreements, deeds, instruments, or other transactions made or entered into in fraud of creditors or in violation of this Act or thereby declared void; and in case any amendment of the statement of claim is made the same shall relate back to the commencement of the action for the purpose of the time limited by section 4 hereof. [1922, c. 48, s. 11.] |