Debt
This is the name of the right of the Guarantor to be repaid by the debtor if they pay the debtor’s debt.
What is subrogation
These are the three types of creditors, based on the credit they extend.
What are secured, preferred and unsecured/general creditors
Before taking any additional steps to collect a debt owing, the creditor must first provide the debtor with a _______________.
What is demand for payment or demand letter
This court in Alberta is also sometimes called the Small Claims Court.
What is the Provincial Court
This is how long a court Judgment is valid for initially.
What is 10 years
This is the document that needs to be registered to perfect a security interest.
What is a financing statement
A cheque is a form of _______________, and is a bill drawn on a bank, payable on demand.
What is a bill of exchange
This is the term for when a person takes a loan to purchase specific property, and the creditor secures the loan with a security interest in that specific property.
What is a purchase money security interest
This is the court document that starts a court action in the Provincial Court.
What is a Civil Claim
This is a document that is prepared by the judgment creditor and filed with the court and registered with the Personal Property Registry so that the judgment creditor can take steps to enforce on the Judgment.
What is a Writ of Enforcement
This is a form of receipt commonly used for the purchase and sale of large or expensive items.
What is a Bill of Sale
This is the most common type of security agreement between a commercial debtor and a secured creditor.
What is a General Security Agreement
This is a legal claim or charge that a creditor has against property which allows the creditor to possess the property until the debt is paid.
What is a lien
This is the court document that a Defendant can use to reply to a Statement of Claim the Court of Queen’s Bench.
What is a Statement of Defence
This is a third party who owes money to the judgment debtor and who can be required to pay the money owed into court instead of to the judgment debtor.
What is a garnishee
This is where security interests are registered.
What is the Personal Property Registry
This is the type of contract that a debtor and creditor enter into when possession of the goods is handed over to the debtor immediately but the full purchase price will be paid over time.
What is a conditional sale contract
This type of agency can be hired by a secured creditor to realize on the security by seizing collateral.
What is a collection agency or civil enforcement agency
This dollar amount is the upper limit of what can be claimed in the Provincial Court.
What is $50,000
This type of search should be done at the PPR to see if there are other creditors in line for the property that the judgment creditor wants to enforce on.
What is a Distribution Seizure Search
This process allows a creditor to get a court order to possess real property for which the mortgage is in default.
What is foreclosure
These are the names of the two main credit bureaus in Canada.
What are Equifax and TransUnion
This is the right of a landlord if a debt is owing to them and a lease is still in place.
What is a landlord’s right of distress or distraint
This is what the Plaintiff can do if the Defendant does not respond to the claim that has been served on them.
What is note them in default
This is the statute that guides how Civil Enforcement Agencies can operate to enforce on debtors’ property.
What is the Civil Enforcement Act, RSA 2000, c C-15