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Assignments and Preferences Act , section: 5(5)

Creditors' Remedies, Exceptions

(a) affects the Wages Act or prevents a debtor providing for payment of wages due by him or her in accordance with that Act;

(b) affects any payment of money to a creditor where the creditor, by reason or on account of the payment, has lost or been deprived of, or has in good faith given up, any valid security held for the payment of the debt so paid unless the security is restored or its value made good to the creditor;

applies to 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; or

(d) invalidates 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 in money is made to the debtor by the creditor in the belief that the advance will enable the debtor to continue the debtor’s trade or business and to pay the debts in full. R.S.O. 1990, c. A.33, s. 5 (5).

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The section data above may not be current. Please check statute at government site and consult with your own lawyer to ensure currency. Because this information comes from many sources who may be students and not lawyers or attorneys and because this site does NOT contain solicitor-to-client personalized advice it would be unsafe to apply this information to your particular set of facts. Do not rely upon this information. Consult a lawyer face-to-face.

Canada Statutes   Ontario Statutes     Edit

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