Part 6 — Special Seizure Mechanisms
57 Effecting seizure
in a security or a security entitlement in accordance with sections
47 to 51 of the Securities Transfer Act.
(2) Notwithstanding section 48 of the Securities Transfer Act, an
agency may seize the interest of an enforcement debtor in a
security issued by an Alberta private company by serving a notice
of seizure on the issuer at the issuer's chief executive office.
(3) If a seizure under this section is by notice to an issuer or
securities intermediary, the seizure becomes effective when the
issuer or securities intermediary has had a reasonable opportunity
to act on the seizure, having regard to the time and manner of
receipt of the notice.
RSA 2000
(4) If an enforcement debtor's interest in a security or a security
entitlement is seized in accordance with this section and that
interest is subject to a prior security interest,
(a) the seizure does not affect the prior security interest, and
(b) notwithstanding sections 57.1 to 64, the ability of the
agency to deal with the security or security entitlement is
limited to those rights and powers that the enforcement
debtor would have had but for the seizure.
RSA 2000 cC-15 s57;2006 cS-4.5 s107