sec.61Applications for compensation for loss

sec.61 Applications for compensation for loss

Subsection (2) applies if a person who is the holder of a security interest that is mentioned in section 28 (1) of the existing Act and extinguished under section 26 (1) of the existing Act before the repeal suffers loss because of the extinguishment. Despite the repeal, the person may apply for payment of compensation under section 28 of the existing Act. Subsection (4) applies if a person who is the holder of a security interest extinguished under section 30 (2) of the existing Act before the repeal suffers loss because of the extinguishment. Despite the repeal, the person may apply for compensation under section 30 (4) of the existing Act. (sec.61-ssec.1) Subsection (2) applies if a person who is the holder of a security interest that is mentioned in section 28 (1) of the existing Act and extinguished under section 26 (1) of the existing Act before the repeal suffers loss because of the extinguishment. (sec.61-ssec.2) Despite the repeal, the person may apply for payment of compensation under section 28 of the existing Act. (sec.61-ssec.3) Subsection (4) applies if a person who is the holder of a security interest extinguished under section 30 (2) of the existing Act before the repeal suffers loss because of the extinguishment. (sec.61-ssec.4) Despite the repeal, the person may apply for compensation under section 30 (4) of the existing Act.