{"id":5124,"date":"2015-04-14T00:00:00","date_gmt":"2023-08-12T08:04:04","guid":{"rendered":"https:\/\/www.millerthomson.com\/changes-to-the-guarantees-acknowledgement-act\/"},"modified":"2024-09-16T11:04:25","modified_gmt":"2024-09-16T15:04:25","slug":"changes-to-the-guarantees-acknowledgement-act","status":"publish","type":"post","link":"https:\/\/www.millerthomson.com\/en\/insights\/financial-services\/changes-to-the-guarantees-acknowledgement-act\/","title":{"rendered":"Changes to the Guarantees Acknowledgement Act (Alberta)"},"content":{"rendered":"<p>Until now, Alberta law required that a personal guarantee be executed with the assistance of a notary public. Effective April 30, 2015, a notary public can no longer execute the certificate required by Alberta law. The certificate must be executed by a lawyer. Failure to comply with the law will likely render the guarantee unenforceable.<\/p>\n<p>On December 4, 2013, the Government of Alberta passed the<em>\u00a0Notaries and Commissioners Act<\/em>, which received royal assent on December 11, 2013 (the \u201c<em>NCA<\/em>\u201d). The\u00a0<em>NCA<\/em>\u00a0comes into force on proclamation. The date for proclamation is set for April 30, 2015. The published objective of the\u00a0<em>NCA<\/em>\u00a0is to consolidate and modernize the\u00a0<em>Notaries Public Act<\/em>\u00a0and the\u00a0<em>Commissioners for Oaths Act<\/em>. \u00a0<\/p>\n<p>The\u00a0<i>NCA<\/i>\u00a0also amends the\u00a0<i>Guarantees Acknowledgment Act<\/i>\u00a0(the \u201c<i>GAA<\/i>\u201d). As it currently stands, the\u00a0<i>GAA<\/i>requires the following:<\/p>\n<ul type=\"disc\">\n<li>a guarantee given by an individual must be acknowledged by that individual before a notary public;<\/li>\n<li>the notary public must examine the guarantor and be satisfied that the person is aware of the contents of the guarantee and understands it;<\/li>\n<li>if satisfied that the party is aware of the contents and understands it, the notary public shall issue a certificate (the \u201cCertificate\u201d) in the form prescribed by the regulations to the\u00a0<i>GAA<\/i>;<\/li>\n<li>the fee charged by a notary public who executes the Certificate may not exceed $5.00; and<\/li>\n<li>the guarantee has no effect unless:<\/li>\n<ul type=\"circle\">\n<li>the person entering into the guarantee appears before the notary public, acknowledges to the notary public that the person executed the guarantee; and<\/li>\n<li>signs a statement at the foot of the Certificate of the notary public in the prescribed form.<\/li>\n<\/ul>\n<\/ul>\n<p>Once proclaimed into force on April 30, 2015, the\u00a0<i>NCA<\/i>\u00a0and the\u00a0<i>GAA<\/i>, when read in conjunction, will encompass the following changes:<\/p>\n<ul>\n<li>no guarantee has an effect unless the individual guarantor\n<ul>\n<li>appears before a lawyer;<\/li>\n<li>acknowledges to the lawyer that the guarantor executed the guarantee; and<\/li>\n<li>signs the prescribed form of certificate;<\/li>\n<\/ul>\n<\/li>\n<li>the lawyer must be satisfied by examination of the individual guarantor that he or she is aware of the contents of the guarantee and understands it;<\/li>\n<li>if satisfied that the individual is aware of the contents of the guarantee and understands it, the lawyer must issue a certificate in the prescribed form (the prescribed form of certificate is not yet finalized);<\/li>\n<li>\u201clawyer\u201d means, with reference to an acknowledgment made in Alberta, an active member of The Law Society of Alberta;<\/li>\n<li>\u201clawyer\u201d means, with reference to an acknowledgment made\u00a0<i>outside<\/i>\u00a0the Province of Alberta, a lawyer entitled to practise law in that jurisdiction;<\/li>\n<li>since a student-at-law is not an active member of The Law Society of Alberta, they are not permitted to execute the certificate; and<\/li>\n<li>there is no cap on the fee a lawyer can charge to execute the certificate of a guarantee.\u00a0<\/li>\n<\/ul>\n<p>Once these amendments to the\u00a0<i>GAA<\/i>\u00a0come into effect, it will be important to implement these changes in order to ensure that a guarantee is enforceable.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Until now, Alberta law required that a personal guarantee be executed with the assistance of a notary public. Effective April 30, 2015, a notary public can no longer execute the certificate required by Alberta law. The certificate must be executed by a lawyer. Failure to comply with the law will likely render the guarantee unenforceable. [&hellip;]<\/p>\n","protected":false},"author":100,"featured_media":14357,"parent":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[554],"insight-format":[416],"class_list":["post-5124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Changes to the Guarantees Acknowledgement Act (Alberta) | Miller Thomson<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.millerthomson.com\/en\/insights\/financial-services\/changes-to-the-guarantees-acknowledgement-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Changes to the Guarantees Acknowledgement Act (Alberta) | Miller Thomson\" \/>\n<meta property=\"og:description\" content=\"Until now, Alberta law required that a personal guarantee be executed with the assistance of a notary public. 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