Expropriation Act — E-21 26
e expropriated interest or right, less the value of each security interest or real security to which the expropriated interest or right was subject, determined as provided in paragraph (b) but as though no amount were included by virtue of subparagraph (b)(ii); (b) the value of the security interest or real security is the aggregate of (i) the principal amount outstanding under the terms of the security, and any interest due or accrued under those terms, at the time of the registration of the notice of confirmation, and (ii) an amount equal to three times the interest element, calculated as a monthly amount, of any payment of interest or of principal and interest payable under the terms of the security at the rate in effect under the terms of the security immediately before the registration of the notice of confirmation, and if the expropriated interest or right was subject to more than one security interest or real security, the value of each security interest or real security is to be determined in the order of its rank but in no case is the value of any security interest or real security to which an expropriated interest or right was subject to exceed the value of the expropriated interest or right otherwise determined under this section as though it had not been subject to any security interest or real security, less the value of each other security interest or real security the value of which is required by this subsection to be determined in accordance with its ranking; and (c) if part only of the interest or a more limited right that was subject to a security interest or real security was expropriated, the value of the security interest or real security is that proportion of its value otherwise determined under this subsection as though the whole of the interest or a less limited right subject to the security interest or real security had been expropriated, that (i) the value of the part only of the interest or a more limited right, otherwise determined under this subsection as though it had not been subject to any security interest or real security, is of (ii) the value of the whole of the interest or a less limited right otherwise determined under this subsection as though it had not been subject to any security interest or real security less the same proportion of the interest element of any payment made under the terms of the security, between the time of the registration of the notice of confirmation and the time of payment of any compensation in respect of the security interest or real security otherwise than pursuant to any offer made to its owner or holder under section 16. Factors not to be taken into account (11) In determining the value of an expropriated interest or right, no account is to be taken of (a) any anticipated or actual use by the Crown of the land at any time after the expropriation; (b) any value established or claimed to be established by or by reference to any transaction or agreement involving the lease or disposition of the interest or right, or any part of the interest or a more limited right, where the transaction or agreement was entered into after the registration of the notice of intention to expropriate; (c) any increase or decrease in the value of the interest or right resulting from the anticipation of expropriation by the Crown or from any knowledge or expectation, before the expropriation, of the public work or other public purpose for which the interest or right was expropriated; or (d) any increase in the value of the interest or right resulting from its having been put to a use that was contrary to law. R.S., 1985, c. E-21, s. 26; 2011, c. 21, s. 142