78 (1) A mortgage, charge or assignment, the registration of which was provided for in the Corporation Securities Registration Act, being chapter 94 of the Revised Statutes of Ontario, 1980, or a predecessor thereof, (collectively referred to in this section as the former Act) that was registered under the former Act before the 10th day of October, 1989, continues to have such force and effect as if the former Act had not been repealed and except as provided in this section and sections 43 and 44, this Act does not apply to any such mortgage, charge or assignment.  R.S.O. 1990, c. P.10, s. 78 (1). Idem (2) Where a mortgage, charge or assignment, the registration of which was provided for in the former Act, was made before the 10th day of October, 1989 but was not registered under that Act, (a)  this Act shall be deemed always to have applied to the mortgage, charge or assignment; and (b)  the security interest created by the mortgage, charge or assignment may be perfected under this Act.  R.S.O. 1990, c. P.10, s. 78 (2). Entries in registration system (3) The registrar shall, with respect to each mortgage, charge and assignment, and each assignment thereof, registered under the former Act for which no certificate of discharge has been registered as of the 10th day of October, 1989, enter into the central file of the registration system established for the purposes of this Act, (a)  the name of the debtor as shown in the registration under the former Act; (b)  the registration number under the former Act; and (c)  a notation, in English or French, indicating that the registration was made under the Corporation Securities Registration Act or a predecessor of that Act and that a copy of the instrument is available for inspection in the offices (giving the appropriate address) of the Ministry of Consumer and Business Services.  R.S.O. 1990, c. P.10, s. 78 (3); 2001, c. 9, Sched. D, s. 13. Discharged registrations (4) Mortgages, charges and assignments, and assignments thereof, registered under the former Act for which a certificate of discharge has been registered before the 10th day of October, 1989 shall not be entered into the registration system established for the purposes of this Act.  R.S.O. 1990, c. P.10, s. 78 (4). Registration period (5) A registration entered into the central file of the registration system under subsection (3) expires when it is discharged in accordance with this section.  R.S.O. 1990, c. P.10, s. 78 (5). Change of name of debtor (6) Where before the 10th day of October, 1989 and after the original registration under the former Act the debtor changed its name and the secured party learned of the change before that day, the secured party shall register a financing change statement recording the change of name by the 10th day of October, 1991.  R.S.O. 1990, c. P.10, s. 78 (6). Effect of failure to comply (7) Where a secured party fails to register a financing change statement under subsection (6) by the 10th day of October, 1991, the security interest created by the mortgage, charge or assignment shall be subordinate to the interest of any person without knowledge of the security interest who has subsequently acquired rights in the collateral and has relied upon a search made in the central file of the registration system in the changed name of the debtor.  R.S.O. 1990, c. P.10, s. 78 (7). Discharge (8) A secured party may discharge in whole or in part a mortgage, charge or assignment or any assignment thereof entered into the central file of the registration system under subsection (3) by the registration of a financing change statement.  R.S.O. 1990, c. P.10, s. 78 (8). Order for discharge (9) The debtor or any person having an interest in the collateral may make an application to the Superior Court of Justice for an order discharging or partially discharging a mortgage, charge or assignment or any assignment thereof entered into the central file of the registration system under subsection (3).  R.S.O. 1990, c. P.10, s. 78 (9); 2000, c. 26, Sched. B, s. 16 (1). Idem (10) Upon hearing an application made under subsection (9) and upon being satisfied that no security interest was created or that the security interest is released or partially released, the court may order, (a)  that the registration be discharged where no security interest was ever created or the security interest has been released; or (b)  that a financing change statement be registered where the security interest is partially released.  R.S.O. 1990, c. P.10, s. 78 (10). Removal of information from registration system (11) The registrar may remove from the registration system information related to a registration, upon receipt of, (a)  a financing change statement under subsection (8) that wholly discharges the registration entered into the central file of the registration system under subsection (3); or (b)  a certified copy of an order made under clause (10) (a).  R.S.O. 1990, c. P.10, s. 78 (11). Application of ss. 30 (6), 47-50 (12) Subsection 30 (6) and sections 47, 48, 49 and 50, except subsections 48 (1) and (2), apply to the perfection, continuation of perfection and reperfection of a security interest under a mortgage, charge or assignment entered into the central file of the registration system under subsection (3).  R.S.O. 1990, c. P.10, s. 78 (12). Election re: enforcement of security agreements (13) Where there is a default under a mortgage, charge or assignment entered into the central file of the registration system under subsection (3), the secured party may elect to enforce the security agreement in accordance with Part V by stating in the notice referred to in subsection 63 (4) or 65 (2) that the secured party has elected to be bound by Part V.  R.S.O. 1990, c. P.10, s. 78 (13). Trust indentures (14) Subsections (6) and (12) do not apply so as to require a trustee under a trust indenture to file a financing change statement recording the change of a debtor’s name unless after the 10th day of October, 1989 the trust indenture is amended.  R.S.O. 1990, c. P.10, s. 78 (14). Section Amendments with date in force (d/m/y) 2000, c. 26, Sched. B, s. 16 (1) - 06/12/2000 2001, c. 9, Sched. D, s. 13 - 29/06/2001 2012, c. 8, Sched. 45, s. 9 - See: Table of Public Statute Provisions Repealed Under Section 10.1 of the Legislation Act, 2006 - 31/12/2022