44 (1) The account in the Consolidated Revenue Fund known as “The Personal Property Security Assurance Fund” is hereby continued under the name The Personal Property Security Assurance Fund in English and Caisse d’assurance des sûretés mobilières in French.  R.S.O. 1990, c. P.10, s. 44 (1). Idem (2) The prescribed portion of the fees received under this Act shall be paid into the Assurance Fund.  R.S.O. 1990, c. P.10, s. 44 (2). Idem (3) Interest shall be credited to the Assurance Fund out of the Consolidated Revenue Fund at a rate to be determined from time to time by the Lieutenant Governor in Council, and such interest shall be made up at the close of each fiscal year upon the balance in the Assurance Fund at the end of the previous calendar year.  R.S.O. 1990, c. P.10, s. 44 (3). Entitlement to payment (4) Any person who suffers loss or damage as a result of the person’s reliance upon a certificate of the registrar issued under section 43 that is incorrect because of an error or omission in the operation of the system of registration, recording and production of information under this Part or section 78 or under the Repair and Storage Liens Act is entitled to be paid compensation out of the Assurance Fund so far as the Assurance Fund is sufficient for that purpose, having regard to any claims which have been approved but have not been paid.  R.S.O. 1990, c. P.10, s. 44 (4). Claims (5) A person claiming to be entitled to payment of compensation out of the Assurance Fund shall file an application with the registrar, setting out the person’s name and address and particulars of the claim.  R.S.O. 1990, c. P.10, s. 44 (5). Idem (6) A claim against the Assurance Fund must be made within one year from the time that the loss or damage giving rise to the claim came to the claimant’s knowledge.  R.S.O. 1990, c. P.10, s. 44 (6). Idem (7) For the purposes of this section, where the holders of debt obligations issued, guaranteed or provided for under a security agreement are represented by a trustee or other person and the trustee or other person has relied upon a certificate of the registrar issued under section 43, all of the holders of the debt obligations shall be deemed to have relied on the certificate, and where a claim is made against the Assurance Fund, it shall be made by the trustee or other person on behalf of all the holders of such obligations.  R.S.O. 1990, c. P.10, s. 44 (7). Duty of registrar (8) Within 90 days of receiving an application for compensation, the registrar shall determine the claimant’s entitlement to compensation and advise the claimant of the decision.  1998, c. 18, Sched. E, s. 196 (1). Hearing (9) The registrar may hold a hearing to determine the claimant’s entitlement to compensation but shall not determine that the claimant is not entitled to a payment out of the Assurance Fund until after having held a hearing.  1998, c. 18, Sched. E, s. 196 (1). Claim accepted (10) If the registrar decides that the claimant is entitled to a payment out of the Assurance Fund, the registrar shall make an offer of settlement in satisfaction of the claim to the claimant within 30 days of making the decision.  1998, c. 18, Sched. E, s. 196 (1). Costs (11) The offer of settlement may include an award of costs if the registrar considers it appropriate.  1998, c. 18, Sched. E, s. 196 (1). Confirmation of decision (12) A decision under subsection (8) shall be deemed to be confirmed at the expiration of 30 days from the date of mailing of the decision to the claimant, unless the claimant serves a notice of application under subsection (14) on the registrar within that time.  1998, c. 18, Sched. E, s. 196 (1). Application to court (13) If the registrar does not determine the claimant’s entitlement to compensation within 90 days of receiving an application for compensation, the claimant may apply to the Superior Court of Justice and the court may order that the compensation set out in the order be paid to the claimant.  1998, c. 18, Sched. E, s. 196 (1); 2000, c. 26, Sched. B, s. 16 (1). Same (14) A claimant who is dissatisfied with a decision under subsection (8) may apply to the Superior Court of Justice within 30 days of the mailing of the decision to the claimant and the court may order that the decision be set aside and that the compensation set out in the order be paid to the claimant.  1998, c. 18, Sched. E, s. 196 (1); 2000, c. 26, Sched. B, s. 16 (1). Note: Despite the re-enactment of subsections 44 (8), (9), (10), (11), (12), (13) and (14) by the Statutes of Ontario, 1998, chapter 18, Schedule E, subsection 196 (1), those subsections, as they read immediately before December 18, 1998, continue to apply with respect to decisions or offers of settlement that the registrar has made before December 18, 1998.  See: 1998, c. 18, Sched. E, s. 196 (2). Payment (15) When an offer of settlement has been accepted or the time for an application under subsection (13) or (14) has expired or, where an application has been made, it is disposed of and it is finally determined that the claimant is entitled to payment of compensation out of the Assurance Fund, the registrar shall certify to the Treasurer of Ontario the sum found to be payable, including any costs awarded to the claimant, and the Treasurer shall pay the sum to the claimant out of the Assurance Fund.  R.S.O. 1990, c. P.10, s. 44 (15). Subrogation (16) Where compensation is paid to a claimant under this section, the registrar is subrogated to the rights of the claimant to the amount so paid against any person indebted to the claimant and whose debt to the claimant was the basis of the loss or damage in respect of which the claimant was paid, and the registrar may enforce those rights by action in court or otherwise in the name of Her Majesty in right of Ontario.  R.S.O. 1990, c. P.10, s. 44 (16). Action by claimant (17) The registrar may require a claimant to exhaust the claimant’s remedies against the collateral, the debtor and any guarantor and, where the registrar does so, the Assurance Fund is liable for the reasonable costs of the claimant, including solicitor and client costs.  R.S.O. 1990, c. P.10, s. 44 (17). Protection from liability (18) No action or other proceeding for damages shall be instituted against the Crown with respect to any matter in relation to which a claim against the Assurance Fund has been filed.  R.S.O. 1990, c. P.10, s. 44 (18). Idem (19) No claim shall be filed against the Assurance Fund with respect to any matter in relation to which an action or other proceeding for damages has been commenced in any court against the Crown.  R.S.O. 1990, c. P.10, s. 44 (19). Maximum payable from Assurance Fund (20) The maximum amount that may be paid out of the Assurance Fund with respect to claims related to any one security agreement shall not exceed $1,000,000 in total.  R.S.O.  1990, c. P.10, s. 44 (20). Idem (21) If the total of all claims against the Assurance Fund in respect of a security agreement exceeds $1,000,000, payments to claimants shall be made in accordance with the ratio that the amount of the claimant’s loss bears to the total amount of the losses of all claimants.  R.S.O. 1990, c. P.10, s. 44 (21). Section Amendments with date in force (d/m/y) 1998, c. 18, Sched. E, s. 196 (1, 2) - 18/12/1998 2000, c. 26, Sched. B, s. 16 (1) - 06/12/2000