Recent Changes to Alberta's Guarantees Acknowledgment Act

When doing business in Alberta or transacting with an Alberta party, it is extremely important to be aware of the requirements contained in the Guarantees Acknowledgment Act (the "GAA").  The GAA has its roots in the Great Depression era, is unique legislation among the Canadian provinces and territories, and represents one of the earliest Canadian consumer protection enactments. In spite of its octogenarian status, a lack of familiarity with the GAA can be disastrous due to the fact that personal guarantees are not legally enforceable in Alberta unless its legislative formalities are met. As recent amendments have changed the specific requirements under the GAA,  we wish to clarify a few things in this post.