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Note: In this case, it was noted that liens filed against a contractor were discharged pursuant to Section 48 of the Alberta Builder's Lien Act (Act) in exchange for two letters of credit in amounts equal to the full amounts of the liens.

The text of that section does not specifically mention LCs and only refers generally to security. Apparently, the Master deemed standby LCs to constitute adequate security under the statute.

[JEB/aee]

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