This Web page has been archived on the Web.

Federal Law-Civil Law Harmonization Act, No. 1 (S.C. 2001, c. 4)

Assented to 2001-05-10

PART 4

Marginal note:R.S., c. B-3

AMENDMENTS TO THE BANKRUPTCY AND INSOLVENCY ACT

Marginal note:1997, c. 12, s. 1(1)

25. The definition “secured creditor” in subsection 2(1) of the Bankruptcy and Insolvency Act is replaced by the following:

“secured creditor”

« créancier garanti »

“secured creditor” means a person holding a mortgage, hypothec, pledge, charge or lien on or against the property of the debtor or any part of that property as security for a debt due or accruing due to the person from the debtor, or a person whose claim is based on, or secured by, a negotiable instrument held as collateral security and on which the debtor is only indirectly or secondarily liable, and includes

  • (a) a person who has a right of retention or a prior claim constituting a real right, within the meaning of the Civil Code of Québec or any other statute of the Province of Quebec, on or against the property of the debtor or any part of that property, or

  • (b) any of

    • (i) the vendor of any property sold to the debtor under a conditional or instalment sale,

    • (ii) the purchaser of any property from the debtor subject to a right of redemption, or

    • (iii) the trustee of a trust constituted by the debtor to secure the performance of an obligation,

    if the exercise of the person’s rights is subject to the provisions of Book Six of the Civil Code of Québec entitled Prior Claims and Hypothecs that deal with the exercise of hypothecary rights;

26. Paragraph 5(3)(c) of the English version of the Act is replaced by the following:

  • (c) where not otherwise provided for, require the deposit of one or more continuing guaranty bonds or continuing suretyships as security for the due accounting of all property received by trustees and for the due and faithful performance by them of their duties in the administration of estates to which they are appointed, in any amount that the Superintendent may determine, which amount may be increased or decreased as the Superintendent may deem expedient, and the security shall be in a form satisfactory to the Superintendent and may be enforced by the Superintendent for the benefit of the creditors;

27. Subsection 50(4) of the English version of the Act is replaced by the following:

  • Marginal note:Proposal, etc., not to be withdrawn

    (4) No proposal or any security, guarantee or suretyship tendered with the proposal may be withdrawn pending the decision of the creditors and the court.

28. Section 75 of the French version of the Act is replaced by the following:

Marginal note:La loi provinciale s’applique en faveur de l’acheteur moyennant valeur

75. Nonobstant les autres dispositions de la présente loi, un acte, transport, transfert, contrat de vente, charge ou hypothèque, consenti à un acheteur ou à un créancier hypothécaire de bonne foi, ou consenti en sa faveur, pour contrepartie valable et suffisante, et couvrant des biens immeubles visés par une ordonnance de séquestre ou une cession en vertu de la présente loi, est valable et efficace selon sa teneur et selon les lois de la province dans laquelle ces biens sont situés, aussi pleinement et efficacement, et pour toutes fins et intentions, que si aucune ordonnance de séquestre n’avait été rendue ou cession faite en vertu de la présente loi, à moins que l’ordonnance de séquestre, la cession, ou un avis de cette ordonnance ou de cette cession, ou un avis, n’ait été enregistré contre les biens au bureau approprié, antérieurement à l’enregistrement de l’acte, du transport, du transfert, du contrat de vente, de la charge ou de l’hypothèque, conformément aux lois de la province où sont situés les biens.