Marginal note:Time limit for unpaid debts
22 (1) The Bank is not liable in respect of any unpaid debt in respect of which a federal financial institution has made a payment to the Bank under the relevant Act in respect of the federal financial institution if
(a) the amount paid to the Bank was less than $500; and
(b) at least twenty years have gone by since the later of
(i) the last time a transaction took place on the books of the federal financial institution in respect of the unpaid debt, and
(ii) the last time a statement of account was requested of or acknowledged to the federal financial institution by the former creditor in respect of the unpaid debt.
Marginal note:Time limit for instruments
(1.1) The Bank is not liable in respect of any instrument in respect of which a federal financial institution has made a payment to the Bank under the relevant Act in respect of the federal financial institution if
(a) the amount paid to the Bank was less than $500; and
(b) no payment has been made in respect of the instrument for at least twenty years after the day the instrument was issued or accepted.
Marginal note:Time limit for liquidation claims
(1.2) The Bank is not liable in respect of any claim against a liquidator in respect of the winding-up of a federal financial institution if
(a) the amount of the claim has been paid to the Minister and by the Minister to the Bank under the relevant Act in respect of the federal financial institution;
(b) the amount paid to the Bank was less than $500; and
(c) at least twenty years have gone by since the later of
(i) the last time a transaction took place on the books of the federal financial institution in respect of the subject-matter of the claim, and
(ii) the last time a statement of account was requested of or acknowledged to the federal financial institution by the former creditor in respect of the subject-matter of the claim.
Marginal note:No liability where claims paid
(2) The Bank is not liable in respect of
(a) any unpaid debt or any instrument in respect of which a federal financial institution has paid an amount to the Bank in accordance with the relevant Act in respect of the federal financial institution, or
(b) any claim against a liquidator in respect of the winding-up of a federal financial institution the amount of which claim has been paid to the Minister and by the Minister to the Bank under the relevant Act in respect of the federal financial institution,
where an amount equal to the amount so paid has been paid by the Bank to the creditor in accordance with the relevant Act in respect of the federal financial institution or to the Receiver General under subsection (3).
Marginal note:Amounts to be paid to Receiver General
(3) An amount equal to the amount paid to the Bank in respect of a debt, instrument or claim referred to in subsection (1) shall, within two months after the end of the calendar year in which the applicable twenty year period expired, be paid by the Bank without interest to the Receiver General and the Bank may destroy all records relating to the debt, instrument or claim.
Marginal note:Amounts part of C.R.F.
(4) Any amount paid by the Bank to the Receiver General under subsection (3) shall form part of the Consolidated Revenue Fund.
Marginal note:Definitions
(5) For the purposes of this section,
federal financial institution
institution financière fédérale
federal financial institution means a bank, an authorized foreign bank, a company to which the Trust and Loan Companies Act applies or an association to which the Cooperative Credit Associations Act applies; (institution financière fédérale)
relevant Act
loi pertinente
relevant Act in respect of a federal financial institution means
(a) in the case of a bank or authorized foreign bank, the Bank Act,
(b) [Repealed, 1999, c. 28, s. 97]
(c) in the case of a company to which the Trust and Loan Companies Act applies, that Act, and
(d) in the case of an association to which the Cooperative Credit Associations Act applies, that Act. (loi pertinente)
- R.S., 1985, c. B-2, s. 22
- 1991, c. 46, ss. 582, 583, c. 48, s. 494
- 1997, c. 15, s. 100
- 1999, c. 28, s. 97
- 2001, c. 9, s. 196
- Date modified: