Trust and Loan Companies Act

Marginal note:Notice of unpaid amount

• 425 (1) A company shall send, by mail and by electronic means, to each person to whom a deposit referred to in paragraph 424(1)(a) is payable, or to each person to whom or at whose request an instrument referred to in paragraph 424(1)(b) was issued, certified or accepted, at their recorded address and electronic address in so far as they are known to the company, a notice stating that the deposit or instrument remains unpaid.

• Marginal note:When notice to be given

  (2) A notice required by subsection (1) shall be given during the month of January next following the end of the first two year period, and also during the month of January next following the end of the first five year period,

  • (a) in the case of a deposit made for a fixed period, after the fixed period has terminated;

  • (b) in the case of any other deposit, in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor; and

  • (c) in the case of a cheque, draft or bill of exchange, in respect of which the instrument has remained unpaid.

• Marginal note:When notice to be sent

  (3) The notice must be sent during the month of January next following the end of the first two-year period, during the month of January next following the end of the first five-year period and also during the month of January next following the end of the first nine-year period

  • (a) [Repealed before coming into force, 2008, c. 20, s. 3]

  • (b) in the case of any other deposit, in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor; and

  • (c) [Repealed before coming into force, 2008, c. 20, s. 3]