Trust and Loan Companies Act (S.C. 1991, c. 45)

Marginal note:Notice of unpaid amount

• 425. (1) A company shall mail to each person, in so far as is known to the company,

  • (a) to whom a deposit referred to in paragraph 424(1)(a) is payable, or

  • (b) to whom or at whose request an instrument referred to in paragraph 424(1)(b) was issued, certified or accepted,

  at the person’s recorded address, 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) [Not in force]

  • (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) [Not in force]

Marginal note:Definitions

425.1 The following definitions apply in this section and in sections 431 to 434, 444.1 and 444.3.

“member company”

« société membre »

“member company” means a company that is a member institution as defined in section 2 of the Canada Deposit Insurance Corporation Act.

“personal deposit account”

« compte de dépôt personnel »

“personal deposit account” means a deposit account in the name of one or more natural persons that is kept by that person or those persons for a purpose other than that of carrying on business.

“retail deposit account”

« compte de dépôt de détail »

“retail deposit account” means a personal deposit account that is opened with a deposit of less than $150,000 or any greater amount that may be prescribed.