Trust and Loan Companies Act

Version of section 425 from 2003-01-01 to 2007-04-19:

Marginal note:Notice of unpaid amount
  •  (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.

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