Security for Debts Due to Her Majesty Regulations (SOR/87-505)

Regulations are current to 2014-11-11

Security for Debts Due to Her Majesty Regulations

SOR/87-505

FINANCIAL ADMINISTRATION ACT

Registration 1987-08-14

Regulations Concerning Security in Respect of Debts and Obligations Due or Payable to Her Majesty and Claims by Her Majesty

P.C. 1987-1674 1987-08-14

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance and the President of the Treasury Board, pursuant to section 157Footnote * of the Financial Administration Act, is pleased hereby to make the annexed Regulations concerning security in respect of debts and obligations due or payable to Her Majesty and claims by Her Majesty.

SHORT TITLE

 These Regulations may be cited as the Security for Debts Due to Her Majesty Regulations.

INTERPRETATION

 In these Regulations,

“charge”

“charge” includes a pledge, assignment, debenture, mortgage, encumbrance, hypothec or lien; (droit)

“debtor”

“debtor” means any person who is indebted to Her Majesty; (débiteur)

“Her Majesty”

“Her Majesty” means Her Majesty in right of Canada. (Sa Majesté)

AUTHORIZATION

 Any appropriate Minister responsible for the recovery or collection of any debt or obligation due or payable to Her Majesty or claim by Her Majesty may accept any security that is deemed to be a security pursuant to section 4 in respect of any such debt, obligation or claim and may execute and deliver

  • (a) on payment of any such debt, obligation or claim, any instrument that will effectively release or discharge any security accepted in respect of the debt, obligation or claim; or

  • (b) on payment of a portion of any such debt, obligation or claim, any instrument that will effectively release or discharge any security accepted in respect of the portion of the debt, obligation or claim that has been paid.

SECURITY

 For the purposes of these Regulations, only a charge in favour of Her Majesty on the existing or future personal or real property of a debtor or on the existing personal or real property of a person who is the surety or guarantor of the debtor, shall be deemed to be a security.