Federal Law-Civil Law Harmonization Act, No. 1 (S.C. 2001, c. 4)

INTEREST ON MONEYS SECURED BY MORTGAGE ON REAL PROPERTY OR HYPOTHEC ON IMMOVABLES

Marginal note:No interest recoverable in certain cases

6. Whenever any principal money or interest secured by mortgage on real property or hypothec on immovables is, by the mortgage or hypothec, made payable on a sinking fund plan, on any plan under which the payments of principal money and interest are blended or on any plan that involves an allowance of interest on stipulated repayments, no interest whatever shall be chargeable, payable or recoverable on any part of the principal money advanced, unless the mortgage or hypothec contains a statement showing the amount of the principal money and the rate of interest chargeable on that money, calculated yearly or half-yearly, not in advance.

Marginal note:No rate recoverable beyond that so stated

7. Whenever the rate of interest shown in the statement mentioned in section 6 is less than the rate of interest that would be chargeable by virtue of any other provision, calculation or stipulation in the mortgage or hypothec, no greater rate of interest shall be chargeable, payable or recoverable, on the principal money advanced, than the rate shown in the statement.

Marginal note:No fine, etc., allowed on payments in arrears

• 8. (1) No fine, penalty or rate of interest shall be stipulated for, taken, reserved or exacted on any arrears of principal or interest secured by mortgage on real property or hypothec on immovables that has the effect of increasing the charge on the arrears beyond the rate of interest payable on principal money not in arrears.

Marginal note:When no further interest payable

• 10. (1) Whenever any principal money or interest secured by mortgage on real property or hypothec on immovables is not, under the terms of the mortgage or hypothec, payable until a time more than five years after the date of the mortgage or hypothec, then, if at any time after the expiration of the five years, any person liable to pay, or entitled to pay in order to redeem the mortgage, or to extinguish the hypothec, tenders or pays, to the person entitled to receive the money, the amount due for principal money and interest to the time of payment, as calculated under sections 6 to 9, together with three months further interest in lieu of notice, no further interest shall be chargeable, payable or recoverable at any time after the payment on the principal money or interest due under the mortgage or hypothec.

• Marginal note:When section not to apply

  (2) Nothing in this section applies to any mortgage on real property or hypothec on immovables given by a joint stock company or other corporation, nor to any debenture issued by any such company or corporation, for the payment of which security has been given by way of mortgage on real property or hypothec on immovables.

• (c) subject to the terms, if any, under which the property was acquired, create any security interest in, or hypothecate, all or any property of the Foundation, owned or subsequently acquired, to secure any obligation of the Foundation.

Marginal note:Incessibilité des prestations

23. Les prestations d’adaptation ne peuvent être cédées, grevées, saisies ou données en garantie et, sous réserve des paragraphes 22(1) et 26(1), toute opération en ce sens est nulle.

• e) acquérir, par don, legs ou autre mode de libéralités, des biens, notamment sous forme d’argent ou de valeurs mobilières, et les détenir, employer, investir ou gérer, ou en disposer, pourvu qu’elle respecte les conditions dont sont éventuellement assorties ces libéralités;

Marginal note:Evidence of financial responsibility

19. The Minister may require any person or class of persons importing meat products into Canada to provide evidence of financial responsibility in any form, including an insurance or indemnity bond, or a suretyship, that is satisfactory to the Minister.

• (a) acquire real, personal, movable and immovable property, including securities, and hold, manage or dispose of them as the Corporation may determine;

• (a.1) lease as lessee real, personal, movable and immovable property;

• (b) acquire by gift, bequest or devise real, personal, movable and immovable property and, despite anything in this Act, expend, administer or dispose of any such property, subject to the terms, if any, on which it was given, bequeathed or devised to the Corporation;

• (b) claims against a company for loss of life or injury to the person; or

• (d) indemnification from all liabilities, damages, claims, suits and actions arising out of the operations of the company other than liabilities, damages, claims, suits and actions resulting from

  • (i) in the Province of Quebec, the gross or intentional fault of the owner of the lands, and

  • (ii) in any other province, the gross negligence or wilful misconduct of the owner of the lands;

• (b) subject to the provisions of this Act, the company may create a lien, mortgage, charge or other security, or the company may constitute a hypothec, on the pipeline or on that part of it.

• (b) the creation of any lien, mortgage, hypothec, charge or other security on the property of the company, or of any prior claim or right of retention within the meaning of the Civil Code of Québec or any other statute of the Province of Quebec with respect to property of the company;

• (c) the sale, elsewhere than in the Province of Quebec, under an order of a court of any property of the company to enforce or realize on any lien, mortgage, charge or other security on the property of the company;

• (d) the sale, in the Province of Quebec, under an order of a court or by judicial authority, of any property of the company to enforce or realize on any hypothec, charge or other security on the property of the company; and

• (e) the exercise of remedies for the enforcement and realization of any prior claim referred to in paragraph (b) or the exercise of any right of retention referred to in that paragraph.