Bank Act

Marginal note:Notice of unpaid amount

• 558 (1) An authorized foreign bank shall mail to each person

  • (a) to whom a deposit referred to in paragraph 557(1)(a) is payable, or

  • (b) to whom or at whose request an instrument referred to in paragraph 557(1)(b) was issued, certified or accepted,

  at the person’s recorded address, in so far as is known to the authorized foreign bank, a notice stating that the deposit or instrument remains unpaid.

• Marginal note:When notice to be given

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

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

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