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Bankruptcy and Insolvency Act

Version of section 13.4 from 2009-09-18 to 2024-05-01:

Marginal note:Trustee may act for secured creditor

  •  (1) No trustee may, while acting as the trustee of an estate, act for or assist a secured creditor to assert a claim against the estate or to realize or otherwise deal with a security that the secured creditor holds, unless the trustee has obtained a written opinion from independent legal counsel that the security is valid and enforceable against the estate.

  • Marginal note:Notification by trustee

    (1.1) Forthwith on commencing to act for or assist a secured creditor of the estate in the manner set out in subsection (1), a trustee shall notify the Superintendent and the creditors or the inspectors

    • (a) that the trustee is acting for the secured creditor;

    • (b) of the basis of any remuneration from the secured creditor; and

    • (c) of the opinion referred to in subsection (1).

  • Marginal note:Trustee to provide opinion

    (2) Within two days after receiving a request therefor, a trustee shall provide the Superintendent with a copy of the opinion referred to in subsection (1) and shall also provide a copy to each creditor who has made a request therefor.

  • 1992, c. 27, s. 9
  • 1997, c. 12, s. 10
  • 2004, c. 25, s. 14(E)
  • 2005, c. 47, s. 12
  • 2007, c. 36, s. 5

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