Special Economic Measures Act
5 (1) Any costs incurred by or on behalf of Her Majesty in right of Canada in relation to the seizure, freezing or sequestration of property pursuant to an order made under paragraph 4(1)(b) are the liability of the owner of the property and constitute a debt due to Her Majesty in right of Canada that may be recovered in any court of competent jurisdiction.
Marginal note:Sale under execution
(2) The property referred to in subsection (1) may be sold under execution of a judgment in favour of Her Majesty in right of Canada for the costs referred to in that subsection and, subject to subsection (3), the proceeds of the sale shall first be applied in execution of the judgment and any balance shall be paid to the owner of the property.
Marginal note:Existing equities maintained
(3) All secured and unsecured rights and interests held by persons, other than
(a) a foreign state to which the order referred to in subsection (1) applies,
(b) persons in that foreign state, and
(c) nationals of that foreign state who do not ordinarily reside in Canada,
are entitled to the same ranking with respect to the rights and interests of Her Majesty and the owner in the proceeds of the sale referred to in subsection (2) as they would have been entitled to had this section not been enacted.
- 1992, c. 17, s. 5
- 2001, c. 4, s. 120
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