216. For a deposit with a trust company to be valid, the trust company must be licensed under the Act respecting trust companies and savings companies (chapter S-29.01). The trust company must undertake to place the sum on deposit as a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) other than as a term deposit which would not be repayable at any time before maturity. The trust company must also undertake to remit the sum of money or security to the party to whom the tender is made on proof of performance of the obligation.
The document recording the undertakings of the trust company is filed with the court office.
2014, c. 1, a. 216; I.N. 2016-12-01.