189.1. Where a tender of money is made to guarantee the performance of the obligation of the opposite party, the party making the tender may, instead of depositing the sum of money in the office of the court, entrust the sum to a trust company licensed under the Act respecting trust companies and savings companies (chapter S-29.01).
The trust company shall undertake to remit the sum, where such is the case, to the opposite party upon proof of performance of the obligation. It shall also undertake to invest the sum by making deposits of money within the meaning of the Deposit Insurance Act (chapter A-26) and guaranteed under that Act, but not including term deposits not repayable at all times before maturity.
The receipt issued by the trust company and the writing attesting the undertakings made by the trust company under the second paragraph must be filed in the record of the court.
1987, c. 48, s. 1; 1987, c. 95, s. 402.