I-13.2.2, r. 1 - Regulation respecting the application of the Deposit Institutions and Deposit Protection Act

Section 2 Disposition versions

2020-04-30

2. In addition to the provisions in the first paragraph of section 1, the funds referred to in that paragraph constitute a deposit of money within the meaning of the Act and this Regulation where the document evidencing the obligation of the deposit institution or bank to repay or to pay explicitly bears the name of the person entitled, as of the date of issue of the document, to payment or repayment of the funds received.

Where the document is assigned, the name of the assignor, the name of any assignee and the terms of assignment must be noted in the records of the deposit institution or bank.

The first paragraph does not apply where the obligation to repay or to pay is evidenced by a draft, a certified cheque, a letter of credit paid in advance or a money order.

M.O. 2010-12, s. 2; M.O. 2020-09, s. 3.

2012-09-01

2. In addition to the provisions in the first paragraph of section 1, the funds referred to therein constitute a deposit of money within the meaning of the Act and this Regulation where the document evidencing the obligation of the institution or bank to repay or to pay explicitly bears the name of the person entitled, as of the date of issue of the document, to payment or repayment of the funds received.

Where the document is assigned, the name of the assignor, the name of any assignee and the terms of assignment must be noted in the records of the institution or bank.

The first paragraph does not apply where the obligation to repay or to pay is evidenced by a draft, a certified cheque, a traveller’s cheque, a letter of credit paid in advance or a money order.

M.O. 2010-12, s. 2.