N-3, r. 5 - Regulation respecting trust accounting by notaries

Section 56 Disposition versions

2012-09-01

56. The maximum indemnity payable out of the fund is $100,000per claim arising from a notary’s use of sums of money or other securities, in connection with a contract for professional services or a mandate, for purposes other than those for which they were entrusted to him in the practice of his profession.

The maximum indemnity payable out of the fund is $100,000 for the aggregate of claims addressed to the fund arising from a notary’s use of sums of money or other securities, in connection with one or more contracts for professional services or mandates concluded with several persons for the same service, for purposes other than those for which they were entrusted to him in the practice of his profession. Where the total of the claims allowed in a case contemplated in this paragraph exceeds the maximum indemnity, the indemnity is distributed in proportion to the amount of each claim.

For the purposes of this section, service includes the performance of professional services by a notary pursuant to a contract for his services or a mandate for the benefit of 2 or more persons, including, in particular but without limiting the foregoing, the acquisition or sale of a family residence or an undivided co-ownership, the settlement of a succession, the creation of a patrimony by appropriation or the constitution of a legal person, and any investment of a movable or immovable nature.

O.C. 995-2002, s. 56.