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CCQ-1991 - Civil Code of Québec

Section 1695
Disposition versions

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1695. Where a prior or hypothecary creditor acquires the property on which he has a claim, as a result of a sale by the creditor or a sale under judicial authority, the debtor is released from his debt to the creditor up to the market value of the property as at the time of acquisition, less any claims ranking ahead of the acquirer’s claim.
The debtor is also released where, within three years from the sale, the creditor who acquired the property receives, by resale of all or part of the property or by any other dealings with respect to it, value equal to or greater than the amount of his claim, including capital, interest and costs, the amount of the disbursements he has made on the property, with interest, and the amount of the other prior or hypothecary claims ranking ahead of his own.
1991, c. 64, a. 1695; I.N. 2014-05-01; I.N. 2015-11-01; I.N. 2016-01-01 (NCCP).
1695. Where a prior or hypothecary creditor acquires the property on which he has a claim, as a result of a judicial sale, a sale by the creditor or a sale under judicial authority, the debtor is released from his debt to the creditor up to the market value of the property as at the time of acquisition, less any claims ranking ahead of the acquirer’s claim.
The debtor is also released where, within three years from the sale, the creditor who acquired the property receives, by resale of all or part of the property or by any other dealings with respect to it, value equal to or greater than the amount of his claim, including capital, interest and costs, the amount of the disbursements he has made on the property, with interest, and the amount of the other prior or hypothecary claims ranking ahead of his own.
1991, c. 64, a. 1695; I.N. 2014-05-01; I.N. 2015-11-01.
1695. Where a prior or hypothecary creditor acquires the property on which he has a claim, as a result of a judicial sale, a sale by the creditor or a sale by judicial authority, the debtor is released from his debt to the creditor up to the market value of the property as at the time of acquisition, less any claims ranking ahead of the acquirer’s claim.
The debtor is also released where, within three years from the sale, the creditor who acquired the property receives, by resale of all or part of the property or by any other dealings with respect to it, value equal to or greater than the amount of his claim, including capital, interest and costs, the amount of the disbursements he has made on the property, with interest, and the amount of the other prior or hypothecary claims ranking ahead of his own.
1991, c. 64, a. 1695; I.N. 2014-05-01.
1695. Where a prior or hypothecary creditor acquires the property on which he has a claim, as a result of a judicial sale, a sale by the creditor or a sale by judicial authority, the debtor is released from his debt to the creditor up to the market value of the property at the time of acquisition, less any claims ranking ahead of the acquirer’s claim.
The debtor is also released where, within three years from the sale, the creditor who acquired the property receives, by resale of all or part of the property or by any other transaction in respect of it, value equal to or greater than the amount of his claim, including capital, interest and costs, the amount of the disbursements he has made on the property, with interest, and the amount of the other prior or hypothecary claims ranking ahead of his own.
1991, c. 64, a. 1695.
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