CCQ-1992 - Act respecting the implementation of the reform of the Civil Code

Section 134 Disposition versions

1994-01-01

134. Subject to registration, if the former legislation so required, within the time prescribed by that legislation,

(1)  conventional securities other than transfers of claims contemplated by section 136 become conventional, movable or immovable hypothecs, depending on whether the property charged is movable or immovable property;

(2)  hypothecs created by will become conventional hypothecs;

(3)  legal or judicial hypothecs become legal hypothecs if the new legislation attributes this quality to the claims on which they are based;

(4)  legal hypothecs in favour of minors or persons of full age under tutorship or curatorship continue to be legal hypothecs as long as the tutor or curator does not offer another security of sufficient value pursuant to articles 242, 243 and 266 of the new Code;

(5)  privileges become either prior claims or legal hypothecs, depending on the quality attributed by the new legislation to the claims on which they are based. However, the privilege of the seller of an immovable becomes a legal hypothec; the privilege of the lessor of an immovable, other than a residential immovable, on the furniture becomes a legal movable hypothec which retains its opposability for a period of not more than ten years provided it is published, as though it were a renewal made in accordance with section 157.

The abovementioned securities conserve their rank under the former legislation in all cases; however, hypothecs on property which, by reason of the application of the new legislation, have changed in nature must, to conserve their rank, be published in the appropriate register within the following 12 months.

Former legal or judicial securities, other than the privilege of the seller of an immovable, based on claims which, under the new legislation, no longer have preference, become prior claims collocated after all other prior claims.

1992, c. 57, s. 134.