T-11.002 - Act respecting the transfer of securities and the establishment of security entitlements

Section 23 Disposition versions

2009-01-01

23. A person has notice of an adverse claim if

(1)  the person knows of the adverse claim;

(2)  the person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the existence of the adverse claim; or

(3)  the person has a duty, imposed by law, to investigate whether an adverse claim exists and the investigation, if carried out, would establish the existence of the adverse claim.

In this Act, “adverse claim” means a claim that the claimant has rights in a security or financial asset and that it is or would be a violation of the rights of the claimant for another person to hold, transfer or deal with the security or financial asset.

2008, c. 20, s. 23.