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CCQ-1991 - Civil Code of Québec
Section 2713.8
Disposition versions
2713.8. A movable hypothec with delivery effected by control of a monetary claim obtained by a creditor ranks ahead of any other movable hypothec encumbering that claim, from the time that control is obtained, regardless of when that other hypothec is published.
If two or more movable hypothecs with delivery are granted on a monetary claim that the grantor has against a third person in favour of creditors each of whom has obtained control of the claim under a control agreement, the hypothecs rank among themselves according to when the third person agreed to comply with the creditor’s instructions.
A hypothec granted on a monetary claim that the grantor has against the creditor ranks ahead of all other hypothecs with delivery effected by control encumbering that claim. However, if the claim relates to the credit balance of a financial account and another creditor has obtained control of the claim by becoming the account holder, that other creditor’s hypothec ranks ahead of the others.
