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P-40.1 - Consumer Protection Act

Section 256
Disposition versions

Full text
256. Any sum of money collected from a consumer by a merchant under a contract that stipulates that the principal obligation of the merchant is to be performed more than two months after the contract is made shall be transferred in trust. The merchant is the trustee of the sum and must deposit it in a trust account until the principal obligation has been performed.
1978, c. 9, s. 256; 1999, c. 40, s. 234.
256. Where a merchant receives a sum of money from a consumer pursuant to a contract under which the principal obligation of the merchant is to be performed more than two months after the said contract was made, he must place that sum in a trust account until the performance of his principal obligation.
1978, c. 9, s. 256.
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