CCQ-1991 - Civil Code of Québec

Section 3108.7 Disposition versions

2014-05-01

3108.7. The law expressly specified in a juridical act governing a securities account maintained for an entitlement holder by a securities intermediary as the law applicable to that act governs the following matters, unless the act specifies another law as the law applicable to them:

(1)  acquisition of a security entitlement from the securities intermediary;

(2)  the rights and duties of the securities intermediary and the entitlement holder arising out of the security entitlement;

(3)  whether the securities intermediary owes any duty to a person who has an adverse claim to a security entitlement; and

(4)  whether an adverse claim may be asserted against a person who acquires a security entitlement from the securities intermediary or who acquires rights in a security entitlement from the entitlement holder.

If no law is specified in a juridical act governing a securities account, the applicable law is the law of the State in which the establishment expressly mentioned in such an act as being the place where the securities account is maintained is located or, if no establishment is expressly specified in such an act, the law of the State in which the establishment identified in an account statement as the establishment serving the entitlement holder’s account is located. If no law may be determined on the basis of the account statement, the applicable law is the law of the State in which the decision-making centre of the securities intermediary is located.

2008, c. 20, s. 139; I.N. 2014-05-01.

2009-01-01

3108.7. The law expressly specified in a juridical act governing a securities account maintained for an entitlement holder by a securities intermediary as the law applicable to that act governs the following matters, unless the act specifies another law as the law applicable to them:

(1)  acquisition of a security entitlement from the securities intermediary;

(2)  the rights and duties of the securities intermediary and the entitlement holder arising out of the security entitlement;

(3)  whether the securities intermediary owes any duty to a person who has an adverse claim to a security entitlement; and

(4)  whether an adverse claim may be asserted against a person who acquires a security entitlement from the securities intermediary or who acquires rights in a security entitlement from the entitlement holder.

If no law is specified in a juridical act governing a securities account, the applicable law is the law of the country in which the establishment expressly mentioned in such an act as being the place where the securities account is maintained is located or, if no establishment is expressly specified in such an act, the law of the country in which the establishment identified in an account statement as the establishment serving the entitlement holder’s account is located. If no law may be determined on the basis of the account statement, the applicable law is the law of the country in which the decision-making centre of the securities intermediary is located.

2008, c. 20, s. 139.