CCQ-1991 - Civil Code of Québec

Section 2713.4 Disposition versions

2016-04-06

2713.4. A creditor obtains control of a monetary claim that the grantor of the hypothec has against a third person if

(1)  the claim relates to the credit balance of a financial account maintained by the third person for the grantor, or the claim relates to an amount of money transferred by the grantor to the third person to secure the performance of an obligation towards the creditor; and

(2)  the creditor has entered into an agreement, called a control agreement, with the third person and the grantor, under which the third person agrees to comply with the creditor’s instructions, without the additional consent of the grantor, as regards the credit balance or the amount of money.

A creditor also obtains control of a monetary claim relating to the credit balance of a financial account if the creditor becomes the account holder.

2015, c. 8, s. 361; 2016, c. 4, s. 312.

2016-01-01

2713.4. A creditor obtains control of a monetary claim that the grantor of the hypothec has against a third person if

(1)  the claim relates to the credit balance of a financial account maintained by the third person for the grantor, or the claim relates to an amount of money transferred to the third person to secure the performance of an obligation towards the creditor; and

(2)  the creditor has entered into an agreement, called a control agreement, with the third person and the grantor, under which the third person agrees to comply with the creditor’s instructions, without the additional consent of the grantor, as regards the credit balance or the amount of money.

A creditor also obtains control of a monetary claim relating to the credit balance of a financial account if the creditor becomes the account holder.

2015, c. 8, s. 361.