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Bank Act

Version of section 439 from 2022-01-01 to 2023-06-29:


Marginal note:Notice of unpaid amount

  •  (1) A bank shall mail to each person, in so far as is known to the bank,

    • (a) to whom a deposit referred to in paragraph 438(1)(a) is payable, or

    • (b) to whom or at whose request an instrument referred to in paragraph 438(1)(b) was issued, certified or accepted,

    at the person’s recorded address, a notice stating that the deposit or instrument remains unpaid.

  • Marginal note:When notice to be sent

    (2) The notice must be sent during the month of January next following the end of the first two-year period, during the month of January next following the end of the first five-year period and also during the month of January next following the end of the first nine-year period

    • (a) in the case of a deposit made for a fixed period, after the fixed period has terminated;

    • (b) in the case of any other deposit, in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor; and

    • (c) in the case of a cheque, draft or bill of exchange, in respect of which the instrument has remained unpaid.

  • Marginal note:Notification of transfer to the Bank of Canada

    (3) The notice to be sent during the month of January next following the end of the first nine-year period determined under paragraphs (2)(a) to (c), as the case may be, must also

    • (a) [Repealed before coming into force, 2008, c. 20, s. 3]

    • (b) include the mailing address and websites where information can be obtained on how to claim the unpaid deposit or instrument.

  • 1991, c. 46, s. 439
  • 2007, c. 6, s. 30
  • 2008, c. 20, s. 3

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