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ARTICLE · 02 JUNE 2023

Chronicle – Monetary Claims By Maxime Rhéaume

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Since January 1, 2016, the Civil Code of Québec ("CCQ") has included provisions regarding monetary claims 1 . The highlights of this concept introduced into Québec law...

CanadaFinance and Banking
Maxime Rhéaume
Maxime Rhéaume
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Summary

The author reviews the concept of the monetary claim introduced in the Civil Code of Québec in 2016 in light of court decisions. This review helps identify situations where this form of security may be appropriate and distinguishes it from the mechanism of compensation.

FOREWORD

Since January 1, 2016, the Civil Code of Québec ("CCQ") has included provisions regarding monetary claims 1 . The highlights of this concept introduced into Québec law are as follows: (i) the monetary claim is first and foremost a claim payable in money only, (ii) it is owed to the debtor by its creditor or by a third party, (iii) it confers on the secured creditor a first rank, regardless of the date of its security, and finally, (iv) it constitutes an undisclosed security which does not require publication in the Register of Personal and Movable Real Rights ("RPMRR").

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