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ARTICLE · 02 DECEMBER 2015

Québec's New Regime Concerning Security On Monetary Claims

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These amendments will come into force on January 1, 2016.

CanadaFinance and Banking
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On April 21, 2015, Bill 28, which amends certain provisions of the Civil Code of Québec (the "CCQ") in order to allow the creation of movable hypothecs with delivery (pledges) on certain monetary claims, was assented to. These amendments will come into force on January 1, 2016.

These new rules will enable a creditor to obtain, under certain conditions, a hypothec with delivery on a monetary claim without having to publish its security at the Register of Personal and Movable Real Rights of the Province of Québec (the "RPMRR"). Such hypothec with delivery will be constituted and perfected against third persons by the creditor obtaining control of this claim. It must be noted, however, that it will still be possible to constitute a hypothec without delivery on monetary claims, as this new regime supplements the former, without replacing it.

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