Bijural Terminology Records

Common Law

secure itself

Civil Law

obtain security

Title of the Legislative Text

Bank of Canada Act, R.S.C. (1985), c. B-2

Provision

  23. The Bank shall not, except as authorized by this Act,

  • ...

  • (c) lend or make advances on the security of any real property, except that, in the event of any claims of the Bank being in the opinion of the Board endangered, the Bank may secure itself on any real property of the debtor or any other person liable and may acquire that property, which shall be resold as practicable thereafter;

Problem

In the English version, the use of the phrase "secure itself" is problematic because it does not reflect civil law.

Solution

The term "or obtain security" is added to reflect the civil law in English.

Harmonized Provision

  23. The Bank shall not, except as authorized by this Act,

  • ...

  • (c) lend or make advances on the security of any real property or immovable, except that, in the event of any claims of the Bank being in the opinion of the Board endangered, the Bank may secure itself on any real property, or obtain security on any immovable, of the debtor or any other person liable and may acquire that property, which shall be resold as practicable after the acquisition;

Federal Law-Civil Law Harmonization Act, No. 1, S.C. 2001, c. 4, s. 59(1)

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