Bijural Terminology Records

Common Law

safekeeping

Civil Law

deposit

Title of the Legislative Text

Bankruptcy and Insolvency Act, R.S., c. B-3

Provision

  253. "customer" includes

  • (a) a person with or for whom a securities firm deals as principal or agent and who has a claim against the securities firm in respect of a security received, acquired or held by the securities firm in the ordinary course of business as a securities firm from or for a securities account of that person

    • (i) for safekeeping or in segregation, ...

Problem

In the English version, only common law terminology is used. The concept of "safekeeping" does not exist in civil law. In this context, the civil law contract of deposit is the equivalent of the common law contract of "safekeeping" .

Solution

In the English version, the terms "or deposit" are added for the civil law audience.

Harmonized Provision

(Amendment to the English version only)

  253. « customer » includes

  • (a) a person with or for whom a securities firm deals as principal, or agent or mandatary, and who has a claim against the securities firm in respect of a security received, acquired or held by the securities firm in the ordinary course of business as a securities firm from or for a securities account of that person

    • (i) for safekeeping or deposit or in segregation,

Federal Law-Civil Law Harmonization Act, No. 2, S.C. 2004, c. 25, s. 97(1).

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