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Bijural Terminology Records
Existing equities maintained
5. (3) All secured and unsecured rights and interests held by persons, other than
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(a) a foreign state to which the order referred to in subsection (1) applies,
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(b) persons in that foreign state, and
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(c) nationals of that foreign state who do not ordinarily reside in Canada, are entitled to the same priority with respect to the rights and interests of Her Majesty and the owner in the proceeds of the sale referred to in subsection (2) as they would have been entitled to had this section not been enacted.
"priority"and priorité may raise confusion and can refer erroneously to the notion of a prior claim in civil law, it is preferable to replace these terms with the notion of
"ranking"/ rang.
"priority"is replaced by
"ranking". In the French version of the marginal note, the term priorité is replaced by rang.
Existing equities maintained
5. (3) All secured and unsecured rights and interests held by persons, other than
-
(a) a foreign state to which the order referred to in subsection (1) applies,
-
(b) persons in that foreign state, and
-
(c) nationals of that foreign state who do not ordinarily reside in Canada, are entitled to the same ranking with respect to the rights and interests of Her Majesty and the owner in the proceeds of the sale referred to in subsection (2) as they would have been entitled to had this section not been enacted.
Federal Law-Civil Law Harmonization Act, No. 1, S.C. 2001, c. 4, s. 120
