Bijural Terminology Records

Common Law

surrender a security

Civil Law

surrender a security

Title of the Legislative Text

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

Provision

  127. (2) Where a secured creditor surrenders his security to the trustee for the general benefit of the creditors, he may prove his whole claim.

Problem

In the French version, the term "remet" is inappropriate to express the right of the creditor to renonce the right to his or her security.

Solution

In the French version, the term "remet" is replaced by "renonce à".

Harmonized Provision

(Amendment to the French version only)

  127. (2) Lorsqu'un créancier garanti renonce à sa garantie en faveur du syndic au profit des créanciers en général, il peut établir la preuve de sa réclamation entière.

Federal Law-Civil Law Harmonization Act, No. 2, S.C. 2004, c. 25, s. 67.