34 Registrable Charges

34 (1) A registrable charge referred to in section 33(2) becomes due and payable in the circumstances specified by the court, having regard to prevailing residential lending practices in Canada, but if none are specified, becomes due and payable on the earliest of the following:

• (a) twelve months after the date of death of the surviving spouse;
• (b) twelve months after the date the surviving spouse ceases residing in the spousal home;
• (c) the completion date of the sale of the spousal home.

• (2) If a registrable charge payable under subsection (1) is not paid, the owner of the registrable charge may take any action that a mortgagee of land may take under the prescribed standard mortgage terms under the Land Title Act.
• (3) A registrable charge is not enforceable until a form approved by the Director of Land Titles accompanied by a certified copy of the court order under section 33(2), in relation to the registrable charge, is registered under the Land Title Act.
• (4) The owner of a registrable charge, on receipt of payment of the total amount secured by the registrable charge, must deliver to the registered owner of the spousal home or to that person’s representative a release of the registrable charge in the form approved by the Director of Land Titles.
• (5) A registrable charge may be released from the title to the spousal home by filing in a land title office

• (a) a release of the registrable charge executed by the owner of the registrable charge in the form approved by the Director of Land Titles, or
• (b) a certified copy of a court order releasing the registrable charge.

2009-13-34, effective March 31, 2014 (B.C. Reg. 148/2013).