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Bank Act, S.C. 1991, c. 46, ss. 426 or 427 and 428

  • Nature of Instrument: Bank Act Charge.
  • Forms of Instrument: Schedule I of the Registration of Bank Special Security Regulations, SOR/92 301, Special Security in Respect of Hydrocarbons or Minerals, or Other Property Described in s. 426 of the Bank Act.
  • Schedule II of the Registration of Bank Special Security Regulations, Special Security in Respect of Specified Property or Classes of Property Described in s. 427 of the Bank Act.
  • Filed by: The bank as holder of the security granted by a debtor.
  • Registrar’s Requirements: The registrar requires the original or a certified copy of the Schedule I or II, as applicable.
  • Hardcopy Submissions: Schedules I and II are accompanied by a Form 17 application for a Bank Act Charge. The applicant does not need to produce the outstanding duplicate indefeasible title, if any.
  • Effect of Registration: On registration, all the rights and powers of a bank in respect of the property covered by security given under s. 426 or 427 have priority over all rights subsequently acquired in, on, or in respect of such property subject to limited exceptions as set out in each section. See ss. 426(7) and (7.1), and 428(2).