Bank of Canada Act — B-2 22
Time limit for unpaid debts 22 (1) The Bank is not liable in respect of any unpaid debt in respect of which a federal financial institution has made a payment to the Bank under the relevant Act in respect of the federal financial institution if (a) the amount paid to the Bank was less than $1,000; and (b) at least 40 years have gone by since the later of (i) the last time a transaction took place on the books of the federal financial institution in respect of the unpaid debt, and (ii) the last time a statement of account was requested of or acknowledged to the federal financial institution by the former creditor in respect of the unpaid debt. Time limit for instruments (1.1) The Bank is not liable in respect of any instrument in respect of which a federal financial institution has made a payment to the Bank under the relevant Act in respect of the federal financial institution if (a) the amount paid to the Bank was less than $1,000; and (b) no payment has been made in respect of the instrument for at least 40 years after the day the instrument was issued or accepted. Time limit for liquidation claims (1.2) The Bank is not liable in respect of any claim against a liquidator in respect of the winding-up of a federal financial institution if (a) the amount of the claim has been paid to the Minister and by the Minister to the Bank under the relevant Act in respect of the federal financial institution; (b) the amount paid to the Bank was less than $1,000; and (c) at least 40 years have gone by since the later of (i) the last time a transaction took place on the books of the federal financial institution in respect of the subject-matter of the claim, and (ii) the last time a statement of account was requested of or acknowledged to the federal financial institution by the former creditor in respect of the subject-matter of the claim. Time limit for returned payments (1.21) The Bank is not liable in respect of any returned payment as defined in section 2 of the Canada Deposit Insurance Corporation Act in respect of which the Canada Deposit Insurance Corporation has made a payment to the Bank under subsection 14.01(1) of that Act if (a) the amount paid to the Bank was less than $1,000; and (b) at least 40 years have gone by since the applicable date referred to in subsection 14(2.9) of that Act. Limitation of Bank’s liability (1.3) The Bank is not liable in respect of a debt referred to in subsection (1), an instrument referred to in subsection (1.1), a claim referred to in subsection (1.2) or a returned payment referred to in subsection (1.21) if the amount paid to the Bank in respect of the debt, instrument, claim or returned payment was $1,000 or more and at least 100 years have gone by since the payment was made to the Bank. Publication (1.31) The Bank may publish on its website information about a debt, instrument, claim or returned payment referred to in subsections (1) to (1.21), respectively, in order to facilitate research into them, but the information published must not include any date of birth or Social Insurance Number. Application (1.4) Subsections (1) to (1.31) also apply in respect of amounts paid to the Bank before the coming into force of this subsection. No liability where claims paid (2) The Bank is not liable in respect of (a) any unpaid debt or any instrument in respect of which a federal financial institution has paid an amount to the Bank in accordance with the relevant Act in respect of the federal financial institution, or (b) any claim against a liquidator in respect of the winding-up of a federal financial institution the amount of which claim has been paid to the Minister and by the Minister to the Bank under the relevant Act in respect of the federal financial institution, where an amount equal to the amount so paid has been paid by the Bank to the creditor in accordance with the relevant Act in respect of the federal financial institution or to the Receiver General under subsection (3). No liability wher