Deposit receipts
 22. (1) A deposit receipt shall take effect when it has been executed by the beneficiary and by or on behalf of the warranty corporation and the declarant and when it has been delivered to the trustee or the declarant’s solicitor, as the case may be, holding the money for which the deposit receipt is being provided as security.  O. Reg. 48/01, s. 22 (1). (2) A deposit receipt shall contain a statement that payments described in clause 81 (1) (a) or (c) of the Act are not covered by a deposit receipt and that they must be held in trust in accordance with section 81 of the Act.  O. Reg. 48/01, s. 22 (2). (3) A deposit receipt shall not constitute prescribed security for the purposes of paragraph 2 of subsection 20 (2) unless, by the terms of the deposit receipt, the amount of compensation that the warranty corporation is liable to pay to a beneficiary under it is, (a) if the amount of the payments described in clause 81 (1) (b) of the Act made by or on behalf of the beneficiary is $20,000 or less, the amount so paid; or (b) if the amount of the payments described in clause 81 (1) (b) of the Act made by or on behalf of the beneficiary is more than $20,000, $20,000 or such greater amount that may be provided under the deposit receipt.  O. Reg. 48/01, s. 22 (3). (4) A deposit receipt that establishes a limit on the liability of the warranty corporation shall not constitute prescribed security for the purposes of paragraph 2 of subsection 20 (2) unless it contains a statement that whatever amount is paid by or on behalf of the beneficiary to the declarant in excess of the limit is subject to section 81 of the Act.  O. Reg. 48/01, s. 22 (4). (5) The beneficiary is not liable for the payment to an insurer of any premium payable in respect of a policy of insurance that the warranty corporation takes out to insure its obligation to pay under a deposit receipt.  O. Reg. 48/01, s. 22 (5). (6) The declarant shall not directly or indirectly charge the beneficiary for any costs relating to the deposit receipt.  O. Reg. 48/01, s. 22 (6). (7) The obligations of the warranty corporation to the beneficiary under a deposit receipt shall not be affected by, (a) failure of the declarant to comply with any term or condition of the declarant’s agreement with the warranty corporation; (b) failure of the declarant to notify the warranty corporation or its insurer or insurers of the receipt of payments described in clause 81 (1) (b) of the Act; (c) failure of the warranty corporation to notify its insurer or insurers of the receipt of payments described in clause 81 (1) (b) of the Act; (d) breach of any term or condition of the deposit receipt; or (e) breach by the beneficiary or the declarant of any term or condition of a policy of insurance that the warranty corporation takes out to insure its obligation to pay under a deposit receipt.  O. Reg. 48/01, s. 22 (7). (8) Immediately upon receiving written notice of a claim by the beneficiary under a deposit receipt, the warranty corporation shall provide the beneficiary with forms upon which to make proof of loss.  O. Reg. 48/01, s. 22 (8). (9) If the warranty corporation receives written notice of a claim under subsection (8), it shall pay the beneficiary within 60 days after the right of the beneficiary to payment under the deposit receipt has been established.  O. Reg. 48/01, s. 22 (9). (10) The warranty corporation shall remain liable under a deposit receipt until, (a) the declarant delivers to the beneficiary a deed in registerable form to the unit in respect of which the beneficiary or a person on the beneficiary’s behalf has made a payment described in clause 81 (1) (b) of the Act; (b) the declarant pays the beneficiary all money paid under clause 81 (1) (b) of the Act and interest on it payable by the declarant under the Act; (c) the warranty corporation pays to the beneficiary the amount of the loss to the extent of the warranty corporation’s liability under the deposit receipt; (d) the beneficiary acknowledges in writing that, (i) the beneficiary is not entitled to the payments made by or on behalf of the beneficiary under subsection 81 (1) of the Act in respect of a proposed unit in the corporation and the interest payable on the payments by the declarant, and (ii) the insurer is no longer liable under the policy; or (e) a court of competent jurisdiction has made a final determination that the beneficiary is not entitled to the payments made by or on behalf of the beneficiary under subsection 81 (1) of the Act in respect of a proposed unit in the corporation and the interest payable on the payments by the declarant.  O. Reg. 48/01, s. 22 (10). (11) If the warranty corporation is required to make a payment under a deposit receipt, it shall pay interest to the beneficiary to the date of payment of the loss at the rate prescribed under subsection 19 (3) or 19.1 (3), as applicable.  O. Reg. 48/01, s. 22 (11); O. Reg. 504/22, s. 4. (12) A provision in a deposit receipt that derogates in any manner from any right or benefit that this section confers on a beneficiary is void to the extent that it derogates from the right or benefit.  O. Reg. 48/01, s. 22 (12).