Security
 4. (1) For the purpose of subsection 82.1 (23) of the Act, the security ordered to be deposited with the court may be in the form of a bond, letter of credit, certified cheque, bank draft or money order.  O. Reg. 512/97, s. 4 (1). (2) If the security is in the form of a bond, it shall be given by an insurer licensed under the Insurance Act to write surety and fidelity insurance and shall remain in force until the security is released to the owner under subsection (9) or transferred to the Minister of Finance under subsection (11).  O. Reg. 512/97, s. 4 (2). (3) If the security is in the form of a letter of credit it shall, (a)  be irrevocable; (b)  be given by a corporation registered under the Loan and Trust Corporations Act, a bank listed in Schedule I or II of the Bank Act
(Canada) or a credit union within the meaning of the Credit Unions and Caisses Populaires Act, 2020; and (c)  remain in force until the security is released to the owner under subsection (9) or transferred to the Minister of Finance under subsection (11). O. Reg. 573/17, s. 1; O. Reg. 142/22, s. 1. (4) All security deposited with the court shall be made payable to the Accountant of the Superior Court of Justice.  O. Reg. 512/97, s. 4 (4); O. Reg. 130/10, s. 3. (5) The Accountant of the Superior Court of Justice shall not release the security to the owner except in accordance with a court order or on consent and shall not transfer the security to the Crown except in accordance with a certificate of forfeiture.  O. Reg. 512/97, s. 4 (5); O. Reg. 130/10, s. 3. (6) An owner who seeks the release of the security shall obtain an order of the court that ordered that the security be deposited or the consent of the Registrar to the release of the security.  O. Reg. 512/97, s. 4 (6). (7) An owner who seeks the release of the security in accordance with a court order shall file with the Accountant of the Superior Court of Justice, (a)  a requisition for the release of the security; (b)  a certified copy of the court order; and (c)  an affidavit stating that the time prescribed by the Rules of Civil Procedure for an appeal from the court order directing the release of the security has expired and no appeal is pending.  O. Reg. 512/97, s. 4 (7); O. Reg. 130/10, s. 3. (8) An owner who seeks the release of the security on consent shall file with the Accountant of the Superior Court of Justice, (a)  a requisition for the release of the security; and (b)  the consent of the owner and the Registrar, or their solicitors.  O. Reg. 512/97, s. 4 (8); O. Reg. 130/10, s. 3. (9) Upon receipt of the materials required by subsection (7) or (8), the Accountant of the Superior Court of Justice shall release the security to the owner with accrued interest, if any.  O. Reg. 512/97, s. 4 (9); O. Reg. 130/10, s. 3. (10) Upon the forfeiture of the security to the Crown under subsection 50.3 (4) or (7) of the Act, the Registrar may file with the Accountant of the Superior Court of Justice a certificate of forfeiture in a form approved by the Minister, without notice to the owner.  O. Reg. 512/97, s. 4 (10); O. Reg. 130/10, s. 3. (11) Upon receipt of the certificate of forfeiture, the Accountant of the Superior Court of Justice shall transfer the security with accrued interest, if any, to the Minister of Finance.  O. Reg. 512/97, s. 4 (11); O. Reg. 130/10, s. 3. PART II   CRITICAL DEFECTS Interpretation