Domestic Bonds of Canada Regulations (C.R.C., c. 698)

20. (1) Subject to subsection (2), where the registered owner of a bond has died, and

• (a) the Bank is satisfied that no person intends to apply for a grant of

  • (i) letters probate of the will, or

  • (ii) letters of administration of the estate of the deceased, and

• (b) application has been made to the Bank in a form prescribed by the Bank for the transfer of the bond,

the Bank may, notwithstanding that it has not been furnished with the documents specified in section 19,

• (c) if the bond is by its terms transferable, give effect to a transfer of the bond, or

• (d) if the bond is by its terms not transferable, cancel the bond and issue a new bond for an equal principal amount of like issue,

to the person that the Bank is satisfied is entitled thereto by reason of the death of the registered owner.

(2) The Bank may give effect to the transfer of a bond, or issue a new bond, to a person pursuant to subsection (1) only where

• (a) there is an intestacy and evidence satisfactory to the Bank is produced that, under the laws respecting intestacies of the province in which the deceased was domiciled at the time of his death, that person is entitled to the entire estate;

• (b) there is a will and that person is the sole beneficiary and evidence satisfactory to the Bank is produced that, under the laws respecting intestacies of the province in which the deceased was domiciled at the time of his death, that person would have been entitled to the entire estate had the deceased died intestate; or

• (c) the aggregate face value of all bonds of which the deceased was registered as owner at the time of his death did not exceed $20,000.

21. (1) Where a registered bond has been seized pursuant to a writ of exemption or other like process issued out of a court,

• (a) in the case of a bond that is transferable, upon presentation of the bond and an authenticated copy of the writ of execution or other like process issued out of the court, the Bank may register the sheriff to whom the writ of execution or other like process is directed as owner of the bond or enter his name in the bond accordingly; and

• (b) in the case of a bond that is not transferable, upon presentation of the bond and an authenticated copy of a writ of execution or other like process issued out of the court, the Bank may redeem the bond and pay the value thereof to the sheriff to whom the writ of execution or other like process is directed.

(2) Where a court orders the sale or transfer of a registered bond that is transferable or makes an order vesting such a bond in a person other than the registered owner,

• (a) if the name of the person who is to be registered as owner is specified in the order of the court, the Bank may, upon presentation of the bond and an authenticated copy of the order, register that person as the owner of the bond and enter his name in the bond accordingly; or

• (b) if the order of the court authorizes a person to transfer the bond in the place of the registered owner, the Bank may, upon presentation of the bond and an authenticated copy of the order, give effect to an instrument of transfer executed by the person so authorized.

(3) Where a court orders the sale of a registered bond that is not transferable or makes an order vesting such a bond in a person other than the registered owner, if the name of the person to whom payment is to be made upon sale of the bond or in whom the bond is vested is specified in the order, the Bank may, upon presentation of the bond and an authenticated copy of the order, redeem the bond and pay the value thereof to the person named in the order as the person to whom payment is to be made or in whom the bond is vested.