Volume 1, Draft Civil Code - Digital exhibitions & collections - McGill ...

292 PROPERTY
interested person against whom the creditor's rights may be
set up.
The Registrar must declare registration of the notice by
registered or certified mail to each hypothecary creditor whose
name is entered in the register of addresses.
440 The creditor may not exercise the recourse of taking in
payment until sixty days in the case of immoveable property,
or twenty-one days in the case of moveable property, after
registration of the notice mentioned in the preceding article.
441 When this period of time expires, he takes in payment
by the effect of the judgment, or of a deed voluntarily made if
no notice under Article 444 has been registered or if the notice
has been cancelled.
He is deemed to be the owner of the property, in the state
in which it then was, from the time the notice was registered.
He takes the property free of all hypothecs published
after his own.
Real rights granted without his intervention after the
registration of the notice may not be set up against him, even if
they have been published.
442 Stockbrokers acting in the normal course of their
business are exempt from the formalities provided in Articles
439, 440 and 441.
443 The taking in payment extinguishes the obligation.
The creditor who has taken in payment may not claim
from his debtor any payment made to another hypothecary
creditor. In such cases, he is not entitled to subrogation against
his former debtor.
444 Subsequent creditors or the debtor may require that the