Common use of Residential Tenancies Act Clause in Contracts

Residential Tenancies Act. The Landlord agrees to invest the security deposit only in deposit receipts, deposit notes, certificates of deposit, acceptances or other similar instruments issued by or guaranteed as to principal and interest by a bank, credit union, loan corporation, treasury branch, trust corporation or insurance company authorized to carry on business in Alberta. If the Landlord is entitled, under the Residential Tenancies Act or this Agreement, to money in a security deposit trust account, the money may be withdrawn from the trust account and transferred to the Landlord.

Residential Tenancies Act. The Landlord agrees to invest the security deposit only in deposit receipts, deposit notes, certificates of deposit, acceptances or other similar instruments issued by or guaranteed as to principal and interest by a bank, credit union, loan corporation, . treasury branch, trust corporation or insurance company authorized to carry on business in Alberta. If the Landlord is entitled, under the Residential Tenancies Tenancy Act or this Agreement, to money in a security deposit trust account, the money may be withdrawn from the trust account and transferred to the Landlord.