1 August 1990 External T.I. 5-900756

"The term 'debt obligation', as used in subsection 12(3), is not defined in the Act and accordingly must be interpreted in its ordinary meaning. In Beament Estate v. MNR, 69 DTC 5016 (Ex Ct), Jackett, J., interpreted the word 'debt' to mean 'a sum payable in respect of a liquidated money demand, recoverable by action'."

"The term 'debt obligation', as used in subsection 12(3), is not defined in the Act and accordingly must be interpreted in its ordinary meaning. In Beament Estate v. MNR, 69 DTC 5016 (Ex Ct), Jackett, J., interpreted the word 'debt' to mean 'a sum payable in respect of a liquidated money demand, recoverable by action'.