C-75.1 - Act to promote long term farm credit by private institutions

Section 14 Disposition versions

1978-08-01

14. Every hypothecary loan is repayable within a delay of not more than thirty years on an amortization basis and according to the terms and conditions determined by regulation.

Every loan secured by pledge of agricultural property is repayable within a delay of not more than fifteen years on an amortization basis and according to the terms and conditions determined by regulation.

Every loan referred to in the two preceding paragraphs must be evidenced by a deed of loan.

Where the delay for repayment exceeds five years, the lender, on the expiration of each five year period, the first of which is computed from the date of the deed of loan, may require full repayment of the balance owing on the loan, on prior notice of not less than 90 days forwarded to the borrower and to the Office.

Service of the prior notice referred to in the fourth paragraph must be made by mail in accordance with article 140 of the Code of Civil Procedure.

1978, c. 50, s. 14.