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

Section 29 Disposition versions

1978-08-01

29. Where a lender acquires, by a giving in payment, an immoveable securing a loan following the default of the borrower or of the debtor of the lender, any amount by which the net revenue earned or deficit incurred by the lender in connection with such immoveable during the time he remains the owner thereof, increased by the sale price of that immoveable where he disposes of it or, as the case may be, decreased by the said price, whatever the mode of payment, exceeds the total of the sums owing to him on the loan in principal, interest, costs and accessory expenses at the time of the said acquisition, the expenses allowable by regulation under the Act respecting farm-loan insurance and forestry-loan insurance and the interest accrued on the said sums and expenses, at a rate not exceeding that fixed in the deed of loan and, as the case may be, adjustable as prescribed in the said deed, must be paid into the Fonds in conformity with the said Act.

1978, c. 50, s. 29.