C-77.1 - Aquaculture Credit Act

Section 19 Disposition versions

2999-12-31

19. The lender or the Office, as the case may be, as mandatary of the lender, may declare the borrower forfeited of the benefit of the term granted, cancel the loan, claim repayment thereof with interest and, failing such repayment, exercise any recourse provided by law if the borrower

(1)  obtained a loan as the result of false declarations or false pretences;

(2)  as a permit holder, does not comply with the conditions of the permit;

(3)  disposes in any manner, without the authorization required under section 38, of all or part of the property offered as security;

(4)  causes or allows abnormal deterioration of the property offered as security, or a diminution of the value of the security;

(5)  ceases to meet the requirements to qualify for a loan;

(6)  uses the proceeds or part of the proceeds of the loan for purposes other than those for which the loan was granted; or

(7)  has failed to fulfil any of the obligations contracted under the deed of loan.

The lender or the Office, as the case may be, shall notify the borrower of his or its elected course of action by mere notice served on the borrower in accordance with article 140 of the Code of Civil Procedure (chapter C-25).

1984, c. 21, s. 19.