C-77 - Act to promote credit to farm producers

Section 6 Disposition versions

1983-06-08

6. The total amount owing in principal by a borrower under this Act must at no time exceed $100 000 or, in the cases contemplated in section 4.1, $500 000, except where the excess is the result of debts devolved to him by succession subsequently to the last loan contracted by him that he has not repaid in full.

1974, c. 33, s. 3; 1978, c. 46, s. 3; 1983, c. 8, s. 4.

1978-08-01

6. The total amount owing from a borrower under this act must at no time exceed $100,000 in principal, except in respect of debts devolving to him by succession subsequently to the last loan contracted by him that he has not fully repaid.

To establish such amount of $100,000 in the case of a borrower who is a farmer or an aspiring farmer, account shall be taken of

(a)  the balance owing from him personally on every loan he has obtained or of which he has assumed payment; and

(b)  his relative share in the balance of every loan he has previously obtained jointly with any other person or of which he has assumed payment jointly with any other person.

To establish the amount of $100,000 mentioned in the first paragraph, in the case of joint borrowers or undivided owners considered as one farmer, account shall be taken of

(a)  the balance owing from them on every loan they have already obtained in that capacity or of which they have assumed payment;

(b)  the balance owing from each of them on every loan he has previously obtained personally or of which he has personally assumed payment; and

(c)  the relative share in every loan obtained by each of them jointly with any other person or of which he has assumed payment jointly with any other person.

For the purposes of this section, the amount of a credit opening, as long as it remains available, is deemed to be owing from the borrower even if it exceeds the balance payable on any amount advanced under that opening.

1974, c. 33, s. 3; 1978, c. 46, s. 3.

1977-12-31

6. The amount owed by a borrower under this act must at no time exceed $50,000, except as regards debts devolving to him by succession subsequently to any loan contracted by him.

For the purposes of the first paragraph, the total amount owed under this act by a farmer or an aspiring farmer who has already obtained a loan jointly with others must at no time exceed $50,000, including his relative share in the balance of the loan he has already so obtained jointly.

The total amount owed by joint borrowers under this act shall also at no time exceed $50,000 including the amounts already owed by each of them under loans granted to them and loans of which they have assumed payment.

1974, c. 33, s. 3.