A-29.1 - Act respecting farm-loan insurance and forestry-loan insurance

Section 17.1 Disposition versions

2001-04-17

17.1. Where a lender proves to the agency that it may not be possible for over a year to realize on the security for a loan in respect of which losses or expenses have been or may be incurred, he may, before filing a claim under section 17, file a provisional claim with the agency for repayment by the Fonds of those losses and expenses.

The Fonds must pay the claim so far as the agency recommends after examining it and assessing its merits.

The payment is made subject to the lender’s right to file a final claim for the full amount of unpaid losses and expenses and subject to the right of the Fonds to require the lender to remit any overpayment by the Fonds, as soon as the actual amount of such losses and expenses is determined, with interest on the overpayment at the rate fixed in the deed or document evidencing the loan and adjustable as provided therein, where such is the case.

The amount paid to a lender in accordance with the third paragraph shall be allocated by the lender in the manner indicated by the agency.

Notwithstanding any legislative provision inconsistent herewith and subject to section 19, where the Fonds makes a payment pursuant to the first paragraph, the agency is subrogated by operation of law to the rights of the lender to whom the payment is made, up to the amount thereof.

1988, c. 3, s. 7; 1992, c. 32, s. 43; 2000, c. 53, s. 66.

1993-06-17

17.1. Where a lender proves to the Société that it may not be possible for over a year to realize on the security for a loan in respect of which losses or expenses have been or may be incurred, he may, before filing a claim under section 17, file a provisional claim with the Société for repayment by the Fonds of those losses and expenses.

The Fonds must pay the claim so far as the Société recommends after examining it and assessing its merits.

The payment is made subject to the lender’s right to file a final claim for the full amount of unpaid losses and expenses and subject to the right of the Fonds to require the lender to remit any overpayment by the Fonds, as soon as the actual amount of such losses and expenses is determined, with interest on the overpayment at the rate fixed in the deed or document evidencing the loan and adjustable as provided therein, where such is the case.

The amount paid to a lender in accordance with the third paragraph shall be allocated by the lender in the manner indicated by the Société.

Notwithstanding any legislative provision inconsistent herewith and subject to section 19, where the Fonds makes a payment pursuant to the first paragraph, the Société is subrogated by operation of law to the rights of the lender to whom the payment is made, up to the amount thereof.

1988, c. 3, s. 7; 1992, c. 32, s. 43.

1988-08-11

17.1. Where a lender proves to the Office that it may not be possible for over a year to realize on the security for a loan in respect of which losses or expenses have been or may be incurred, he may, before filing a claim under section 17, file a provisional claim with the Office for repayment by the Fonds of those losses and expenses.

The Fonds must pay the claim so far as the Office recommends after examining it and assessing its merits.

The payment is made subject to the lender’s right to file a final claim for the full amount of unpaid losses and expenses and subject to the right of the Fonds to require the lender to remit any overpayment by the Fonds, as soon as the actual amount of such losses and expenses is determined, with interest on the overpayment at the rate fixed in the deed or document evidencing the loan and adjustable as provided therein, where such is the case.

The amount paid to a lender in accordance with the third paragraph shall be allocated by the lender in the manner indicated by the Office.

Notwithstanding any legislative provision inconsistent herewith and subject to section 19, where the Fonds makes a payment pursuant to the first paragraph, the Office is subrogated by operation of law to the rights of the lender to whom the payment is made, up to the amount thereof.

1988, c. 3, s. 7.