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

Section 18
Disposition versions

Full text
18. Where the agency sustains a loss, with respect to a farm loan or a forestry loan which it has granted or for which it has been subrogated in the rights of the lender in conformity with section 17 or 17.1, or following the disposition of an immovable having secured a loan granted by a lender other than the agency, of which the agency acquired ownership either at a sale by judicial authority or sheriff’s sale or directly from the said lender, the Fonds shall, at the request of the agency, repay to the agency the amount of the losses and expenses contemplated in section 4.
Notwithstanding any inconsistent legislative provision and subject to section 19, the repayment contemplated in the first paragraph does not constitute a subrogation in favour of the Fonds.
The first and second paragraphs apply, with the necessary modifications, where the agency sustains a loss after having been subrogated in the rights of a lender.
1978, c. 49, s. 18; 1988, c. 3, s. 8; 1992, c. 32, s. 37, s. 43; 1999, c. 40, s. 30; 2000, c. 53, s. 58, s. 66.
18. Where the Société sustains a loss, with respect to a farm loan or a forestry loan which it has granted or for which it has been subrogated in the rights of the lender in conformity with section 17 or 17.1, or following the disposition of an immovable having secured a loan granted by a lender other than the Société, of which the Société acquired ownership either at a sale by judicial authority or sheriff’s sale or directly from the said lender, the Fonds shall, at the request of the Société, repay to the Société the amount of the losses and expenses contemplated in section 4.
Notwithstanding any inconsistent legislative provision and subject to section 19, the repayment contemplated in the first paragraph does not constitute a subrogation in favour of the Fonds.
The first and second paragraphs apply, with the necessary modifications, where the Société sustains a loss after having been subrogated in the rights of a lender in conformity with the second paragraph of section 16 of the Act respecting the Société de financement agricole (chapter S‐11.0101).
1978, c. 49, s. 18; 1988, c. 3, s. 8; 1992, c. 32, s. 37, s. 43; 1999, c. 40, s. 30.
18. Where the Société sustains a loss, with respect to a farm loan or a forestry loan which it has granted or for which it has been subrogated in the rights of the lender in conformity with section 17 or 17.1, or following the disposition of an immovable having secured a loan granted by a lender other than the Société, of which the Société acquired ownership either at a sheriff’s sale or directly from the said lender, the Fonds shall, at the request of the Société, repay to the Société the amount of the losses and expenses contemplated in section 4.
Notwithstanding any inconsistent legislative provision and subject to section 19, the repayment contemplated in the first paragraph does not constitute a subrogation in favour of the Fonds.
The first and second paragraphs apply, adapted as required, where the corporation sustains a loss after having been subrogated in the rights of a lender in conformity with the second paragraph of section 16 of the Act respecting the Société de financement agricole (chapter S-11.0101).
1978, c. 49, s. 18; 1988, c. 3, s. 8; 1992, c. 32, s. 37, s. 43.
18. Where the Office sustains a loss, with respect to a farm loan or a forestry loan which it has granted or for which it has been subrogated in the rights of the lender in conformity with section 17 or 17.1, or following the disposition of an immoveable having secured a loan granted by a lender other than the Office, of which the Office acquired ownership either at a sheriff’s sale or directly from the said lender, the Fonds shall, at the request of the Office, repay to the Office the amount of the losses and expenses contemplated in section 4.
Notwithstanding any inconsistent legislative provision and subject to section 19, the repayment contemplated in the first paragraph does not constitute a subrogation in favour of the Fonds.
1978, c. 49, s. 18; 1988, c. 3, s. 8.
18. Where the Office sustains a loss, with respect to a farm loan or a forestry loan which it has granted or for which it has been subrogated in the rights of the lender in conformity with section 17, or following the disposition of an immoveable having secured a loan granted by a lender other than the Office, of which the Office acquired ownership either at a sheriff’s sale or directly from the said lender, the Fonds shall, at the request of the Office, repay to the Office the amount of the losses and expenses contemplated in section 4.
Notwithstanding any inconsistent legislative provision and subject to section 19, the repayment contemplated in the first paragraph does not constitute a subrogation in favour of the Fonds.
1978, c. 49, s. 18.
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