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

Section 19
Disposition versions

Full text
19. Subject to the second paragraph, the sums recovered by the agency relating to a loan for which the Fonds has paid a claim made in conformity with sections 17, 17.1 and 18 must be paid into the Fonds as they are recovered.
Out of the sums contemplated in the first paragraph, the agency shall withhold the sums it must remit to any working-capital fund, up to such amount as it has drawn on that working-capital fund and has used to protect any debt in respect of which it has been subrogated in the rights of the lender under the third paragraph of section 17 or the fifth paragraph of section 17.1.
Where a lender acquires, by the exercise of a right to take in payment, an immovable 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 immovable during the time he remains the owner thereof, increased by the sale price of that immovable 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 and the interest accrued on the said sums and expenses, at a rate not exceeding that fixed for the said loan and adjustable as prescribed in the deed evidencing such loan, must be paid into the Fonds.
1978, c. 49, s. 19; 1988, c. 3, s. 9; 1992, c. 32, s. 43; 1992, c. 57, s. 437; 2000, c. 53, s. 66.
19. Subject to the second paragraph, the sums recovered by the Société relating to a loan for which the Fonds has paid a claim made in conformity with sections 17, 17.1 and 18 must be paid into the Fonds as they are recovered.
Out of the sums contemplated in the first paragraph, the Société shall withhold the sums it must remit to any working-capital fund, up to such amount as it has drawn on that working-capital fund and has used to protect any debt in respect of which it has been subrogated in the rights of the lender under the third paragraph of section 17 or the fifth paragraph of section 17.1.
Where a lender acquires, by the exercise of a right to take in payment, an immovable 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 immovable during the time he remains the owner thereof, increased by the sale price of that immovable 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 and the interest accrued on the said sums and expenses, at a rate not exceeding that fixed for the said loan and adjustable as prescribed in the deed evidencing such loan, must be paid into the Fonds.
1978, c. 49, s. 19; 1988, c. 3, s. 9; 1992, c. 32, s. 43; 1992, c. 57, s. 437.
19. Subject to the second paragraph, the sums recovered by the Société relating to a loan for which the Fonds has paid a claim made in conformity with sections 17, 17.1 and 18 must be paid into the Fonds as they are recovered.
Out of the sums contemplated in the first paragraph, the Société shall withhold the sums it must remit to any working-capital fund, up to such amount as it has drawn on that working-capital fund and has used to protect any debt in respect of which it has been subrogated in the rights of the lender under the third paragraph of section 17 or the fifth paragraph of section 17.1.
Where a lender acquires, by a giving in payment, an immovable 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 immovable during the time he remains the owner thereof, increased by the sale price of that immovable 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 and the interest accrued on the said sums and expenses, at a rate not exceeding that fixed for the said loan and adjustable as prescribed in the deed evidencing such loan, must be paid into the Fonds.
1978, c. 49, s. 19; 1988, c. 3, s. 9; 1992, c. 32, s. 43.
19. Subject to the second paragraph, the sums recovered by the Office relating to a loan for which the Fonds has paid a claim made in conformity with sections 17, 17.1 and 18 must be paid into the Fonds as they are recovered.
Out of the sums contemplated in the first paragraph, the Office shall withhold the sums it must remit to any working-capital fund, up to such amount as it has drawn on that working-capital fund and has used to protect any debt in respect of which it has been subrogated in the rights of the lender under the third paragraph of section 17 or the fifth paragraph of section 17.1.
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 and the interest accrued on the said sums and expenses, at a rate not exceeding that fixed for the said loan and adjustable as prescribed in the deed evidencing such loan, must be paid into the Fonds.
1978, c. 49, s. 19; 1988, c. 3, s. 9.
19. Subject to the second paragraph, the sums recovered by the Office relating to a loan for which the Fonds has paid a claim made in conformity with sections 17 and 18 must be paid into the Fonds as they are recovered.
Out of the sums contemplated in the first paragraph, the Office shall withhold the sums it must remit to any working-capital fund, up to such amount as it has drawn on that working-capital fund and has used to protect any debt in respect of which it has been subrogated in the rights of the lender under the third paragraph of section 17.
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 and the interest acrued on the said sums and expenses, at a rate not exceeding that fixed for the said loan and adjustable as prescribed in the deed evidencing such loan, must be paid into the Fonds.
1978, c. 49, s. 19.
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