C-75 - Farm Credit Act

Section 35 Disposition versions

1977-12-31

35. If a borrower obtains a loan (prêt) as a result of false declarations or false pretences, if he disposes in any manner of part or all of the pledged property without authorization of the Bureau, if he allows or causes abnormal deterioration of the property acting as security or a diminishing of the security, or if he uses the proceeds or a portion of the proceeds of such loan for purposes other than those for which the said loan was granted to him by the Bureau, the latter may, by mere notice sent to the borrower, by a registered or certified letter to his last address known to the Bureau, declare the borrower deprived of the benefit of the period granted, cancel the said loan, claim repayment thereof with interest and, failing such repayment, exercise any recourse provided by law.

R. S. 1964, c. 108, s. 23; 1972, c. 32, s. 11; 1975, c. 83, s. 84.