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C-78 - Forestry Credit Act

Section 11
Disposition versions

Full text
11. If a borrower obtains a loan as the result of false declarations or false pretences, if he does not comply with the management plan, if he disposes in any manner of part or all of the hypothecated property or of the movable property offered as security without authorization of the agency, if he causes or allows abnormal deterioration of the property serving as security or any diminution of the security, if he ceases to fulfil the conditions for benefiting by a loan or if he uses all or part of the proceeds of the loan for purposes other than those for which it was granted, the agency may, by mere notice sent by registered mail to the borrower at his last address known to the agency, declare the borrower forfeited of the benefit of the term granted, cancel the loan, claim repayment thereof with interest and, failing such repayment, exercise any recourse provided by law.
1975, c. 33, s. 11; 1975, c. 83, s. 84; 2000, c. 53, s. 66; I.N. 2016-01-01 (NCCP).
11. If a borrower obtains a loan as the result of false declarations or false pretences, if he does not comply with the management plan, if he disposes in any manner of part or all of the hypothecated property or of the movable property offered as security without authorization of the agency, if he causes or allows abnormal deterioration of the property serving as security or any diminution of the security, if he ceases to fulfil the conditions for benefiting by a loan or if he uses all or part of the proceeds of the loan for purposes other than those for which it was granted, the agency may, by mere notice sent by registered or certified letter to the borrower at his last address known to the agency, declare the borrower forfeited of the benefit of the term granted, cancel the loan, claim repayment thereof with interest and, failing such repayment, exercise any recourse provided by law.
1975, c. 33, s. 11; 1975, c. 83, s. 84; 2000, c. 53, s. 66.
11. If a borrower obtains a loan as the result of false declarations or false pretences, if he does not comply with the management plan, if he disposes in any manner of part or all of the hypothecated property or of the moveable property offered as security without authorization of the Bureau, if he causes or allows abnormal deterioration of the property serving as security or any diminution of the security, if he ceases to fulfil the conditions for benefiting by a loan or if he uses all or part of the proceeds of the loan for purposes other than those for which it was granted, the Bureau may, by mere notice sent by registered or certified letter to the borrower at his last address known to the Bureau, declare the borrower forfeited of the benefit of the term granted, cancel the loan, claim repayment thereof with interest and, failing such repayment, exercise any recourse provided by law.
1975, c. 33, s. 11; 1975, c. 83, s. 84.
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