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C-78 - Forestry Credit Act

Section 29
Disposition versions

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29. The Gouvernement du Québec shall guarantee the lender the reimbursement of losses in principal and interest resulting from a loan contracted under section 13, and of the expenses allowable by regulation that are incurred to obtain payment in principal and interest of such loan.
The guarantee contemplated in the first paragraph applies only to loans contracted before 1 August 1978.
La Financière agricole du Québec guarantees to the lender, in accordance with the Act respecting La Financière agricole du Québec (chapter L-0.1), the repayment of losses in principal and interest resulting from loans contracted on or after 1 August 1978, and of the expenses allowable under a program established under that Act that are incurred to claim or obtain payment.
A lender may benefit from the guarantee referred to in the first or third paragraph for two or more loans contracted under this subdivision by the same borrower, provided that the outstanding principal on such loans at no time exceeds the amounts indicated in section 13, subject to the right of the lender to the same guarantee for any additional amount representing the balance of a loan of which payment is assumed by the borrower as heir or legatee by particular title.
Where the agency reimburses a loss on behalf of the Government, it is subrogated in the rights of the lender to whom the reimbursement is so made, up to the amount of such reimbursement.
1975, c. 33, s. 29; 1977, c. 5, s. 14; 1978, c. 49, s. 46; 1999, c. 40, s. 97; 2000, c. 53, s. 66; 2011, c. 16, s. 21.
29. The Gouvernement du Québec shall guarantee the lender the reimbursement of losses in principal and interest resulting from a loan contracted under section 13, and of the expenses allowable by regulation that are incurred to obtain payment in principal and interest of such loan.
The guarantee contemplated in the first paragraph applies only to loans contracted before 1 August 1978.
The Fonds d’assurance-prêts agricoles et forestiers established under the Act respecting farm-loan insurance and forestry-loan insurance (chapter A-29.1) guarantees to the lender, in conformity with that Act, the repayment of losses in principal and interest resulting from loans contracted before 1 August 1978, and of the expenses allowable by regulation under the said Act that are incurred to claim or obtain the payment thereof.
A lender may benefit by the guarantee contemplated in the first paragraph or, as the case may be, by the guarantee contemplated in the third paragraph for several loans contracted under this subdivision by the same borrower, provided that the outstanding principal on such loans at no time exceeds the amounts indicated in section 13, subject to the right of the lender to the same guarantee, whichever applies, for any additional amount representing the balance of a loan of which payment is assumed by the borrower as heir or legatee by particular title.
Where the agency reimburses a loss on behalf of the Government, it is subrogated in the rights of the lender to whom the reimbursement is so made, up to the amount of such reimbursement.
1975, c. 33, s. 29; 1977, c. 5, s. 14; 1978, c. 49, s. 46; 1999, c. 40, s. 97; 2000, c. 53, s. 66.
29. The Gouvernement du Québec shall guarantee the lender the reimbursement of losses in principal and interest resulting from a loan contracted under section 13, and of the expenses allowable by regulation that are incurred to obtain payment in principal and interest of such loan.
The guarantee contemplated in the first paragraph applies only to loans contracted before 1 August 1978.
The Fonds d’assurance-prêts agricoles et forestiers established under the Act respecting farm-loan insurance and forestry-loan insurance (chapter A-29.1) guarantees to the lender, in conformity with that Act, the repayment of losses in principal and interest resulting from loans contracted before 1 August 1978, and of the expenses allowable by regulation under the said Act that are incurred to claim or obtain the payment thereof.
A lender may benefit by the guarantee contemplated in the first paragraph or, as the case may be, by the guarantee contemplated in the third paragraph for several loans contracted under this subdivision by the same borrower, provided that the outstanding principal on such loans at no time exceeds the amounts indicated in section 13, subject to the right of the lender to the same guarantee, whichever applies, for any additional amount representing the balance of a loan of which payment is assumed by the borrower as heir or legatee by particular title.
Where the Bureau reimburses a loss on behalf of the Government, it is subrogated in the rights of the lender to whom the reimbursement is so made, up to the amount of such reimbursement.
1975, c. 33, s. 29; 1977, c. 5, s. 14; 1978, c. 49, s. 46; 1999, c. 40, s. 97.
29. The Gouvernement du Québec shall guarantee the lender the reimbursement of losses in principal and interest resulting from a loan contracted under section 13, and of the expenses allowable by regulation that are incurred to obtain payment in principal and interest of such loan.
The guarantee contemplated in the first paragraph applies only to loans contracted before 1 August 1978.
The Fonds d’assurance-prêts agricoles et forestiers established under the Act respecting farm-loan insurance and forestry-loan insurance (chapter A-29.1) guarantees to the lender, in conformity with that Act, the repayment of losses in principal and interest resulting from loans contracted before 1 August 1978, and of the expenses allowable by regulation under the said Act that are incurred to claim or obtain the payment thereof.
A lender may benefit by the guarantee contemplated in the first paragraph or, as the case may be, by the guarantee contemplated in the third paragraph for several loans contracted under this subdivision by the same borrower, provided that the outstanding principal on such loans at no time exceeds the amounts indicated in section 13, subject to the right of the lender to the same guarantee, whichever applies, for any additional amount representing the balance of a loan of which payment is assumed by the borrower as heir or legatee.
Where the Bureau reimburses a loss on behalf of the Government, it is subrogated in the rights of the lender to whom the reimbursement is so made, up to the amount of such reimbursement.
1975, c. 33, s. 29; 1977, c. 5, s. 14; 1978, c. 49, s. 46.
29. The Gouvernement du Québec shall guarantee the lender the reimbursement of losses in principal and interest resulting from a loan contracted under section 13 and of the expenses allowed by regulation and incurred to obtain payment of the principal and interest of such loan.
A lender may benefit by such guarantee for several loans contracted under this subdivision by the same borrower provided the outstanding principal on such loans at no time exceeds the amounts indicated in section 13, subject to the same guarantee for any additional amount representing the balance of a loan of which payment is assumed by the borrower as heir or legatee.
Where the Bureau reimburses a loss on behalf of the Gouvernement, it shall be subrogated in the rights of the lender to whom the reimbursement is so made, up to the amount of such reimbursement.
1975, c. 33, s. 29; 1977, c. 5, s. 14.
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