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F-1.2 - Act respecting farm financing
Section 20
Disposition versions
20. The repayment of any loan must be secured by hypothec, pledge of agricultural property, transfer under the Bank Act (Revised Statutes of Canada, 1985, chapter B-1) or transfer under the Act respecting bills of lading, receipts and transfers of property in stock (chapter C-53) granted by the borrower.
The security shall rank first, or immediately after any security held by the Office or by a lender in respect of a loan granted or authorized by the Office before 11 August 1988 or granted or authorized by the Office from that date.
Notwithstanding the foregoing, where the real right in a farm or part of a farm which must be hypothecated to secure a loan is based on an emphyteutic lease, the hypothec granted to the lender may rank after the hypothec securing the payment of the annual rent provided for in the lease.
Among the terms and conditions of the loan set forth in the certificate, the Office may provide that the security on the loan be the subject of a trust deed.
20. The repayment of any loan must be secured by hypothec, pledge of agricultural property, transfer under the Bank Act (Statutes of Canada, 1980-81, chapter 40) or transfer under the Act respecting bills of lading, receipts and transfers of property in stock (chapter C-53) granted by the borrower.
The security shall rank first, or immediately after any security held by the Office or by a lender in respect of a loan granted or authorized by the Office before 11 August 1988 or granted or authorized by the Office from that date.
Notwithstanding the foregoing, where the real right in a farm or part of a farm which must be hypothecated to secure a loan is based on an emphyteutic lease, the hypothec granted to the lender may rank after the hypothec securing the payment of the annual rent provided for in the lease.
Among the terms and conditions of the loan set forth in the certificate, the Office may provide that the security on the loan be the subject of a trust deed.
