F-1.2 - Act respecting farm financing

Section 56 Disposition versions

1988-08-11

56. In case of default of maintenance or in case of deterioration of property securing a loan, line of credit or special loan, the lender may, at the borrower’s expense, do any work and repairs required and take any steps he considers necessary to ensure its maintenance in good condition and the continued operation of the borrower’s farming business.

Where the lender omits to exercise the powers conferred on him under the first paragraph or does not exercise them to the satisfaction of the Office, the latter is authorized to exercise them itself on behalf of the lender and at the expense of the borrower, as if it were acting as the mandatary of the lender; it must in such a case notify the lender as soon as possible.

1987, c. 86, s. 56.