A-18 - Act to promote farm improvement

Section 5 Disposition versions

1983-06-08

5. The total amount owing by a borrower under this Act must at no time exceed $200 000 in principal, except where the excess is the result of debts devolved to him by succession subsequently to the last loan contracted by him that he has not repaid in full.

1975, c. 35, s. 2; 1978, c. 45, s. 3; 1983, c. 7, s. 2.

1978-08-01

5. The total amount owing by a borrower under this act must at no time exceed $100,000, except in respect of debts devolved to him by succession subsequently to the last loan contracted by him that he has not repaid in full.

To establish such amount of $100,000 in the case of a borrower who is a farmer or an aspiring farmer, account shall be taken of:

(a)  the balance owing by him personally on any loan he has obtained or of which he has assumed payment; and

(b)  his relative share in the balance of any loan previously obtained jointly with any other person or of which he has assumed payment jointly with any other person.

To establish the amount of $100,000 mentioned in the first paragraph, in the case of joint borrowers or undivided owners considered as one farmer, account shall be taken of

(a)  the balance owing by them on any loan already obtained in that capacity or of which they have assumed payment;

(b)  the balance owing by each of them on every loan he has previously obtained personally or of which he has personally assumed payment; and

(c)  the relative share in any loan obtained by each of them jointly with any other person or of which he has assumed payment jointly with any other person.

1975, c. 35, s. 2; 1978, c. 45, s. 3.

1977-12-31

5. The total amount owed by a borrower under this act must at no time exceed $50,000, except regarding debts devolved to him by succession subsequently to any loan contracted by him.

For the purpose of the first paragraph, the total amount owed under this act by a farmer or aspiring farmer who has already obtained a loan jointly with others must at no time exceed $50,000, including his relative share in the balance of the loan he has already so obtained jointly.

The total amount owed by joint borrowers under this act shall also at no time exceed $50,000, including the amounts already owed by each of them under loans granted to them and loans of which they have assumed payment.

1975, c. 35, s. 2.