A-29.1, r. 1 - Regulation respecting the application of the Act respecting farm-loan insurance and forestry-loan insurance

Section 9 Disposition versions

2012-09-01

9. Acknowledgement of repayment of a loss: At the time of a final settlement by the Fonds of a claim respecting a loss resulting from a farm or forestry loan granted by a lender other than the agency, the lender to whom the payment is made must sign an acknowledgement of repayment in accordance with Form AP-2 annexed to this Regulation and send it to the agency with the note or acknowledgement of debt signed by the borrower; the note must be endorsed by the lender, without recourse, in favour of the agency and the acknowledgement of debt remitted to the agency. Where applicable, the lender must then transfer any security held for payment of the loan to the agency, the Fonds being responsible for any fees and disbursements incurred for such transfer.

R.R.Q., 1981, c. A-29.1, r. 1, s. 9; O.C. 1127-88, s. 6.