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C-78.1 - Act to promote forest credit by private institutions

Section 18
Disposition versions

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18. The repayment of a loan must be secured by movable hypothec of the rank stipulated in the certificate on all or part of the borrower’s forest machinery and equipment, if
(1)  the borrower is not the owner of a forest;
(2)  the value of the borrower’s forest, as determined by the agency, is not sufficient, according to section 11, to secure the repayment of the loan, in which case the movable hypothec must be used to secure that part of the loan which it is impossible to secure by the hypothec contemplated in section 17.
1983, c. 16, s. 18; 1992, c. 32, s. 43; 1992, c. 57, s. 542; 2000, c. 53, s. 66.
18. The repayment of a loan must be secured by movable hypothec of the rank stipulated in the certificate on all or part of the borrower’s forest machinery and equipment, if
(1)  the borrower is not the owner of a forest;
(2)  the value of the borrower’s forest, as determined by the Société, is not sufficient, according to section 11, to secure the repayment of the loan, in which case the movable hypothec must be used to secure that part of the loan which it is impossible to secure by the hypothec contemplated in section 17.
1983, c. 16, s. 18; 1992, c. 32, s. 43; 1992, c. 57, s. 542.
18. The repayment of a loan must be secured by pledge of forest property of the rank stipulated in the certificate on all or part of the borrower’s forest machinery and equipment, if
(1)  the borrower is not the owner of a forest;
(2)  the value of the borrower’s forest, as determined by the Société, is not sufficient, according to section 11, to secure the repayment of the loan, in which case the pledge of forest property must be used to secure that part of the loan which it is impossible to secure by the hypothec contemplated in section 17.
1983, c. 16, s. 18; 1992, c. 32, s. 43.
18. The repayment of a loan must be secured by pledge of forest property of the rank stipulated in the certificate on all or part of the borrower’s forest machinery and equipment, if
(1)  the borrower is not the owner of a forest;
(2)  the value of the borrower’s forest, as determined by the Office, is not sufficient, according to section 11, to secure the repayment of the loan, in which case the pledge of forest property must be used to secure that part of the loan which it is impossible to secure by the hypothec contemplated in section 17.
1983, c. 16, s. 18.
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