C-75 - Farm Credit Act

Section 31 Disposition versions

1978-08-01

31. The total amount owing under this act and the Act to promote long term farm credit by private institutions from a borrower or from a person who assumes or has assumed the payment of a loan must in no case exceed $250 000 in principal in the case of a farmer or an aspiring farmer and $450 000 in principal in the case of an agricultural operations corporation, an agricultural operations cooperative, an agricultural operations partnership or joint borrowers, except with respect to debts which devolve to them by succession or which they have contracted for the acquisition of a property of which the Office has disposed under paragraph c of section 11 of this act or under paragraph g or paragraph h of section 23 of the Act to promote long term farm credit by private institutions.

To establish the amount of $250 000 mentioned in the preceding paragraph, account shall be taken of

(a)  the balance owing personally from a farmer or an aspiring farmer on any loan previously obtained or of which he has assumed payment under either of the aforementioned acts; and

(b)  his relative share in the balance of every similar 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 $450 000 mentioned in the first paragraph, in the case of an agricultural operations corporation, an agricultural operations cooperative or an agricultural operations partnership, account shall be taken of the balance owing from it on any loan previously obtained or of which it has assumed payment under either jof the aforementioned acts.

To establish the amount of $450 000 mentioned in the first paragraph, in the case of joint borrowers or natural persons considered as an agricultural operations partnership under paragraph j of section 1, account shall be taken of

(a)  the balance owing from them on any loan previously obtained or of which they have assumed payment under either of the aforementioned act;

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

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

The total amount owing under this act and the Act to promote long term farm credit by private institutions from a borrower on any loan secured by pledge of agricultural property or from a person who assumes or has assumed payment of such loan must in no case exceed $100 000 in principal in the case of a farmer or an aspiring-farmer, or $200 000 in principal in the case of an agricultural operations corporation, an agricultural operations cooperative, an agricultural operations partnership or joint borrowers, except with respect to debts which devolve to them by succession.

The second, third or fourth paragraph, as the case may be, applies mutatismutandis to establish the amount of $100 000 or $200 000, as the case may be, referred to in the fifth paragraph.

1969, c. 41, s. 14; 1972, c. 32, s. 8; 1975, c. 34, s. 13; 1978, c. 44, s. 9.

1977-12-31

31. The total amount owed to the Bureau by a borrower under this act shall in no case exceed $150,000 in capital when the borrower is a farmer or an aspiring farmer and $200,000 in the case of an agricultural operations corporation, an agricultural operations partnership, an agricultural operations cooperative or joint borrowers, except with respect to debts which devolve to them by succession or which they have contracted for the acquisition of a property of which the Bureau has disposed under paragraph c of section 11.

For the purposes of the preceding paragraph, the total amount owed to the Bureau under this act by a farmer or an aspiring farmer who has already obtained a loan jointly with others, shall in no case exceed $150,000 including his relative share in the loan which he has already so obtained jointly.

The total amount due to the Bureau by joint borrowers shall also in no case exceed $200,000 including therein the amounts already due to the Bureau by each of them under loans (prêts) which have been granted to them and of loans of which they have assumed the payment.

The two preceding paragraphs shall apply mutatis mutandis to establish the maximum amount due to the Bureau by a borrower under the second paragraph of paragraph e and the second paragraph of paragraph f of section 11.

1969, c. 41, s. 14; 1972, c. 32, s. 8; 1975, c. 34, s. 13.