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

Section 28 Disposition versions

2016-01-01

28. The lender or the agency, as the case may be, may, as a mandatary of the lender, declare the borrower forfeited of the benefit of the term granted, cancel the loan, claim repayment thereof with interest and, failing such repayment, exercise any recourse provided by law if the borrower

(1)  obtained a loan as the result of false declarations or false pretences;

(2)  does not comply with the management plan contemplated in Division IV;

(3)  disposes in whatever manner, without the authorization required under section 43, of all or part of the property offered as security;

(4)  causes or allows abnormal deterioration of the property offered as security, or diminution of the value of the security;

(5)  ceases to meet the requirements to qualify for a loan; or

(6)  uses the proceeds or part of the proceeds of the loan for purposes other than those for which the loan was granted.

The lender or the agency, as the case may be, shall notify the borrower of his or its elected course of action by mere notice notified to the borrower in accordance with articles 130 and 131 of the Code of Civil Procedure (chapter C-25.01).

1983, c. 16, s. 28; 1992, c. 32, s. 43; 2000, c. 53, s. 66; I.N. 2016-01-01 (NCCP).

2001-04-17

28. The lender or the agency, as the case may be, may, as a mandatary of the lender, declare the borrower forfeited of the benefit of the term granted, cancel the loan, claim repayment thereof with interest and, failing such repayment, exercise any recourse provided by law if the borrower

(1)  obtained a loan as the result of false declarations or false pretences;

(2)  does not comply with the management plan contemplated in Division IV;

(3)  disposes in whatever manner, without the authorization required under section 43, of all or part of the property offered as security;

(4)  causes or allows abnormal deterioration of the property offered as security, or diminution of the value of the security;

(5)  ceases to meet the requirements to qualify for a loan; or

(6)  uses the proceeds or part of the proceeds of the loan for purposes other than those for which the loan was granted.

The lender or the agency, as the case may be, shall notify the borrower of his or its elected course of action by mere notice served on the borrower in accordance with article 140 of the Code of Civil Procedure (chapter C-25).

1983, c. 16, s. 28; 1992, c. 32, s. 43; 2000, c. 53, s. 66.

1993-06-17

28. The lender or the Société, as the case may be, may, as a mandatary of the lender, declare the borrower forfeited of the benefit of the term granted, cancel the loan, claim repayment thereof with interest and, failing such repayment, exercise any recourse provided by law if the borrower

(1)  obtained a loan as the result of false declarations or false pretences;

(2)  does not comply with the management plan contemplated in Division IV;

(3)  disposes in whatever manner, without the authorization required under section 43, of all or part of the property offered as security;

(4)  causes or allows abnormal deterioration of the property offered as security, or diminution of the value of the security;

(5)  ceases to meet the requirements to qualify for a loan; or

(6)  uses the proceeds or part of the proceeds of the loan for purposes other than those for which the loan was granted.

The lender or the Société, as the case may be, shall notify the borrower of his or its elected course of action by mere notice served on the borrower in accordance with article 140 of the Code of Civil Procedure (chapter C-25).

1983, c. 16, s. 28; 1992, c. 32, s. 43.

1984-06-30

28. The lender or the Office, as the case may be, may, as a mandatary of the lender, declare the borrower forfeited of the benefit of the term granted, cancel the loan, claim repayment thereof with interest and, failing such repayment, exercise any recourse provided by law if the borrower

(1)  obtained a loan as the result of false declarations or false pretences;

(2)  does not comply with the management plan contemplated in Division IV;

(3)  disposes in whatever manner, without the authorization required under section 43, of all or part of the property offered as security;

(4)  causes or allows abnormal deterioration of the property offered as security, or diminution of the value of the security;

(5)  ceases to meet the requirements to qualify for a loan; or

(6)  uses the proceeds or part of the proceeds of the loan for purposes other than those for which the loan was granted.

The lender or the Office, as the case may be, shall notify the borrower of its elected course of action by mere notice served on the borrower in accordance with article 140 of the Code of Civil Procedure (chapter C-25).

1983, c. 16, s. 28.