F-1.2 - Act respecting farm financing

Section 60 Disposition versions

1988-08-11

60. Subject to any restriction provided in any Act that is applicable to the lender, the latter may, after obtaining authorization from the Office, assign or transfer to any person as security for a loan, all or part of the debts arising from loans, or sell to any person all or part of the said debts, provided that the person to whom the assignment, transfer or sale is made gives the lender the mandate of administering the loans and that, to that end, the lender and the Office may continue to exercise, in respect of such loans, all the powers conferred on them by this Act.

Where the sale or assignment of a debt arising from a loan is made by a lender in favour of another lender, the acquirer may, notwithstanding the first paragraph and with the written consent of the borrower and the Office, exercise in respect of the loan all the powers conferred on the original creditor under this Act, including the power to administer the loan.

1987, c. 86, s. 60.