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Veterans’ Land Act (R.S.C. 1970, c. V-4)

Full Document:  

Act current to 2022-01-12 and last amended on 2018-03-29. Previous Versions

PART IIIFarm Improvement Assistance (continued)

Security (continued)

Marginal note:Director’s lien

 As long as any portion of a loan made under this Part remains unpaid, the Director has a first and paramount lien in respect thereof upon the land, livestock or farm equipment to which a Part I contract relates, and upon any land, basic herd livestock or farm equipment purchased or taken as security by the Director under this Part, which lien has priority over all other rights, interests, liens, charges, claims or demands whatever of any other person.

  • 1953-54, c. 66, s. 10
  • 1959, c. 37, s. 21

Marginal note:Lien where additional land purchased

 Where proceeds of a loan made under this Part are used by the Director to purchase land, the land so purchased shall be held as security for the repayment of the loan in the same manner and subject to the same terms and conditions, as nearly as may be, as the land to which the Part I contract relates.

  • 1953-54, c. 66, s. 10
  • 1959, c. 37, s. 21

Marginal note:No transfer, etc. of land subject to Part I contract

  •  (1) Subject to this Act, no transfer or conveyance of the land to which a Part I contract relates or discharge of any mortgage thereon shall be given by the Director to any veteran to whom a loan under this Part has been made, until such time as the veteran has repaid in full his indebtedness to the Director under this Part in respect of that loan.

  • Marginal note:Title to land, etc. to be released to veteran

    (2) The Director may, subject to section 79 and on such terms and conditions as he deems necessary, transfer to a veteran certified to be a full-time farmer the title to any land, livestock or farm equipment held by the Director as security to secure the repayment by that veteran of his indebtedness under this Act, but such release does not relieve that veteran from making repayment thereof as provided by this Part.

  • 1953-54, c. 66, s. 10
  • 1959, c. 37, s. 21

Regulations

Marginal note:Regulations

 The Governor in Council may make regulations

  • (a) prescribing the terms and conditions on which a loan may be made to a veteran;

  • (b) prescribing, for the purposes of section 80, the maximum amounts of basic herd livestock or farm equipment that the Director may hold as security to secure a loan made under this Part;

  • (c) for defining, for the purposes of this Act, agricultural value, basic herd livestock, economic farm unit, farm equipment and farm land; and

  • (d) for prescribing the rate or rates of interest in effect for the purpose of subsection 17(2), section 18, subsections 19(2) and 20(2), section 23, paragraph 24(2)(f), and subsections 32(3) and 76(1).

  • 1953-54, c. 66, s. 10
  • 1959, c. 37, s. 21
  • 1968-69, c. 22, s. 8

General

Marginal note:Prohibition

 Notwithstanding anything in this Part, no loan shall be made under this Part

  • (a) except with the approval of the Minister, to a veteran who is in default under a Part I contract, or

  • (b) to a veteran who is indebted in respect of any loan made pursuant to the Veterans’ Business and Professional Loans Act.

  • 1953-54, c. 66, s. 10
  • 1959, c. 37, s. 21
 
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