Canadian Agricultural Loans Regulations

22 (1) Unless otherwise instructed by the Minister, a lender shall, even if its claim for loss in respect of a loan has been paid, take action to effect collection of the loan on behalf of the Minister by

• (a) collecting payments of principal and interest owed by the borrower under the terms of the loan;

• (b) realizing on any security taken with respect to a loan made under these Regulations;

• (c) continuing any legal proceedings that were commenced pursuant to subsection 19(2) or (3); or

• (d) commencing legal proceedings in respect of default in payment if none were commenced under subsection 19(2) or (3).

(2) Any payment or security that is collected or realized under subsection (1) shall be remitted without delay to the Minister.

(3) Any actual costs incurred in relation to an action referred to in subsection (1) shall be the subject of a claim and be made and proceeded with in the manner set out in section 20.